Possibility of selling house and getting out of mortgage

feckinhouses

Here is our situation - we have a mortgage with halifax with about 280,000 euro outstanding. Since we took out the mortgage one of us lost our job and for over two years have not been able to get a permanent one.

We have made a decision to emigrate so we can both get work - its looking like its off to oz for us.

Houses in our estate are now selling for around 100,000. My question is if we were to sell our house how willing would Halifax to accept the 100 grand and then close the mortgage.

I have been told (not by the bank of course) that halifax are looking to get out of the irish market as quick as possible - is it possbile that they would be open to this?

carpejugulum

Why would they be open to that? They can reposes and still go after the rest.

NIMAN

I'm sorry to hear about your situation but I can't see them accepting 100,000 instead of 280,000. That's the simple answer.

They may be looking to get out of the Irish market, but accepting huge losses will not be part of their exit plan.

evolving_doors

NIMAN wrote: »

I'm sorry to hear about your situation but I can't see them accepting 100,000 instead of 280,000. That's the simple answer.

They may be looking to get out of the Irish market, but accepting huge losses will not be part of their exit plan.

They might be exiting the market, but they can also sell on the loan book to some other debt collecting agency. So I wouldn't take it at face value that they'll do a deal so fast..

.I get the feeling that if banks have a choice they would rather keep stringing people along until the value of property starts to rise...even it's a small bit it can translate into a larger amount for all of their housing loans...

Anyway, the way I see it...apart from getting advice from those newbeginnings folk

Go into negotiations and keep paying what you can, but will the amount really make any dent in the € 280k??
you might be better off withholding any money you earn from now untill emigration date.


.also even if you could rent it out for as long as possible (for whatever amount) while youre away ...depends if there is a rental market though!

ladysarah

bank are doing deals with people. what some have done ( cannot speak for halifax) is sell the house for 100 and divide the negitivr equity between bsnk and borrower, Bank writes off 90 k and the borrower agrees to take out a personal loan of 90 k from same bank to clear same. GO AND TALK to them and the best of luck.

Marcusm

NIMAN wrote: »

I'm sorry to hear about your situation but I can't see them accepting 100,000 instead of 280,000. That's the simple answer.

They may be looking to get out of the Irish market, but accepting huge losses will not be part of their exit plan.

NIMAN

Halifax is out of the market, have sacked all of their staff and appointed a service company (Certus) to manage the run off of their business. They have also made huge provisions against their Irish lending book to the extent that it has been separately disclosed in the accounts of its much larger parent group (Lloyds banking group). They have made losses of more than 50c for every €1 they have lent. Whether they will treat with the OP will depend on the circumstances but they are more likely than any of the mainstream lenders to do so.

belcampprisoner

propertypin.ie might be a better place to ask


http://www.independent.ie/business/personal-finance/property-mortgages/new-law-will-allow-banks-to-repossess-homes-by-summer-29162034.html

handlemaster

feckinhouses wrote: »

Here is our situation - we have a mortgage with halifax with about 280,000 euro outstanding. Since we took out the mortgage one of us lost our job and for over two years have not been able to get a permanent one.

We have made a decision to emigrate so we can both get work - its looking like its off to oz for us.

Houses in our estate are now selling for around 100,000. My question is if we were to sell our house how willing would Halifax to accept the 100 grand and then close the mortgage.

I have been told (not by the bank of course) that halifax are looking to get out of the irish market as quick as possible - is it possbile that they would be open to this?

tell them you have been reading the news that the Uk is a good place for people to move to that have debt problems and you going to see what all the fuss is about

feckinhouses

Marcusm wrote: »

NIMAN

Halifax is out of the market, have sacked all of their staff and appointed a service company (Certus) to manage the run off of their business. They have also made huge provisions against their Irish lending book to the extent that it has been separately disclosed in the accounts of its much larger parent group (Lloyds banking group). They have made losses of more than 50c for every €1 they have lent. Whether they will treat with the OP will depend on the circumstances but they are more likely than any of the mainstream lenders to do so.

That's exactly what i am hoping will be the position the bank take. We have been on Interest only for the past two years with no real hope that our financial situation will change.

If I was to start negotiations with the bank on this would i contact Certus or the bank directly in the UK?

feckinhouses

handlemaster wrote: »

tell them you have been reading the news that the Uk is a good place for people to move to that have debt problems and you going to see what all the fuss is about

The other half is actually from the UK and is always saying she'd love to move back over there - maybe its not such a bad idea ;)

StillWaters

feckinhouses wrote: »

The other half is actually from the UK and is always saying she'd love to move back over there - maybe its not such a bad idea ;)

You would be crazy not to avail of UK bankrupcy then.

narddog

Armelodie wrote: »

They might be exiting the market, but they can also sell on the loan book to some other debt collecting agency. So I wouldn't take it at face value that they'll do a deal so fast..
QUOTE]

Don't forget the bank will have sold the loan to the debt collectors for cents on the euro. Once the loan has gone to collections, the bank has accepted it's losses. Don't be intimidated by the debt collectors. They're bottom feeders, making a living out of other peoples misery. Do what's best for your family, try not to let the situation stress you out too much. I emigrated in 2007, not out of desperation but career advancement. Things turned south, I lost my job in the US and I exhausted my savings covering my house in Ireland, while simultaneously covering my mortgage on my US house. Eventually I stopped paying the Irish mortgage. I'm dealing with Certus about my Irish mortgage, but I've made it clear my priority is covering the payments on the US house. They're not happy, I'm not particularly thrilled about the situation either, but it is what it is. Don't let them bully you and stay focused. Best of luck to you.