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Selling 2 years into 35 yr mortgage?

  • 20-08-2010 4:41am
    #1
    born2bwild
    Closed Accounts Posts: 1,419 ✭✭✭


    Bought 3 bed semi 2 years ago. Cost 335,000 current value is 260,000 - ish. circumstances have changed and I would love to sell this house and move on. Yeah I hear God laughing so go ahead join in. Is there any hope?


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    You will need to come up with €75k to cover the shortfall.

    Every house will sell if it's priced right.


  • #3
    Da GOAT
    Registered Users, Registered Users 2 Posts: 453 ✭✭Da GOAT


    man that sucks, i hate to ad more to it but you may need to consider selling under 260k aswell. If thats the price estate agents are saying then you wont get it.

    I dont think theres any way to sell if u cant pay back the difference to the bank since they would effectivly give u an unsecured loan on the difference.


  • #4
    music.babe75
    Closed Accounts Posts: 33 ✭music.babe75


    Wouldn't say you are in a position to be able to sell unfortunately, unless you have been making huge repayments off your mortgage....and owe less than what you will sell the house for....

    the first couple of years mortgage payments are mostly interest so if you just have been making normal repayments then you have reduced the capital by very very little....


  • #5
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Tbh you're in a 3-bed semi with a relatively small mortgage. Some people are in 2-bed apartments owing nearly twice what you do. Some people would kill to be in your position :)

    Your best bet for getting out of it is to look at the renting route. That'll give you the freedom to move on.


  • #6
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    OP,I had a similar query here:

    http://www.boards.ie/vbulletin/showthread.php?t=2056004156

    Some very helpful advice was given.


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