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Residual Debt from Selling House.

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  • 25-02-2014 6:11pm
    #1
    wiseup42
    Registered Users Posts: 5 ✭


    Basically to sell our house we had to sign a 'letter of completion' to say we would pay residual debt. You cannot sell house without signing this letter. Now after sale has gone through we are being pursued for €117,000. (€1650 per month for 7 yrs). Obvs we owe the money, we cannot however pay this amount –– that type of monthly payment is what made us sell up in the first place) –– Anyone been through this particular prob?? Frustrated.com (we have been verbally threatened with legal action today after we insisted on some facetime at the local branch).
    Tagged:


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Did you not think to advise them you couldnt afford the revised payments when you asked the bank if you could sell the house? Were the potential repayments outlined to you in advance?


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    #3
    wiseup42
    Registered Users Posts: 5 ✭wiseup42


    Of course, we signed because house sale would not go through unless we signed the new repayment schedule. If we could pay that type of money we wouldn't have sold house in the first place. Not possible to sell unless you sign this 'letter of completion'. -- We needn't have signed and house would still be sitting empty with no buyers and no mortgage repayments!


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    #4
    Kigerajoe
    Registered Users Posts: 7 ✭Kigerajoe


    Is declaring bankruptcy an option? May sound awful but would give you a fresh start


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    #5
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    Old thread from 2014, but if anyone has similar issues then insolvency service is place to check http://isi.gov.ie/


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