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voluntary reposession of house
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snuggles1969
Posts: 1 Newbie
please can u help me cant find out up todate rules on this i have been told today by a good friend that mortgage companies can no longer sell repossed house below there current market value is this true me and my partner have spilt and we cant either afford the mortgage on our own any help or advice wounld be appreicate i dont work due to illness he works ful time x we have three children under 8 x
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Have a read of this http://england.shelter.org.uk/get_advice/repossession
Selling up for the 'market value' is surely a better option than allowing your house to be repossessed, and having to pay any shortfall. There's no requirement on lenders to sell for a particular value.0 -
They will sell the house for what they can get for it. So it will be priced to sell quickly.
The market value of an empty property looking rather sad and priced to sell quickly will be lower than a spruced up one with fresh flowers and smelling of roast coffee. Buyers will also be aware that the property has been repossessed (the fact it is empty and the water outlets taped over and the sign in the window...) and know that the lender will be keen to sell quickly and that is factored into the price.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
There's no such rule, the bank will sell for whatever they can get, and then chase both of you for any shortfall.snuggles1969 wrote: »i have been told today by a good friend that mortgage companies can no longer sell repossed house below there current market valuepoppy100 -
Your friend is wrong. Get proper advice. Shelter, CAB, etc.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
CloudCuckooLand wrote: »Your friend is wrong. Get proper advice. Shelter, CAB, etc.
Agreed.....0
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