house selling and secured loan

movingforward2010

i need to sell my house!

i had it valued 12 months ago at £202,000
my mortgage is £182,000
and i have a secured loan of £17,000


problem is ive had it valued @ £194,00 , meaning that this wont pay off my secured loan ill have £6k + left to pay, im not to sure what to do? i can afford to repay the loan, but what will the loan company say about the rest i owe , i will be staying at my mums untill i decided what i wont to do in the future (buy or rent)

:mad::o

silvercar

You can't sell for less than the value of your mortgage and secured loan, and the selling fees, unless you get the agreement of the secured loan people to transfer your secured loan to an unsecured one.

step one is to speak to the secured loan company and ask them if they will transfer the remainder of the loan to an unsecured loan. Emphasise that you will have problems in repaying the loan if you don't. You could try and negotiate a final settlement on the secured loan, but lenders don't often agree to this.

The other option would be to move in to your mums and let the property. With a tenant paying rent, would that make it easier to pay down the loan t the point where you could sell the house?

eatmyfish

wxmlad wrote: »

i need to sell my house!

i had it valued 12 months ago at £202,000
my mortgage is £182,000
and i have a secured loan of £17,000


problem is ive had it valued @ £194,00 , meaning that this wont pay off my secured loan ill have £6k + left to pay, im not to sure what to do? i can afford to repay the loan, but what will the loan company say about the rest i owe , i will be staying at my mums untill i decided what i wont to do in the future (buy or rent)

:mad::o

Fool! The only valuation is done by the market, you are pretty doomed!

movingforward2010

eatmyfish wrote: »

Fool!

is there any need for that? i asked for advice not your personal opinion of me!!

movingforward2010

silvercar wrote: »

You can't sell for less than the value of your mortgage and secured loan, and the selling fees, unless you get the agreement of the secured loan people to transfer your secured loan to an unsecured one.

step one is to speak to the secured loan company and ask them if they will transfer the remainder of the loan to an unsecured loan. Emphasise that you will have problems in repaying the loan if you don't. You could try and negotiate a final settlement on the secured loan, but lenders don't often agree to this.

The other option would be to move in to your mums and let the property. With a tenant paying rent, would that make it easier to pay down the loan t the point where you could sell the house?

thanks for ur advice, i have a personal mortgage would i not need a BLT one?

david29dpo

Maybe, you could ask your present lender for permission to rent.

eatmyfish

wxmlad wrote: »

is there any need for that? i asked for advice not your personal opinion of me!!

And I gave you the best advice you'll ever got on this forum!!

"valuations" are meaningless, the market decides, you are gambling that house prices won't fall...

By the way, if you believe in "valuations", then you are a fool, not my opinion but an imperical fact!!!

movingforward2010

eatmyfish wrote: »

And I gave you the best advice you'll ever got on this forum!!

"valuations" are meaningless, the market decides, you are gambling that house prices won't fall...

By the way, if you believe in "valuations", then you are a fool, not my opinion but an imperical fact!!!

please go and troll another thread.

your comments are of no help to me in my current situation


thanks

lynzpower

no prizes for guessing who this waster is :rolleyes:

Wxmlad, who is your secured loan lender , is it the same as the mortgage holder or not

You might want to ask on DFW about this, as many people have experience in silimar situations getting out of a secured loan when in negative equity.

eatmyfish

wxmlad wrote: »

please go and troll another thread.

your comments are of no help to me in my current situation


thanks

I give you good advice and you insult me?Why ask opinions if you are not prepared to listen to the answer?I'm a troll hey? Only if you define a troll as someone who has an opinion you don't like...

movingforward2010

eatmyfish wrote: »

I give you good advice and you insult me?Why ask opinions if you are not prepared to listen to the answer?I'm a troll hey? Only if you define a troll as someone who has an opinion you don't like...

??? i have not insulted you, and you have not given me 1 bit of advice which will help me what so ever, all you have done is called me a fool and told me my actions have been wrong.


now do run along like a good little girl/boy and leave this thread to the people who have had previous experience with this issue or have some constructive comments to input.

thanks:wall: