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Is this possible with NRAM or anyone for that matter?
Frames84
Posts: 7 Forumite
Hi,
We're in the process of selling our property for 72k, we've got 76k morgage of 4k negative equity. We've had the mortgage for 7 years.
We spoke with a mortgage adviser yesterday and he said they'll prob say no but it's worth ringing NRAM to try and come to a deal over the 4k negative equity, saying we can't sell as it's too much etc and try and get them to move on the figure.
Anyone heard of this ever happening?
Is it worth it?
We're in the process of selling our property for 72k, we've got 76k morgage of 4k negative equity. We've had the mortgage for 7 years.
We spoke with a mortgage adviser yesterday and he said they'll prob say no but it's worth ringing NRAM to try and come to a deal over the 4k negative equity, saying we can't sell as it's too much etc and try and get them to move on the figure.
Anyone heard of this ever happening?
Is it worth it?
0
Comments
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You will need their permission to sell if the mortgage is more than the value of the property.
They may allow you time to repay the shortfall, after completion.
I have never heard of NRAM discounting the amount repayable, but if you don't ask, you don't get.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We spoke with a mortgage adviser yesterday and he said they'll prob say no but it's worth ringing NRAM to try and come to a deal over the 4k negative equity, saying we can't sell as it's too much etc and try and get them to move on the figure.
Anyone heard of this ever happening?
Is it worth it?
Why should a lender write off £4k?
Are you moving house or looking to move into rented?0 -
Thrugelmir wrote: »Why should a lender write off £4k?
Are you moving house or looking to move into rented?
I agree 100% with you.
The guy last night implied that Northern Rock want to reduce the mortgages it holds so it was a kind of incentive. We're in the 'bad' side of the company, by bad I mean high LTV.
I'm more than likely going to pay the 4k and buy somewhere else, with a 10% deposit.0 -
Cant see that being very likely! Especially as it sounds like you have the money to pay it!0
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