Have any of you sold a property in high negative equity?

Quorom

For borrowers to get their mortgages written off, they must be able to prove to the court any of the following - that there is no perfection of title, that the security documents on which the mortgage was obtained are flawed, that the bank changed the underlying index on how the mortgage interest rate is calculated, the argument of ex causa turpi.., this list is not exhaustive. Borrowers do not usually hear about these types of cases down in the courts because as soon as the legal team for the bank figure out the bank is at fault, the bank's settle with the mortgager and get the mortgagors to sign a confidentiality agreement.

riclad

Every bank is different,
say you are in ne and want to sell up,
these factors have to be taken into account,
are you working,has your income declined since 2008.
how much do you earn, are you working full time.
are you married, single, is it a joint mortgage.
How much is the ne, vs the loan, 10,20, 30 per cent ,or more.
How much is the house worth.
I heard a man bought a house in longford, 150k,
the bank wrote off x amount if he agreed to sell up.
his income was much lower than in 2006 when he bought the house.
it was on the radio 2 years ago,i cant remember the exact amount.
He sold the house .
Asking how much will a bank write off is like asking,
how long is a piece of string,
in depends on various factors.
They might write off zero euros .
From what i read some banks agree to write off x amount ,
if the client agrees to sell the house .
And he cannot afford to pay the mortgage for various reasons.
When i say write off i mean the loan is say 100k,
the bank says sell the house for 75k,its current value .
and we,ll write off 25k.
ie the bank will not allow the sale to proceed if the offer is less than x amount.
The case,s qourom probably apply to less than 1 per cent of mortgages .
IT,S not really relevant to a thread on negative equity,
in my opinion.
I see no problem with some in ne asking for basic advice re
can i sell up, or buy a house elsewhere ,what are my options .

dearg lady

I think there's a difference between saying banks acted recklessly and putting ALL the blame on banks.
Both banks and indivduals acted recklessly. Banks should not have been allowed to hand out 100-100% mortgages, but individuals (myself included! ) should have had a bit more cop on.
I'm delighted about the new rules from CBI, having to have a substantial deposit makes a person think twice before committing to such a large purchase.

LilyShame

Sorry woman driver i still don't get you on that one. The reason ppl use online communities like this one is to float those questions without being identified. I am interested in all elements of the NE story not just writing off shortfalls or percentages of shortfalls, but the cost of accidental landlord ship, trade up stories, ne mortgages, working with mabs or imho and engaging with the banks to better the situation. I never said I don't pay my mortgage. I absolutely do. More assumptions!!

Yes dearg lady and others agree w you there. The twenty PC upftont is a very good idea.

the advice given to me by Mabs now is to deal with my apartment debt as Secondary Debt and focus on my family first. So that's just what I'll do!

womandriver

LilyShame wrote: »

Sorry woman driver i still don't get you on that one. The reason ppl use online communities like this one is to float those questions without being identified. I am interested in all elements of the NE story not just writing off shortfalls or percentages of shortfalls, but the cost of accidental landlord ship, trade up stories, ne mortgages, working with mabs or imho and engaging with the banks to better the situation. I never said I don't pay my mortgage. I absolutely do. More assumptions!!

Yes dearg lady and others agree w you there. The twenty PC upftont is a very good idea.

the advice given to me by Mabs now is to deal with my apartment debt as Secondary Debt and focus on my family first. So that's just what I'll do!

If you're paying it, as you've said above that you are, you can treat it any way you want.