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Consequences of selling house at a loss.

from Justin Mallinson (justin.mallinson@mymail.co.uk)
I need to sell my house to relocate due to my job.

I know I will not receive enough to cover the cost of my mortgage. A shortfall of about £6000 to £8000 is expected.

I need an answer to my question which is: If I sell my house at a loss will the mortgage company accept an offer for me to pay about 50% of the shortfall. Or will they just go straight into legal action?

I am very impressed with your site and the information it provides.

I have owned the property for 10 years. I fell into arreers in 1997 but paid of the arreers and have been paying on time with no problems at all for 3 years now. The reason the house has lost value is due to the location(rise in crime etc).

I am willing to accept some of the loss of the sale of my house but not all due to the expected amount. After reading about various people who after having there house repossed are able to negotiate a settlment of £3500 on a shortfall of £15000.

I do not want to go down the repossesion road. and feel that I do not have to. However staying in my present house is adversly affect my life, socially and professionally.

Any comments, advice or pointers to sources of onformation would be greatly received.

(posted 8477 days ago)

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