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Dealing with negative equity

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  • 18-04-2013 10:38pm
    #1
    PrincessRR09
    Registered Users Posts: 5 ✭


    Just wondering if anyone has managed to sell their house and been left with an unsecured loan for the negative equity. I thought having a tracker might help get some of the loan written off but that's a mit.
    A broker said it might be an option for us. We bought at 295k in 2006 its now worth 130k. We really want to move closer to family hense selling. So looking to buy another property.
    Anyone in the same situation?


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    #2
    mozattack
    Registered Users Posts: 1,908 ✭✭✭mozattack


    PrincessRR09 wrote: »
    Just wondering if anyone has managed to sell their house and been left with an unsecured loan for the negative equity. I thought having a tracker might help get some of the loan written off but that's a mit.
    A broker said it might be an option for us. We bought at 295k in 2006 its now worth 130k. We really want to move closer to family hense selling. So looking to buy another property.
    Anyone in the same situation?

    Insolvency Arrangement?


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    #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    I seriously doubt you will get a write off just because you want to move house. There is no guarantee banks will offer writes more likely shelving the debt for a few years with hope that in 5 years people will take paying the full mortgage again. Would you try getting a second house and renting out your other one. Its a tracker so the repayments arent that large probably and selling the house in a few years when property prices have risen significantly again( a lot of house in dublin the prices are rising at about 5-15% on current houses for sale


  • Options
    #4
    mozattack
    Registered Users Posts: 1,908 ✭✭✭mozattack


    hfallada wrote: »
    I seriously doubt you will get a write off just because you want to move house. There is no guarantee banks will offer writes more likely shelving the debt for a few years with hope that in 5 years people will take paying the full mortgage again. Would you try getting a second house and renting out your other one. Its a tracker so the repayments arent that large probably and selling the house in a few years when property prices have risen significantly again( a lot of house in dublin the prices are rising at about 5-15% on current houses for sale

    Don't rent, worse thing ever in ever.

    It is a like a scum attraction beacon.


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