Hi I have a BOI tracker and wish to sell house. Is there any hope they will do deal as house is in negative equity and would prefer not to have balance to pay once sold. How would I go about seeking to negotiate with Bank? Or is this wishful thinking on my part!
Thanks
I’m a bit intrigued by this post.
The financial crash kicked in proper in 2008, so I assume banks discontinued tracker mortgages around then. That was 12 years ago.
I bought a house in 2005/2006 (BOI tracker) for €330k. There are two houses currently for sale in the same estate for €300k.
If I sold now, I’d sell “at a loss”, but as I’ve been making repayment for the past 14 years I’m well out of negative equity.
Unless you’ve missed payments I’m surprised that you could be in negative equity.
You have not provided enough financial information for anyone to provide definitive advice.
BOI would forensically examine your financial circumstances to assess your capacity to re-pay any residual debt. In certain cases they will come to a settlement deal if it makes commercial sense for them.
If you are on a tracker rate there should be a possibility of you making a rental profit on the property in order to make principal and interest payments. One option might be to extend the term to make the bank payments more affordable.