Jump to content


Mortgage Shortfall - how do we get out of the trap?


parky22
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4610 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi all

 

We want to move abroad, and sell our house. We owe more than we can sell for and after speaking to the bank today for advice we are no wiser (as obviously they can't give 'advice' as such).

 

If we want to sell for less than the mortage o/s then we need to reduce the mortgage balance she said (not possible) or put a written proposal in to them, of how we would pay the difference back. I don't mind doing this but what if they refuse our offer?

 

Secondly, we could rent it out in the hope that maybe one day we may have equity in it again and then sell, but this is a problem as we would never get our lenders consent, and even if we did this we may have empty periods which we could not cover the mortgage for.

 

I can't think of any other thing to do than let it be repo, but I have read into 'handing the keys back' etc and I know it is not as simple as that, and we could end up owing an absolute fortune.

 

We want to do it right, but at the moment we feel trapped to bricks and mortar when a better life is out there waiting for us. (We will have a house abroad funded by family moving with us - we have no capital anywhere, both previously bankrupt so no finance available or wanted by us).

 

Any advice about how to get out of this 'trap' would be much appreciated.

Link to post
Share on other sites

I doubt if your lender could refuse permission for you to rent. A court would force them to give it I think. As getting rid of the house would leave you with nothing or worse a debt, you have nothing to lose by keeping it. It seems worthwhile renting it out as house prices will rise again at some point & you are likely to end up with owning increasing equity.

 

If it was me I would let it out and with modern communications it hardly matters where in the planet you are as there isn't much difference whether you live 50 miles down the road from your house or on another continent.

 

I let my house out more than once when I went off to live in South Africa and didn't find the distance a problem.

 

Whereabouts in the country is your house ? I'm looking for a house to rent right now ?

Link to post
Share on other sites

I doubt if your lender could refuse permission for you to rent. A court would force them to give it I think. As getting rid of the house would leave you with nothing or worse a debt, you have nothing to lose by keeping it. It seems worthwhile renting it out as house prices will rise again at some point & you are likely to end up with owning increasing equity.

 

If it was me I would let it out and with modern communications it hardly matters where in the planet you are as there isn't much difference whether you live 50 miles down the road from your house or on another continent.

 

I let my house out more than once when I went off to live in South Africa and didn't find the distance a problem.

 

Whereabouts in the country is your house ? I'm looking for a house to rent right now ?

 

 

Hi thanks for your reply. Just wondering, when you refer to 'a court would force them to give it' do you mean if it came down to the point of repo proceedings, or is this something we can push forwards ourselves?

 

We live in Manchester, we hope that if we can rent it out one of the many employees of the BBC who have had to move to Media City in Salford may rent it out as we're right near tram links to there!

 

Renting to us seems the best option, although I suppose we could try to sell - but in the end I think that will be futile right now.

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...