voluntary repo?

[new start!]

Hi,
i am ringing the bank tomorrow to try and get a voluntary repo! its our family home and it has just gone to the judges list because the registrar couldnt deal with it as its a family home. My question is.. we got the house valued from four agents and they said between 170E and 190E and we owe the bank 250E. We as a family just want to get rid of this bricks and mortar before it breaks us, but we can,t afford to pay back the shortfall at all?? we are on a Flexiannu @1.25%.
regards
new start.

 

[Brendan Burgess]

1 - A case is not sent to the Judge's list because it's a family home. Can you give a bit more history of the legal case. What county are you in?
2 - which lender are you with?
3 - what is a Flexiannu?
4 - how much are you paying at present ?
5 - how much have you paid in total in the last 12 months?
6 - where are you going to live if you vacate your home?

 

[Jim Stafford]

If your interest rate is 1.25%, then the monthly payments on a €200,000 mortgage over 25 years would be €777.

Provided you can make those monthly mortgage payments and you have enough money remaining to pay Reasonable Living Expenses, then a PIP should be able to deliver a PIA along these lines, as such a PIA would demonstrate a much better return to the bank than a bankruptcy. IF the bank vetoed the PIA, the PIP should be able to have the Courts enforce it.

Given the complexities of a PIA, you should really consult with a PIP to fully explore your options.

If you are unable to make monthly mortgage payments of €777, you should negotiate with the bank that you will only do a voluntary surrender in exchange for full and final settlement.

Jim Stafford