I am a home owner i have a property that is being sold but i don't have the money to sell it because i am £5000 short because of the redemption fees and i don't know if my mortgage company will accept that can any one give me advice.
My home also has a suspended reposession order on it.
2006-08-24 21:20:46 · 9 answers · asked by Gossip81 4 in Business & Finance ➔ Credit
If you have a repossession order against you, you must get in touch with your lender re the selling price. I feel certain that any reputable lender will waive the redemption penalty if you tell them the situation.
You should at all cost try to avoid borrowing more money to pay this off as the " hole" you are in will only get bigger.
The Citizens Advise Bureau would be another good point of reference. They will help you and may even contact the Building Society (or lender) for you.
Once again do not borrow more money.
2006-08-24 21:32:30 · answer #1 · answered by cliveyboyuk 3 · 0⤊ 0⤋
You need to get £5000 more for your property - the redemption fees may stop the sale taking place if not paid when the mortgage is redeemed - if you want some professional advice e mail me or visit www.marshallfinancial.co.uk and use the enquiry section to contact me -mortgage lenders do not negotiate redemption fees - the money they charge is the money they lost because you did not complete the deal (2year fx 3yr fx etc) They have lost that money, its not a charge.. Good Luck
2006-08-25 04:13:46 · answer #2 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
Why are you selling it for under-value? Try not to go for the loan side of it, how much is your mortgage and how much is your house worth? First step will be to discuss this with your lender and see if they will accept this as a settlement. If not, it may be possible to remortgage. I do specialise in this kind of thing, so if you need any more help let me know, but I can't give any promises.
2006-08-24 22:45:35 · answer #3 · answered by voodoobluesman 5 · 0⤊ 0⤋
Speak to your mortgage lender. You never know, they may be prepared to waive the redemption penalty if they get back the capital and interest due on the property.
2006-08-24 22:33:01 · answer #4 · answered by scallywag 4 · 0⤊ 0⤋
Unsecured loan from a bank
2006-08-24 21:29:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
'You dont know if your mortgage company will accept' - well pick up the phone dial their number and ask!
If you are selling the place, we are talking 5k they will get it back when sold, sorted.
2006-08-24 21:49:48 · answer #6 · answered by Annie M 6 · 0⤊ 0⤋
oh errrr you are in a sticky wicket. Sure theres a company out there who will rob you dry.... personally I cant think of any.
2006-08-24 21:26:59 · answer #7 · answered by ? 5 · 0⤊ 0⤋
Egg online loan..
Do a unsecured loan..
2006-08-24 21:23:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Black Horse finance are pretty good.
Even with a poor credit history.
Also try Citifinancial and Welcome finance. Not bad, high APR though..
2006-08-24 21:40:55 · answer #9 · answered by J4xxs 2 · 0⤊ 0⤋