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Mortage Payment Freeze on House Sale?

  • 13-07-2009 8:02pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Hi
    Is it possible - or wise - to freeze mortgage payments when a seller goes 'Sale Agreed' on a house?
    Thanks
    M


Comments

  • #2
    irlrobins
    Registered Users, Registered Users 2 Posts: 7,541 ✭✭✭irlrobins


    You mean is it wise for the seller to stop paying mortgage? If so, not at all. Many sales go "Sale Agreed", many again fall through when the buyer can't get teh funds they thought they could from the bank.


  • #3
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭mathie


    irlrobins wrote: »
    You mean is it wise for the seller to stop paying mortgage? If so, not at all. Many sales go "Sale Agreed", many again fall through when the buyer can't get teh funds they thought they could from the bank.
    Thanks.
    I don't mean just not pay the mortgage.
    I mean can the bank allow for a freeze of payments for a few weeks/months?
    Like a mortgage break?


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    mathie wrote: »
    Thanks.
    I don't mean just not pay the mortgage.
    I mean can the bank allow for a freeze of payments for a few weeks/months?
    Like a mortgage break?

    Its not standard. You can approach your lender at any stage to discuss a payment holiday- what happens is the interest is incremented onto the principle for the term proposed. You need to talk to your lender though- transactions such as you're proposing would be considered irregular- thats not to say that they'd not agree to it- simply that they would need to assess it on its individual merits.


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