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In negative equity but offered family home
PSM8233
Posts: 1 Newbie
I'm currently in about 30-35k negative equity in my current home and have been offered the chance to move into a house belonging to my family. What are the implications if I wish to sell my current home to move?
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Comments
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You will owe the 30 - 35k still unless someone pays you that much over the odds and wipes the debt clean, You could look at renting it out in the hopes it will gain a monetary value over time.0
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You would need the permission of your lender to sell when the mortgage is greater than the selling price and that is likely only if you reach agreement on how the shortfall is going to be settled afterwards.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
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Could you rent out your current home and overpay your mortgage until you are out of negative equity and then sell ?I Would Rather Climb A Mountain Than Crawl Into A Hole
MSE Florida wedding .....no problem0 -
ON what basis will this house be offered , gift, rent free, rent...0
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