Negative Equity

codyj78

Hi,


I purchased a 1 bedroom apartment as a starter home in 2007 my brother was only supposed to be a guaranture but is down as joint mortgage holder i live in the apartment i am the only person living there i am the only person paying the mortgage since 2007 till now.

I got a 92% mortgage at the time it was valued at 245,000k and i came up with 19,600 of my savings which meant i got a mortgage of 225,400k .

My problem is i recently got the flat valued and the auctioneer came back to me with a price of 55,000 - 70,000k but said id be lucky to get 55,000 if anything at all for it .

I was a first time buyer trying to make a positive start to my life by investing in my starter home I was encourged by the Bank and the Auctioneer at the time that this was a good investment .

I feel totally cheated by so-called professionals who just come back and say we couldnt have known the property crash was coming .I look around and i see wasters and freeloaders getting corporation houses of course i understand and respect that everybody has a right to a roof over their head except i work hard i earn a decent wage except for the fact that i am paying a huge amount of money a month for something that isnt worth a fifth of what i am paying for it and im stuck in an overpriced flat with no hope at all.

I pay my mortgage but i feel totally trapped in what was supposed to be a positive investment
where do i go from here.

I see alot of people on here saying you borrowed the money tough you have to pay it back no matter that it has become in massive negative equity.

Im not a property expert i relied on the fact that the professional people in the Bank of Ireland would provide me with the correct guidance.

I will go as far as to say that as part of the mortgage agreement the Bank of Ireland did their own property valuation of said (flat) so there has to be some responsibility on the banks side but what are you going to do about it .

My apartment is in Co.Cork i have met m local bank official and an Area official who could only come up with a solution of renting it out the mortgage is 804 euro a month its a one bedroom id be lucky to get 500 euro id still have to pay the balance of 304 euro for my mortgage plus the managment fees of 1150 euro a year

Where do i go from here ???

Dav

I've heavily edited your post because you've posted a dangerous amount of personal information - this website is read by over 2 million people every month, so I don't know why you'd think it was safe for you to share that much about yourself.

MugMugs

codyj78 wrote: »

awaiting a reply from somebody in the B.O.I ????

I understand your post and your wish to get a quick response codyj78 and most of this country understand your position but give them a bit of time to respond.

Bank of Ireland wrote:

How long will it take to solve my issue?

It depends on the nature of your query. We will endeavour to respond to your query as quickly as we can during the hours of 9am and 5pm, Monday to Friday. However, some queries may take longer to resolve as we may need to contact other areas within Bank of Ireland. All posts outside of our working hours will be addressed as soon as we’re back online i.e. the following working days.

For some queries, we require more information from you so that we can investigate your query. On such occasions and to protect your privacy, we’ll ask you to send us a private message.

Best of luck ! 

Bank of Ireland: Tara

Hi codyj78,

Thanks for contacting us on Boards.ie

We understand you're anxious to receive a response and to ensure we provide you with correct information we have referred this to our Mortgages Team. We'll be back to you as soon as we receive an update from them.

Thanks
Tara

codyj78

 

Bank of Ireland: Tara wrote: »

Hi codyj78,

Thanks for contacting us on Boards.ie

We understand you're anxious to receive a response and to ensure we provide you with correct information we have referred this to our Mortgages Team. We'll be back to you as soon as we receive an update from them.

Thanks
Tara

Thanks Tara
I appreciate you looking at my post im just looking for some fairness and i know that i am one of many in the country that are in the same predicament.
thank you and best regards
codyj78

Bank of Ireland: Billy

Hi codyj78, 

Thanks for your post. 

Apologies for the delay in responding. 

Our Mortgage Team have come back to us.

We’re prohibited from discussing a customer’s personal business in a public forum.

The Mortgage Team will request a representative from your branch to make contact with you directly to discuss available options for your own particular circumstances. 

Unfortunately we cannot assist any further with this query type on Boards. 

Thanks

Billy