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Selling a home for less then the Mortgage Outstanding
shane291179
Posts: 16 Forumite
HI There,
I'm new to these boards and have tried looking for an answer to the above topic but failed, so thought it best to start my own thread.
As the title says, my dad is thinking of selling his home and moving abroad. Now the price of the house will probably be less then what he owes on the mortgage. Aart from still oweing the mortgage company money can he sell the property?
Obviously he will still be liabale for the remaining mortgage but will he be ble to pay it back as he would a loan or would the mortgage company demand it back if he sells his home? Is there any implecations towards the person buying the property?
An advice would be greatly appreciated
I'm new to these boards and have tried looking for an answer to the above topic but failed, so thought it best to start my own thread.
As the title says, my dad is thinking of selling his home and moving abroad. Now the price of the house will probably be less then what he owes on the mortgage. Aart from still oweing the mortgage company money can he sell the property?
Obviously he will still be liabale for the remaining mortgage but will he be ble to pay it back as he would a loan or would the mortgage company demand it back if he sells his home? Is there any implecations towards the person buying the property?
An advice would be greatly appreciated
0
Comments
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Buyer's solicitor will insist mortgage is removed, and lender may only be prepared to do this if it is paid full amount owed, so he will effectively has no right to sell.
All he can do is suggest to the lender that if it repossesses it will end up selling for less in a falling market and try to persuade them to release the property from the mortgage on payment of whatever amount is available and then agree to repay the balance over a period of years. If they know he is leaving the country they are unlikely to agree!RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Agreed.
Mortgage lenders are looking to reduce their risk, not increase it.0
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