Hi, can anyone help with a question on equity please. What would be classed as significant equity. The reason I ask is that I am planning on handing my keys back to the MP next week once I have emptied the house, and including this in my BR (hopefully in the next 2 months) however I have read that if there is significant equity in the house I shouldnt do this as the OR will want it. My house has been up for sale for the last 9 months. It was valued initially at 128k however with no offers at all I have reduced this to 118K and still no offers. My mortgage is 107k, there is an early settlement fee for a fixed rate interest period of approx 5k which would leave about 6k equity, however with the selling costs and interest for arrears (only 2 months at present)it would probably wipe this out. Does anyone think this will constitute significant equity or will it be ok to continue with the voluntary repossession. It does make me a bit mad to have to do this as I did have a cash offer of 112k which I would have accepted if my MP would have waived the fees, which they flatly refused to do....so stupid as they would have had the 107k back....oh well ce la vie Any help would be appreciated.
anyone help with a question on equity please?
Posted - 28 July 2010 : 09:02:51
