How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3652
Experience:  Solicitors 2 years plus PQE
13113900
Type Your Law Question Here...
Alex J. is online now

Is it possible to do a property deed transfer to a bank to

Resolved Question:

is it possible to do a property deed transfer to a bank to prevent foreclosure through the courts

Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Does the bank have a charge/mortgage over the property? Is there enough equity in the property to repay the bank? Kind regards AJ
Customer: replied 1 year ago.

Yes the bank has a charge over the property. The house value is 475K valued by the bank last October. Due to pressure from the bank to sell ie coroner auction threat we are thinking of taking a very reduced price offer of 392,500K.

We are several months behind with loan repayments.

The bank has agreed to release the charge if we renegotiate a loan and repayment plan to cover the outstanding balance .

We have asked if the bank would accept the house as full and final payment and sell themselves to achieve a higher price. They would not be under the samepresssure we are time wise to find a buyer to stop court action.

They did not answer properly and said "not at this time" then a buyer came along.

However we will still be left with a large outstanding balance to pay .

thank you

Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Are you based in England or Wales? Kind regards AJ
Customer: replied 1 year ago.

Isle of Man

Expert:  Alex J. replied 1 year ago.
Hi Thank you. Is this loan from a bank head quartered in England? Kind regards AJ
Customer: replied 1 year ago.
Yes lloyds
Expert:  Alex J. replied 1 year ago.
Thank you.
For the bank to accept the house as full settlement they have to agree to it. You cannot force them.
If you want the bank to accept a reduction on the loan you would need to disclose to them information on your circumstances i e what assets you have and what you can repay. Banks will only negotiate if they think they have had full disclosure.
Would you be able to repay any of the short fall?
Kind regards
AJ
Alex J. and other Law Specialists are ready to help you