Negative equity has returned in full force in 2009. Many people who took out a mortgage in the last couple of years now find that they now owe nearly as much as their home is worth.
Even those who have some equity are unable to sell their homes because of the high cost of agents fees and early repayment penalties.
If you need to sell quickly to avoid repossession and you have little or no equity in your home it's worth asking your lender to remove any early repyament penalty.
You can also try to sell your home privately to avoid paying estate agents fees. Many estate agents are clueless when it comes to selling homes in a downturn and
their only answer is 'Reduce your price, Mr Seller!'. For those with low or negative equity this is not possible. Cash property buyers also demand large discounts from the market value. If you need to sell your home with
negative equity you need to find someone who specialises in buying this type of property and who can pay the price you need.
What Action Can I Take?
Speak to your lender to ask them to remove the Early Repayment Penalty
Look at the option of renting your home to tenants and moving out (bear in mind the Government has just announced a new Landlords License)
Talk to a specialist property buyer to see if you can sell despite your negative equity
What Are My Options?
Renting your home out could be an option but many people are unaware of the costs and respsonsibilities associated with being a landlord. If you can remain
in your home and continue to make the mortgage payments you can try to wait until the market recovers. Or you can look for a specialist negative equity property buyer.
You Can Stop Repossession Now
By any of the lenders listed below - Act now - Contact Us
