Do I Have Enough Equity to Sell My House?
Apr 29th, 2010 | By admin | Category: Negative Equity NewsThis is a question I’m asked on a daily basis and one that many people type into Google looking for an answer.
The reality is that the money you have borrowed against the value of your home, your mortgage and any secured charges, are loans with the strongest possible security – that of your home.
You probably remember the advice on all the literature when you took those loans out – Your Home is At Risk If You Do Not Keep Up Your Repayments?
That’s all well and good in a rising market, but what happens to your loans when your home goes down in value – even to the point of negative equity?
The bad news is that you still owe the money and your lender can still chase you for it. They can repossess your home and then chase you for up to 12 years for the balance. When lenders repossess your home they will usually sell it via auction. Right now auction sales are pretty bad places for sellers and a £200,000 house could easily sell for £140,000 leaving you owing the bank the £60,000 difference and any fees that the bank charges for privilege of taking your home away.
So somehow you need to sell your home for enough money to at least cover the cost of your mortgage and loans, and in the meantime keep up your mortgage payments until you find a buyer.
Not possible? Why not give me a call and see how I can help. I buy houses in negative equity and pay the price you need so that your lender can be paid in full.
Gary 01462 889316 moreinfo@cashformyhouse.co.uk or fill in the short form below
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