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Selling up?
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kaznelson
Posts: 463 Forumite
Hi,
Due to family/business problems my friend has had to move out of his house. They are now in council accomodation but are trying to sell their old house. At the moment he is manaing to make the mortgage payments but will soon not be able to afford it any longer.
It is very run down and needs a lot of work. The Estate Agents have valued it at £110k and he owes £103k (this doesn't inlcude any EA/Solicitors fees)
By looking at other properties he will be lucky to get £90k. Its been on the market for months but had no interest and is getting more damaged, the whole roof is leaking.
My question is if he sells it for £90k or less, what will happen to the o/s balance? Does he need to contact the Mortgage lender and seek their permission to sell lower thant the mortgage owed?
hope one of you guys can help him out. At the moment he is burying his head in the sand and I want to do all I can to help him.
Due to family/business problems my friend has had to move out of his house. They are now in council accomodation but are trying to sell their old house. At the moment he is manaing to make the mortgage payments but will soon not be able to afford it any longer.
It is very run down and needs a lot of work. The Estate Agents have valued it at £110k and he owes £103k (this doesn't inlcude any EA/Solicitors fees)
By looking at other properties he will be lucky to get £90k. Its been on the market for months but had no interest and is getting more damaged, the whole roof is leaking.
My question is if he sells it for £90k or less, what will happen to the o/s balance? Does he need to contact the Mortgage lender and seek their permission to sell lower thant the mortgage owed?
hope one of you guys can help him out. At the moment he is burying his head in the sand and I want to do all I can to help him.
0
Comments
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Hi.
I would have thought he was liable for the difference, but I'm giving you a bump up to see if anyone has any ideas.:rotfl:I'm Cosmo, Cosmo Kramer! :rotfl:0 -
Factsheet on negative equity0
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