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Will the mortgage company take my house in payment?

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daginge | 19:47 Tue 12th Jun 2012 | Personal Finance
16 Answers
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
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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.
no, they don't do that as they need to wait till its sold to know how much you owe/they owe you
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.
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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.
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Yes I know I am very lucky indeed; that's why I don't want to miss out!
MMM like to know how you get on daginge as dauvhgter in similar position !! x
daughter even lol x
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I'll keep you posted 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.
-- answer removed --
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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
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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 :-)
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
Can you not market it at somewhere between a realistic price and the quick sale company'y price?
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I'm considering that jomifl, currently I'm trying to sell it to a local "Entrepreneur" who is building a portfolio of local properties!
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?

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Will the mortgage company take my house in payment?

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