Hi I was wondering if anyone has come across the following:-
I am a joint owner (50/50) of a property which is now in negative equity to the tune of 70-80k. I would like to buy out property as I have recently got married so that I have complete ownership of the property The issue is that I would expect other party to pay off their part (35 -40k) of the negative equity before I look at the transfer of equity. I suppose there are a number of questions from this point onwards:-
1. If other owner will not pay off their portion of the negative equity what are my options.
2. Are banks writing off portions of negative equity in this case. Bank is KBC.
3. We are not in financial difficult so not sure how bank would view our case as why would they write off a portion of the debt if we are not in difficulty.
4. Is there another alternative to transfer of equity whereby other party is taken of mortgage?? Doubt this.
I'm sure that this is a fairly common scenario so your thoughts would be greatly appreciated as its a mindfield.
I am a joint owner (50/50) of a property which is now in negative equity to the tune of 70-80k. I would like to buy out property as I have recently got married so that I have complete ownership of the property The issue is that I would expect other party to pay off their part (35 -40k) of the negative equity before I look at the transfer of equity. I suppose there are a number of questions from this point onwards:-
1. If other owner will not pay off their portion of the negative equity what are my options.
2. Are banks writing off portions of negative equity in this case. Bank is KBC.
3. We are not in financial difficult so not sure how bank would view our case as why would they write off a portion of the debt if we are not in difficulty.
4. Is there another alternative to transfer of equity whereby other party is taken of mortgage?? Doubt this.
I'm sure that this is a fairly common scenario so your thoughts would be greatly appreciated as its a mindfield.