repossesion

mcldy

hi my house is in negative equtiy can i just stop payin my mortgage and get it repossessed

steppevos

You can, but you will still owe the mortgage provider the difference, which probably will be even bigger because the house will probably sell for less than its full value if for sale as a repossession. So it is probably not a good idea for this to happen as long as you can keep up the mortgage payments. It would also make it also a lot harder to get a mortgage or credit in the future.

AlexMac

Sympathies; but before you do anything desperate, try to explore all the options; after all, even if you walk away from the house you'll still need somewhere to live, and getting a rented place could be tricky with the bad credit rating that might result.

Think carefully. Research. Take advice. Start with this website's - http://www.moneysavingexpert.com/loans/debt-solutions
and also try to take advice or emotional support from people you trust.

We've all been in dark places, and how you conduct yourself now might determine the rest of your life... good luck getting through; things might get worse, but almost inevitably, there will be times in the years ahead when they will get much, much better

Thrugelmir

mcldy wrote: »

hi my house is in negative equtiy can i just stop payin my mortgage and get it repossessed

Where are you going to live?

Why not overpay the mortgage and slowly correct the situation.

thesaint

Why does your house being in negative equity matter?

dresdendave

mcldy wrote: »

hi my house is in negative equtiy can i just stop payin my mortgage and get it repossessed

Why are you so concerned about negative equity? What's more important is can you afford your monthly mortgage payment? If you can, then what do you hope to achieve by forcing a repossession?


If you take the repossession route you will have the bank chasing you for the shortfall and what you are currently paying as a mortgage will need to be paid as rent at your new home.


If you keep paying the mortgage one day the house will belong to you outright and you can live there rent free ad infinitum.


I know which scenario I would prefer.

[Deleted User]

I knew someone who worked for a bank and she said that not only were the houses sold for much less than marketable value, all sorts of charges were made for upkeep etc. You really will worsen any debt situation. Then you can be chased endlessly to repay monies owed. Its worth doing everything you can to avoid this situation. Don't just sell up because of negative equity.

Thrugelmir

deannatrois wrote: »

I knew someone who worked for a bank and she said that not only were the houses sold for much less than marketable value,

Exit route is often to auction the property. Interest compounds at a fast rate. Better that the debt is settled.