Mortgage unpaid sold property will I complete?

Question

My mortgage on a flat I have has bounced as not enough funds in the account and I have exchanged contracts I am due to complete on Monday 12. The bank and mortgage lender are different. Will they be able to close the mortgage and thus wait until Monday for their last payment as I have a fair bit of equity in the property?

Answer 1

if i understand you correctly:

you have exchanged contracts.
you are completing on 12th
your mortgage payment from the bank to the lender has bounced.

First: Don't panic.

When you exchange contracts, your solicitors get what is called a redemption figure from your lenders on your property. The purchaser's solicitors have to make sure funds are ready and cleared for 12th after paying off any outstanding mortgage they have.

if you have missed a payment, all your mortgage company will do is calculate interest on unpaid mortgage until the date of completion and it should all be paid off on 12th, with any equity you have on the property being paid into your account.

Sleep easy. PS your solicitor should have told you this, give em a rocket.

Answer 2

If you are set to close on the 12th, then your payoff amount probably did not include this payment anyway. Call your current lender and find this out. You might have actually made your life easier by not paying this month.

Even if the payoff amount included your recent payment being made, the new lender is actually only concerned with whether you are 30-days late or more. You're not.

The only place you need to worry is if the new lender asks for updated bank statement information. This is very unlikely. But if they see you have bounced a check, that may set off credit concerns.

Answer 3

Usually the title company that handles the property sale will deal with the problem . The mortgage is shown on the property title , and the title cant be transferred with the mortgage outstanding.

They may simply contact the lender , get the outstanding balance on the mortgage and give you a check for the balance.

Answer 4

If the business organization doesn't pay the antisocial taxes previously the sale - then they could't get the sources as quickly because it really is yours. in spite of the undeniable fact that, states could have a redemption era. this is the era of time suitable by potential of state regulation that permits a antisocial (or all people else who has interest interior the sources) tax payer to pay the taxes,consequences,interest,etc. and reclaim the sources. The County Tax Commissioner 's cyber web website must have the specifics. In some states it stands proud because the County Treasurer's cyber web website with all the proper concepts that you'll choose.The redemption era is specifically for tax lien certificate. yet some states will actually have a redemption era for tax deeds.

Answer 5

Nothing at all to worry about here, your morg' is in arrears, they will get it back when your account is paid up, your bank will charge you about £30 for not having enough in your account to pay yout standing order, or for sending you a leter to inform you of this fact.
They dont care all they want is a g'tee they will get their money at the end of the day on completion, money grabbing *******s!
It's great is'nt it they write and tell you sorry you've no money in your account, then charge you £30 for the information.
I was in line at my local branch last week, a young lad was in front of me and asked for some cin bags so he could bring his coins in to cash, the cashier snapped "Dont bring any more than £5 at a time, we,ve clamped down on this sort of thing now"!!!
I had a comlete wobbler all over her, she was almost in tears by the time I had finished, but I was really fuming, and regret nothing.

Answer 6

If you live in the area where the bank is just kindly walk in there and explain the situation to them, or if not call up the lender and again explain the situation to them they should be able to give you a couple days to fulfill your request.

Answer 7

The escrow/closing company will obtain a payoff quote that will include any interest and penalties at closing.

Make sure that you contact your mortgage company and tellt hem though or the escrow company and make sure they didnt already get the quote before the check bounced.

Answer 8

ring them and explain the situation most are pretty helpful.

Answer 9

definately not

Answer 10

no