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Response to Consequences of selling house at a loss.

from Lee (repossession@bigfoot.com)
You should be able to sell provided you make clear, documented, attainable plans for repaying all of the expected shortfall. Which also means proving a genuine offer and intent to buy from your purchaser beforehand. You will probably need a solicitor to help you deal with the resistance your lender will put up. It may end with you having to hand in the keys anyway, in which case your documenting a genuine offer and your plans to pay all of the difference to the society will greatly help you fend off any subsequent shortfall claim the lender may try to impose on you.

Personally I can't support you in a decision not to absorb all of the shortfall in this case. You are effectively holding the lender responsible for some of the decline in price and this seems unfair to me given that the decline is due to rising crime, rather than, say, that the lender's valuer misvalued the property.

Lee

(posted 8477 days ago)

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