Negative equity sale

Unicorn10

Hey all.
I am about to sell my property leaving my with a negative equity of approx 9k.

I haven't got the funds to pay this amount to my mortgage company but I'm desperate to leave to give a better upbringing to my daughter.

What are my options?
Do you think my mortgage company would agree for me to pay the difference bal monthly?

Johnnytwostep

Unicorn10 wrote: »

Hey all.
I am about to sell my property leaving my with a negative equity of approx 9k.

I haven't got the funds to pay this amount to my mortgage company but I'm desperate to leave to give a better upbringing to my daughter.

What are my options?
Do you think my mortgage company would agree for me to pay the difference bal monthly?

No...............

Unicorn10

Thanks for that!!

TrickyDicky101

We can speculate but it is your mortgage company who will be able to tell you for sure.

foxy-stoat

Do you have to sell at a £9,000 loss, or can you not negotiate with the buyer?

Johnnytwostep

I am sure you have to get the mortgage lenders permission before you can sell at an amount less than the outstanding mortgage? You need to ask them.

stephenni1971

You have to redeem your current mortgage before you can transfer title. If you dont have the funds to do this you can't sell..

Mahsroh

I think you'd have to secure a personal loan for the £9k prior to the sale. This is obviously subject to your own status / circumstances etc. As others have said, speak to the Mortgage provider first.

RADDERS

If you speak to your mortgage lender in some circumstances they will be prepared for you to sell the property and convert the secured loan into an unsecured loan, you would need to sign an agreement to agree to repay the loan over a certain period, I know this can be done.

Thrugelmir

You won't progress any where with the sale until the issue of the negative equity is addressed. Speak to your lender asap.