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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3840
Experience:  Solicitors 2 years plus PQE
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Is it possible to do a property deed transfer to a bank to

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

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 2 years 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

Hi, Thank you. Are you based in England or Wales? Kind regards AJ
Customer: replied 2 years ago.

Isle of Man

Hi Thank you. Is this loan from a bank head quartered in England? Kind regards AJ
Customer: replied 2 years ago.
Yes lloyds
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
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