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help time running out!!!
maggie1962
Posts: 3 Newbie
we are in the middle of having our home reppossed 17th july.. but we have managed to sell our house just waiting for completion date. what i need advice on is do i pay all the mortgage off which the sale just about covers or can i leave abit running (for want of better words) becouse we are being charged thousands for early repayment or can i just offer an amount for a settlement
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your solicitor will pay the mortgage off before you get any money.0
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The sale cannot proceed unless the lender releases their security over the property.
They will not do this unless you pay them the total amount owed.
I do not think there will be any room for negotiation, sorry.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Think of it as a worry lifted from you when that sale goes through.
I would keep the lender informed that you have a buyer just waiting to complete, before more charges get applied.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 -
thanks i thought it would go straight to lender can i just ask if it makes any differance if it was a private cash sale?0
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Makes no difference, whoever buys needs clear title to the property, which means the solicitor needs to ensure the mortgage companies charge on the property is released, which means the mortgage (including arrears and charges) needs to be cleared.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
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Hi
You say you are in court on the 17th july, make sure you let everyone know you have a buyer and the amount will clear the mortgage...(only genuine buyer!)
If you are able to pay the monthly instalment plus a small amount you could possibly stay that is if you wanted to.(every case on its merits though)0
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