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Permission to sell- declined
Comments
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If you surrender it, or the lender reposesses it, does that wipe out the shortfall or will they still chase you for that?
Bankrupcy?0 -
If a property is repossessed and sold then the borrower is still responsible for any shortfall. It is even worse since any costs related to the marketing and sale of the property are added to the borrower's account.
Your offer is quite a bit lower than the other property sold for.
I think its worth paying for your own valuation, which you can (hopefully) use to challenge the bank's decision to decline the sale.0 -
You mentioned the reason for moving out is overcrowding, not inability to service the debt. Where are you going to live?
Is it an option to let out this property and use the rent to continue servicing the debt, instead of selling with negative equity?0 -
We had it valued ourselves and it was valued between £49,950 and £59,950 as it was an open house viewing. It was then marketed as normal for £49,950.
Our house does need work doing to it, not mega amounts but the one that sold for £65k is a lot more modern with the refurb.
We have are moving into rented accommodation with the local housing authority. We did ask the lender if we could rent it out but on further investigation, because the area we live in is classed as a deprived area the rent wouldnt cover the monthly mortgage payment.
Stuck between a rock and a hard place.0 -
That's a wide gap in valuation, no wonder the bank feels they could get more. How much did you sell for in the end? Is there any other comparable properties you can show the bank (instead of this £65k one)?We had it valued ourselves and it was valued between £49,950 and £59,950 as it was an open house viewing. It was then marketed as normal for £49,950.
Our house does need work doing to it, not mega amounts but the one that sold for £65k is a lot more modern with the refurb.
We have are moving into rented accommodation with the local housing authority. We did ask the lender if we could rent it out but on further investigation, because the area we live in is classed as a deprived area the rent wouldnt cover the monthly mortgage payment.
Stuck between a rock and a hard place.0
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