chem1st Posted June 8, 2011 Share Posted June 8, 2011 house prices will always go up in the long run. Eventually they will increase to a rate so high that nobody in the world will be able to afford the cheapest property. Not even the richest man! Buy now before its too late! Offer over the asking price so you don't miss out! Link to comment Share on other sites More sharing options...
John X Posted June 8, 2011 Share Posted June 8, 2011 He may want to sell up and not re-buy. So I'd say yes, it could matter. I may want to sell my car and buy a bicycle but I wouldn't expect as a matter of right, to get more than I paid for it. John X Link to comment Share on other sites More sharing options...
Peas Maker Posted June 8, 2011 Author Share Posted June 8, 2011 Theres always going to be some winners & some losers no matter what happens in the houseing market, being in my house for many years I would imagine i'd make a nice profit selling , then when i think of the money that was put into it over the years it wouldn't be that much, just the pleasure of living in it for now. A lot of peeps are losing there homes accross. In the states , But why would I sell my house just to py off the mortgage ? Surely letting the bank have it instead would clear the debt ? Yes i wud be bankrupt but not in debt , Bank wud and another property to thier portfolio . Link to comment Share on other sites More sharing options...
poppins Posted June 8, 2011 Share Posted June 8, 2011 A lot of peeps are losing there homes accross. In the states , But why would I sell my house just to py off the mortgage ? Surely letting the bank have it instead would clear the debt ? Yes i wud be bankrupt but not in debt , Bank wud and another property to thier portfolio . Whats peep Link to comment Share on other sites More sharing options...
donuticus Posted June 8, 2011 Share Posted June 8, 2011 A lot of peeps are losing there homes accross. In the states , But why would I sell my house just to py off the mortgage ? Surely letting the bank have it instead would clear the debt ? Yes i wud be bankrupt but not in debt , Bank wud and another property to thier portfolio . Banks don't want the property. They want the amount of money that you owe them. If they repossess your house they wont keep it until it's worth the most it will be sold to repay the debt. If the sale doesn't clear the money you owe them then you will still owe whatever is outstanding on the original loan. Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted June 8, 2011 Share Posted June 8, 2011 A lot of peeps are losing there homes accross. In the states , But why would I sell my house just to py off the mortgage ? Surely letting the bank have it instead would clear the debt ? Yes i wud be bankrupt but not in debt , Bank wud and another property to thier portfolio . Whats peep This is a multi-cultural forum and many of the posters have a limited command of the English language. A 'Peep' max be something like a 'Parp' - or it might possibly be a person. To answer PeasMaker's question: In the US, you can indeed 'walk away' from a debt on an interest in land (property ownership.) The law in the UK is somewhat different. Your liability does not end with abandonment of possession. (Unfortunately.) Take professional advice before you abandon a home - go and talk to the CAB. Link to comment Share on other sites More sharing options...
Lady Star Posted June 9, 2011 Share Posted June 9, 2011 If your house is worth less than your mortgage, then you just have to put up with it until the prices rise - might be years, you just keep paying and living there (or renting it out) until you can sell it... The banks don't do anything, as all house buyers should be aware of what they are getting into, and the pitfalls if things go wrong... In the 90's there were a lot of people in your position - only problem would come if you couldn't pay your mortgage, and the house was taken over by the bank and you had to move out - but purely being in 'negative equity' won't make this happen... Just wait and bide your time... Link to comment Share on other sites More sharing options...
Lady Star Posted June 9, 2011 Share Posted June 9, 2011 Banks don't want the property. They want the amount of money that you owe them. If they repossess your house they wont keep it until it's worth the most it will be sold to repay the debt. If the sale doesn't clear the money you owe them then you will still owe whatever is outstanding on the original loan. Very very true - don't end up with a massive loan and nothing to show for it - That would just be stupid... Why did you (the OP) buy a house, when you didn't know about the ups and downs of owning one? Had noone ever mentioned negative equity? Did the mortgage advisors not explain, or give you any forms to sign, with all the legal stuff for you to read and sign on??? Link to comment Share on other sites More sharing options...
Lady Star Posted June 9, 2011 Share Posted June 9, 2011 Whats peep people.... Link to comment Share on other sites More sharing options...
Lady Star Posted June 9, 2011 Share Posted June 9, 2011 Thanks Worst case senirio MY repayments rise The value of The House never recovers to what i paid for it ? That would never happen... It could be 2 years, could be 5, but the prices always go up in the end, just like people's wages do... Link to comment Share on other sites More sharing options...
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