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advice on consent to repossesion !!!

  • 19-06-2012 11:44pm
    #1
    STI V5
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hi !! new to all this so sorry in advance if ive posted in the wrong place !!!!!! hope someone can offer some advice .. basically due to absolutely horrible neighbours and our estate going downhill fast !! me and my wife have decided we have no choice but to arrange a meeting with the mortgage company to discuss our options and maybe hand back the keys to our home !! its the last thing we could have imagined doing like everybody else we put a huge amount of hard earned cash transforming it into a family home !!! weve been lucky enough not to have missed any mortgage payments yet , however like a lot of people we still struggle to make ends meet , but with the situation were in id sooner leave it all and rent somewhere else or end up staying here and still have to pay to live in an place that we hate living in .. our mortgage was for 200,000e and i think the house would only be worth 130-140,000e now !! will the bank let us sell at a loss and pay back the difference by way of personal loan ?? or should we just let them take it back and let them do what they will ??? does anybody know whats the procedure of consent to repossesion !! thanks again .....


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    STI V5 wrote: »
    Hi !! new to all this so sorry in advance if ive posted in the wrong place !!!!!! hope someone can offer some advice .. basically due to absolutely horrible neighbours and our estate going downhill fast !! me and my wife have decided we have no choice but to arrange a meeting with the mortgage company to discuss our options and maybe hand back the keys to our home !! its the last thing we could have imagined doing like everybody else we put a huge amount of hard earned cash transforming it into a family home !!! weve been lucky enough not to have missed any mortgage payments yet , however like a lot of people we still struggle to make ends meet , but with the situation were in id sooner leave it all and rent somewhere else or end up staying here and still have to pay to live in an place that we hate living in .. our mortgage was for 200,000e and i think the house would only be worth 130-140,000e now !! will the bank let us sell at a loss and pay back the difference by way of personal loan ?? or should we just let them take it back and let them do what they will ??? does anybody know whats the procedure of consent to repossesion !! thanks again .....

    Realistically the bank wont let you off the hook for the negative equity if you want to sell it. They wont just take it back off you as they would be worried the negative equity will not be paid.

    You could try change property, BOI seem to be good on allowing trade up and down of properties in negative equity so they may be able to assist if mortgage with BOI. If with another lender no harm in outlining your situation and consider purchasing another property and selling the current one and carry the negative equity to the new property.


  • #3
    STI V5
    Registered Users, Registered Users 2 Posts: 36 ✭STI V5


    thanks for the swift reply chris85 !! thats the problem i dont think there lending much anymore !! id be surprised if theres more than a handful of mortgages being processed every week !! but maybe they might just have to listen after all im not looking for any debt to be written off and the fact that we have never missed a mortgage payment , hopefully that might work in our favour !! id take the negative equity with me in a heartbeat if we could get to move to a better area !!! weird situation to be in !!! with most people struggling to hang on to there homes and all we want is to leave it all behind !! id happily struggle-on with the bills to get to somewhere more suited to family life !!! valuable lesson learned ! its all about location location location ......... thanks again !


  • #4
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    I've seen a few cases where the negative equity is moved onto a loan with the same interest rate and term as the original mortgage.

    In these cases they did not want another mortgage.

    You could ask is that an option. Chris is correct, I've seen no examples of debt being written off.


  • #5
    STI V5
    Registered Users, Registered Users 2 Posts: 36 ✭STI V5


    As i said i never wanted any debt to be written off !! just maybe an option to take the negative equity with us would be great !! It would have been easy to move out all of our stuff and pop the keys in the letterbox but im not a great believer in just throwing in the towel but after 2 years in this situation i have to act soon !! were just waiting on a appointment bank from the mortgage company !! so fingers crossed we get something sorted out !! thanks again ..


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