Can't pay mortgage while selling house

Discussion in 'Mortgages and buying and selling homes' started by Queenmaeve, Apr 18, 2017.

  1. Brendan Burgess

    Brendan Burgess Founder

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    I don't think you have. I don't think anyone has.

    Anyone can put their property up for sale.

    If the mortgage exceeds the sales proceeds, they will need the bank's permission to conclude the sale.

    Are you referring to this case:

    Mortgage in arrears and negative equity, but 69 year old joint borrower

    You were in deep negative equity.

    Queenmaeve is not in negative equity. Like Sunshine, she is free to sell her house as long as she pays off her mortgage.

    Brendan


     
  2. sellornot

    sellornot Frequent Poster

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    you have just confirmed what I said ok maybe not the correct choice of words on my part should have said to conclude the sale :rolleyes:
     
  3. Brendan Burgess

    Brendan Burgess Founder

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    You specifically said to Queen Maeve that she would need permission from the bank to put her house up for sale.

    That was wrong. Not just an incorrect choice of words. It was completely wrong, factually. It was misleading.

    She does not need permission to put it up for sale.

    And she does not need permission to conclude the deal.

    Brendan
     
  4. sellornot

    sellornot Frequent Poster

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    Sorry Brendan It seems you are contradicting your self from the above quotes

    I am sure the bank is holding the deeds of the property, she will need to get her solicitor to recover the deeds to conclude a sale
     
  5. Brendan Burgess

    Brendan Burgess Founder

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    sellornot

    You seem to be completely confused. The value is €60,000 more than the outstanding mortgage.
    She can put the house on the market without talking to the bank.
    She can sign contracts without telling the bank.
    And when the solicitor gets the proceeds , she will pay off the bank.

    Your case is completely different.

    Brendan
     
  6. Queenmaeve

    Queenmaeve New Member

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    @sellornot Check Brendan's statement again. As my mortgage does NOT exceed the likely sales proceeds the bank will not need to give permission. Mortgage is 142,000. Value around 200,000.
     
  7. sellornot

    sellornot Frequent Poster

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    Last edited: Apr 21, 2017
    It seems Brendan you are contradicting yourself from the above quotes

    I am sure the bank are holding the deeds of the property, in the event of a sale, she will need her solicitor to recover the deeds
    of the property from the bank. all I am saying is the bank has to be be involved in the sale, she has taken a mortgage for a period
    of say 20 years or 30 years she may need permission to terminate the mortgage in a shorter time I am not an expert But I have experience with buying and selling property

    sellornot
     
    Last edited: Apr 21, 2017
  8. Learner2015

    Learner2015 Frequent Poster

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    Sellornot I think what you are trying to say is if the OP was on a fixed rate mortgage they might have additional penalties paying it off early. OP still doesn't need permission from the bank they just need to pay the bank what they owe them when the sale closes.

    Permission may only be required when you don't have the funds to pay the bank what they are owed in full (principle, penalties whatever) after you close the sale.
     
  9. Brendan Burgess

    Brendan Burgess Founder

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    Under Irish law a variable rate loan can be terminated at any time without penalty.

    As I have said Queen Maeve does not need the bank's permission to sell the property.

    Brendan