You can sell the property for less than you owe. You will almost certainly need to get a solicitor to advise you on the ins and outs of ensuring this in the face of Nationwide's opposition.(posted 8607 days ago)A warning to any homebuyers that read this: this kind of lender obstruciton is a perfect example of why you should not take out a mortgage with Nationwide.
The courts ruled some years ago that lenders were in the wrong to repossess properties where the customer had a reasonable chance of selling it for close to - but less than - the amount owed. Provided, that is, the customer could show how they intended to pay off the unsecured debt that would remain.
I can't remember the name of the case(s) that established this, so if anyone can, please post it as a response to this posting.
Lee