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Are the banks dealing for Mortgage settlements

  • 14-06-2011 5:31pm
    #1
    bbam
    Closed Accounts Posts: 7,410 ✭✭✭


    Pub talk as usual sparked this question...:rolleyes:

    If I have a €400K tracker Mortgage on a house (valued at €450K by the bank for the mortgage), say the house is realistically worth €200K, would the bank snap at €70-80K and the deeds to dissolve the mortgage and be done with a tracker mortgage.. My mate reckons he's going to face down the branch manager with the proposition..


Comments

  • #2
    Tea drinker
    Registered Users, Registered Users 2 Posts: 2,817 ✭✭✭Tea drinker


    Bank understandably want the money they are owed, just because the house is dropped in value is irrelevant. I think they will need a more attractive deal than this to get them to bite.
    Think of a similar situation with a car loan, the car is always dropping in value. Nonetheless you committed to pay back what you felt you could borrow.

    Another way of think about it is to think of the Branch manager as a civil servant, albeit a well paid one. And he is there ro represent the taxpayer.
    => your mate wants to screw the taxpayer and so the villagers with flaming pitchforks have been dispatched to his residence.


  • #3
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    Well, to be fair, there's nothing stopping your friend from asking the question/having the conversation with the bank.Just tell him not to expect too much from it.


  • #4
    bbam
    Closed Accounts Posts: 7,410 ✭✭✭bbam


    Tea drinker wrote: »
    your mate wants to screw the taxpayer and so the villagers with flaming pitchforks have been dispatched to his residence.

    Nice one

    I presume it's only the ordinary man that gets this special treatment while Quinn, Fitzpatrick & Co are OK to screw whoever they please


  • #5
    boogerballs
    Registered Users, Registered Users 2 Posts: 188 ✭✭boogerballs


    bbam wrote: »
    Pub talk as usual sparked this question...:rolleyes:

    If I have a €400K tracker Mortgage on a house (valued at €450K by the bank for the mortgage), say the house is realistically worth €200K, would the bank snap at €70-80K and the deeds to dissolve the mortgage and be done with a tracker mortgage.. My mate reckons he's going to face down the branch manager with the proposition..

    I have a mortgage with a bank that has recently stopped dealing in mortgages in the Irish market, had this exact conversation with them last week.

    Was looking at the possibility of moving house even though in NE, was told its not an option but was told my option was to sell the house - estimated to be then about 70 grand. I could them speak to them about a settlement offer


  • #6
    waffleman
    Registered Users, Registered Users 2 Posts: 580 ✭✭✭waffleman


    bbam wrote: »
    Pub talk as usual sparked this question...:rolleyes:

    If I have a €400K tracker Mortgage on a house (valued at €450K by the bank for the mortgage), say the house is realistically worth €200K, would the bank snap at €70-80K and the deeds to dissolve the mortgage and be done with a tracker mortgage.. My mate reckons he's going to face down the branch manager with the proposition..

    Doubtful but anythings worth a try at the minute.... the bank would probably say something like: pay that 80k off the capital but oh fyi this voids your tracker contract so we're putting you on variable for whats left.


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