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They're talking about having to sell the current house, obviously.
by neuronerdgirl 3y ago
They're talking about having to sell the current house, obviously.
- dontlaugh 3y agoAnd it’s not a problem to sell at a lower price if you can also buy at a similarly low price. I’m in the same situation myself.
- neuronerdgirl 3y agoIt's a problem if you can't sell at all, which happens to many people in a collapse like this.
- dontlaugh 3y agoThat is the actual problem, yes. But it’s a problem if prices fail to drop when they should, not if they’ve already dropped and so sales happen again.
- AnimalMuppet 3y agoDepends. Can you transfer the loan? If not, you may not be able to get the loan, because you may need to borrow more money than the bank is willing to lend with the current prices.
- dontlaugh 3y agoI wasn’t aware there even are non-transferable loans. Transfer and second charge is the common way to sell and buy while you still have a mortgage, around here.
- lsaferite 3y agoOut of curiosity, where is "here" in this case. I've never heard of someone transferring a mortgage here (in the US). I'd _love_ to transfer my low-interest loan considering the current rates.
- dontlaugh 3y agoIn the UK all providers allow it, except for a few specialist ones. I know of people in some continental Europe countries that have done it, too.