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Negative equity and sale
travelmonster
Posts: 124 Forumite
My mother has a negative equity in a property. .. property is worth 210 k. And outstanding mortgage is 270k
My brother uncle wants to buy the house of her....
Is this possible and will her bank allow this. And what are the general procedures for this ?
My brother uncle wants to buy the house of her....
Is this possible and will her bank allow this. And what are the general procedures for this ?
0
Comments
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That's unlikely unless she has a way of settling the shortfall on or before completion.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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Hi travel monster, I'd speak to the bank- unfortunately negative equity happens and some banks will have a specialist team for this, they may be able to discuss options such as paying the extra as an unsecured loanI am a Mortgage Adviser
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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. Posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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