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negative equity mortgage.

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  • 19-12-2017 1:08pm
    #1
    alanc2003
    Registered Users Posts: 440 ✭✭


    Looking for some advice. Not sure what to do here as it's been a nightmare for the past 6 months. Bought an apartment in the boom and spent the last 9 years in negative equity. Family grew so needed a bigger place. The bank agreed we cud purchase a new property with 10% and carry over the remainjng negative equity as long as we got 235k for our apartment. We did get the 235k but it took about 5 months to close due to the nature of our buyers. By a stroke of bad luck and timing the day we closed the mortgage came out and this payment meant we were out of negative equity. A few days after this when ready to close on the new property the broker told us the bad news. We are now at a point where we have sold our apartment (renting currently from the new owner). The vendors of the new house now want to us to pay penalties. The bank are now unsure if they will honour the 10% and we don't have another 10% to make up the 20%. What can we do?


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    #2
    goofy141
    Registered Users Posts: 83 ✭✭goofy141


    Oh no what happened? I hope a solution was found.


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