clearing a negative equity mortgage

[dirtydiesels]

I have a house that's worth approx 220000 - i have a mortgage with 255,000 outstanding and 60,000 of this is warehoused for past 2 years. i want to sell the house and clear the mortgage. do you think the bank would accept less than the full amount or a deal, will they want the full 255000.

 

[Gordon Gekko]

Which bank is it and are you making full capital and interest repayments on the non-warehoused portion?

 

[trasneoir]

will they want the full 255000.

Of course they will. Unless they see evidence that you're in danger of bankruptcy, they have no reason to consider accepting less than you owe them.

 

[dirtydiesels]

PTSB and no payments on the warehoused portion.