minus equity mortgage

[david1978]

Is there any was possible to sell your house or get out of a minus equity mortgage? Cant sit around and wait for housing prices to rise because that wont happen for years yet

A friend of ours suggested that we claim bankruptcy as she did to be honest I never heard anything so stupid in my life and wont be following her advice

[gravytrain]

Re: minus equity mortgage

Is there any was possible to sell your house or get out of a minus equity mortgage? Cant sit around and wait for housing prices to rise because that wont happen for years yet

A friend of ours suggested that we claim bankruptcy as she did to be honest I never heard anything so stupid in my life and wont be following her advice

How long have you had the mortgage, was there a large deposit, how much has the current price dropped from the purchase price?

[wales01man]

Re: minus equity mortgage

The answer is to ask the mortgage company ,everone else would only be guessing the answer have you contacted them?

[david1978]

Re: minus equity mortgage

Have the mortgage 6 years we paid 125 at 100% now its down to about 80 thou and the prices keep dropping

[gravytrain]

Re: minus equity mortgage

Have the mortgage 6 years we paid 125 at 100% now its down to about 80 thou and the prices keep dropping

Was this a subprime( high interest ) deal or was it at base rate. ?

[IanM]

Re: minus equity mortgage

House prices may be rising sooner than you think. When the flood of new immigrants arrive from Romania and Bulgaria with their need for housing then prices will go up as people compete to buy houses to live in or as Buy-to Lets. You don't give many details as to why you need to sell in such a hurry when you know there is no equity so not enough is known to give any real advice yet. Mortgage co? How much you owe? Are the payments too much to maintain?

[david1978]

Re: minus equity mortgage

Looking to move out of belfast but may have to wait for housing prices to go ip a little

We owe 110 tho

[FlamingParrot]

Re: minus equity mortgage

House prices may be rising sooner than you think. When the flood of new immigrants arrive from Romania and Bulgaria with their need for housing then prices will go up as people compete to buy houses to live in or as Buy-to Lets. You don't give many details as to why you need to sell in such a hurry when you know there is no equity so not enough is known to give any real advice yet. Mortgage co? How much you owe? Are the payments too much to maintain?

Not very likely, people who move here from Romania and Bulgaria just wouldn't have the money to buy property at UK prices, if they did, they wouldn't be here in the first place. A lot of them come here with the intention of saving up to buy a property or a business in their home country because money goes a lot further than here.

Just noted the OP is based in Belfast, that was an area where prices increased disproportionately in relation to people's income and economic growth, largely due to speculation. :sad:

[IanM]

Re: minus equity mortgage

Not very likely, people who move here from Romania and Bulgaria just wouldn't have the money to buy property at UK prices, if they did, they wouldn't be here in the first place. A lot of them come here with the intention of saving up to buy a property or a business in their home country because money goes a lot further than here.

Just noted the OP is based in Belfast, that was an area where prices increased disproportionately in relation to people's income and economic growth, largely due to speculation. :sad:

""as people compete to buy houses to live in or as Buy-to Lets"",,, Demand will go up regardless of whether the Romanians and Bulgarians buy or not, buy-to-let landlords are already licking their lips at the thought of the potential rents they will get from the increase in demand and with prices the way they are, and repo's, they will make a killing!

[FlamingParrot]

Re: minus equity mortgage

""as people compete to buy houses to live in or as Buy-to Lets"",,, Demand will go up regardless of whether the Romanians and Bulgarians buy or not, buy-to-let landlords are already licking their lips at the thought of the potential rents they will get from the increase in demand and with prices the way they are, and repo's, they will make a killing!

This may well be the case in some areas but we're talking Belfast here... :ohwell: