B
brightside
Guest
Hi there
Like so many people I am in massive negotive equity with my property and struggle to avoid defaulting. I am abroad and have thought very seriously about sending back the keys. So far I have avoided this.
Now with the proposal to change the bankrupcy laws it looks like there will be a huge flood of people defaulting and declaring bankrupcy. This will further surpress house prices and rental prices.
As an alternative to default is anyone outthere aware of any banks who have accepted a reduction in someones mortgage principal in lieu of the person being forced to default? I am very interested to hear if so.
Surely to get a continuing mortage payment based on the current value of the property would be more favourable to the bank than to have all the reposession and sale costs only to sell again for the same amount?
Thanks
Like so many people I am in massive negotive equity with my property and struggle to avoid defaulting. I am abroad and have thought very seriously about sending back the keys. So far I have avoided this.
Now with the proposal to change the bankrupcy laws it looks like there will be a huge flood of people defaulting and declaring bankrupcy. This will further surpress house prices and rental prices.
As an alternative to default is anyone outthere aware of any banks who have accepted a reduction in someones mortgage principal in lieu of the person being forced to default? I am very interested to hear if so.
Surely to get a continuing mortage payment based on the current value of the property would be more favourable to the bank than to have all the reposession and sale costs only to sell again for the same amount?
Thanks
