Need Loan Advice for Negative Equity

Breadsticks_2

mightymouse wrote: »

The lenders have to make a decision to let you sell your property or risk being restricted in their recovery against you if they make a bigger loss selling the property themselves.

This would seem to be your strength I.E. if there is a negative equity either you sell it or they do but with a buyer in tow I do not think for a minute that they will sell your house for as much as you can with all the costs they will incur.

Get the 2nd mortgage company to sell at a loss and you will come to an arrangement with them to repay that loss.

This is better than a traditional loan and whilst the interest is continuing you can argue over the amounts to try and reduce the repayment depending on your ability to pay.

Just wanted to post an update to say that this is what we did in the end and moved house. Thanks for all replies and in particular mightymouse.

Bx

neverdespairgirl

Glad you got it sorted out, and hope you are happy in your new home!