House not selling what are my options

shinytop

teddyjones said:

Why not just default on the mortgage and try to live there as long as possible until they finally evict you and reposses

it could taken years as the backlog isn’t going to be huge it’s going to be monstrous 

That's a terrible idea.  Teddyjones, I don't think you are particularly well qualified to be giving financial advice.  

Crashy_Time

AdrianC said:

kev101 said:

I've had so called property investers saying they could rent it out then purchase after 5 years or they would buy it at a much reduced price of £96000 which is out of the question.
What are my options would I be able to rent it out are these investers a genuine option or bogus. 

They're only interested in making money out of it. Obviously. I bet the "purchase after 5yrs" option turns out to have a get-out clause if the property hasn't increased in value sufficiently... and no get-out from you if it has... One-way bet, you lose. Meanwhile, what does your lender say about you letting it to these companies?

Yes, you could rent it out to tenants yourselves. Do you WANT to run a residential lettings business? Do you even begin to understand the legal obligations that would place on you? Can you get consent to let on your mortgage?

Your sale choices are simple...
1. Sell now for whatever you can get in the current market, even if that involves crystallising what's currently a paper loss.
2. Wait until the market returns to normal.

Waiting for 2. will imply an even bigger loss IMO.

Sncjw

Stupid advice teddy jones. Affect their  credit when they are already in money problems and then result in not being able to a new house. 

Op do you have a link to the property we could look at to see if there’s anything that jumps out

Atomix

Hi - been thinking about your predicament....
Is there a way that ( because your both in negative equity) you or your wife takes the mortgage on and lives there (take the negative hit) and the other leaves with a clean-sheet.... 

Crashy_Time

Sncjw said:

Stupid advice teddy jones. Affect their  credit when they are already in money problems and then result in not being able to a new house. 

Op do you have a link to the property we could look at to see if there’s anything that jumps out

Yes most likely.

RelievedSheff

teddyjones said:

Why not just default on the mortgage and try to live there as long as possible until they finally evict you and reposses

it could taken years as the backlog isn’t going to be huge it’s going to be monstrous 

This kind of advice is what has got you in the situation you are currently in.

Marvel1

teddyjones said:

Why not just default on the mortgage and try to live there as long as possible until they finally evict you and reposses

it could taken years as the backlog isn’t going to be huge it’s going to be monstrous 

Whilst not providing the OP the serious impact this will have, well done, I applaud your advice.

steampowered

Do you need to stay in the house?

If not, you could just stay there and keep paying the mortgage, until an acceptable offer price is achieved. Not selling affects your ex more as he won't be able to get another mortgage with the current one on his credit rating. If he wants to provide funding to bridge the gap that's up to him. You could even ask for payment holidays etc. if available though that will ultimately just mean more interest on the mortgage.

[Deleted User]

You are in a difficult spot because it's not worth enough to pay off your mortgage. If you can't take the hit all you can do is wait however many years it takes for the value to go up again.

Atomix

steampowered said:

Do you need to stay in the house?

If not, you could just stay there and keep paying the mortgage, until an acceptable offer price is achieved. Not selling affects your ex more as he won't be able to get another mortgage with the current one on his credit rating. If he wants to provide funding to bridge the gap that's up to him. You could even ask for payment holidays etc. if available though that will ultimately just mean more interest on the mortgage.

steampowered said:

Do you need to stay in the house?

If not, you could just stay there and keep paying the mortgage, until an acceptable offer price is achieved. Not selling affects your ex more as he won't be able to get another mortgage with the current one on his credit rating. If he wants to provide funding to bridge the gap that's up to him. You could even ask for payment holidays etc. if available though that will ultimately just mean more interest on the mortgage.