Will the mortgage company take my house in payment?

[daginge]

Hi ABers long time no speaky-see! Hope you are all well?
If I have a property I want to dispose of as:
A) It no longer suits my family's requirements due to having an ageing family and not enough space. i.e. a boy and a girl sharing a bedroom :-(
B) I have been pre-offered a larger council owned property in my own area which is suitable to our needs.
If I can't dispose of my property through standard sale in a timely fashion without resorting to achieving only 50 - 60% market value from a quick sale company; I stand to lose my chance of the other property. Are mortgage companies ever known to take properties and write off the mortgage against them?
TIA
DG

[Mojo-Jo-Jo]

My house was repossessed last year. When they finally sold it, they presented me with a bill for nearly £11,000 which I am obliged to pay.
I'm not sure what you mean if my answer doesn't help.

[bednobs]

no, they don't do that as they need to wait till its sold to know how much you owe/they owe you

[rockyracoon]

No, they will come to you for the difference. You are very lucky to be offered council accomodation when you already own a property, you'd have no chance round here.

[daginge]

I am not about to lose the house M-J-J I just can't sell it myself, not through want of trying mind, we have previously sold it, twice in the last 5 years. For £85k when things were good and then last year for £73k after things went a bit south, but we were let down at the last minute on both occasions.

[daginge]

Yes I know I am very lucky indeed; that's why I don't want to miss out!

[pizza]

MMM like to know how you get on daginge as dauvhgter in similar position !! x

[pizza]

daughter even lol x

[daginge]

I'll keep you posted pizza!

[pizza]

Thanks daginge and hope it works out for you and your family x

At one time having a mortgage and owning your own house made sense, now young people have to live with parents and in laws and mortgages are ridiculous.

[methyl]

I am not a Financial Advisor. Not sure that I understand the big picture either as it is not clear whether you are going to buy the Council-owned property. Assuming that the property you own is fully paid-up and that you intend to buy the Council-owned property, your existing house would appear to be good security for what is known as a "Bridging Loan" (where you want to buy but have not yet sold the old house). Speak to your prospective lender at the earliest opportunity to give them time to work.

[daginge]

I wouldn't mind living with my out-laws, but A)they don't have the room and B) I'd still have a house I can't sell LOL

[daginge]

Although I haven't paid up my mortgage I do have potential collateral in the house. I like the idea of sorting something through my lender if possible Methyl, thanks :-)

[granny grump]

The short answer is no daginge - if you are having problems selling your property without a loss so will anyone else and your lender is not in nthe business of buying and selling properties -They lend so that you can buy

[jomifl]

Can you not market it at somewhere between a realistic price and the quick sale company'y price?

[daginge]

I'm considering that jomifl, currently I'm trying to sell it to a local "Entrepreneur" who is building a portfolio of local properties!

[hc4361]

I would like to know how you've been offered a council house when you own a property - pure curiosity on my part.

The short answer to your question is no. However, how much is the house worth and how much do you owe?