mortgagemad
Registered User
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- 3
Hi,
First time poster seeking advice. We have been on an interest only tracker mortgage with AIB for 3 years. The total outstanding mortgage is 800k and the value of the home is now approx. 500k. We are due to receive a 250k lump sum in 3 years .
Requested an extension to the arrangements in December, and we also offered a contribution to the principal - we have a load of unsecured debt and there isnt anything left. Received a response last week stating that as the bank considers full replayments can be made we should sell the house immediately or make arrangements to 'hand the keys' back to the bank.
When we recovered from shock we dumped our health insurance; house insurance and will sell 2nd car. This will give us enough to make 50% of the mortgage each month.
Question is this...how do we negotiate the appeals process? Do we really need legal advice at this stage? I think we are a good candidate for a split mortgage as the 'parked' component will be paid in full within a short number of years. Do we act 'strongly' with the bank or roll-over and die? Have the bank acted fairly under the Code in failing to discuss options before reaching a conclusion? We cant sleep and with 4 small children the prospect of loosing our family home is terrifying.
Any advice welcome. Particularly from anyone who has emerged positively from the appeals process.
Thanks
First time poster seeking advice. We have been on an interest only tracker mortgage with AIB for 3 years. The total outstanding mortgage is 800k and the value of the home is now approx. 500k. We are due to receive a 250k lump sum in 3 years .
Requested an extension to the arrangements in December, and we also offered a contribution to the principal - we have a load of unsecured debt and there isnt anything left. Received a response last week stating that as the bank considers full replayments can be made we should sell the house immediately or make arrangements to 'hand the keys' back to the bank.
When we recovered from shock we dumped our health insurance; house insurance and will sell 2nd car. This will give us enough to make 50% of the mortgage each month.
Question is this...how do we negotiate the appeals process? Do we really need legal advice at this stage? I think we are a good candidate for a split mortgage as the 'parked' component will be paid in full within a short number of years. Do we act 'strongly' with the bank or roll-over and die? Have the bank acted fairly under the Code in failing to discuss options before reaching a conclusion? We cant sleep and with 4 small children the prospect of loosing our family home is terrifying.
Any advice welcome. Particularly from anyone who has emerged positively from the appeals process.
Thanks