Negotiator
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'My mate Dave' is 72 and retired several years on a very modest income/pension and has an interest only mortgage with Cerebus (formerly BOSI) of circa €200k but due to be cleared in full in 12 months time at the end of the mortgage term. There is approx €75k positive equity on his home.
He has a pension fund of €225k that he has not drawn yet and is due to mature in a few years time. However this money is to see him and his wife out for the rest of his days which could be many years as they are both in very good health.
My question is this: Do you think Cerebus would make a lump sum settlement at a discount of the full mortgage given his age and low level of income?
Has anyone any experience dealing with Cerebus? Are they doing deals?
I don't want to get into a debate about the morality of looking for a discount on the loan etc so please only reply if you can answer the above questions. Thank you.
Term of Mortgage: 10yrs Interest Only Tracker to be cleared at the end of the term (due December 2016)
Mortgage Amount: €200k
Value of Home: €275k
Age of Borrower: 72yrs Old
Willing to Offer: 60% of outstanding loan or €10k per year capital and interest until loan is cleared or home is sold after death of both him and his wife!
Any suggestions based on the above are most welcome. Much appreciated.
N
He has a pension fund of €225k that he has not drawn yet and is due to mature in a few years time. However this money is to see him and his wife out for the rest of his days which could be many years as they are both in very good health.
My question is this: Do you think Cerebus would make a lump sum settlement at a discount of the full mortgage given his age and low level of income?
Has anyone any experience dealing with Cerebus? Are they doing deals?
I don't want to get into a debate about the morality of looking for a discount on the loan etc so please only reply if you can answer the above questions. Thank you.
Term of Mortgage: 10yrs Interest Only Tracker to be cleared at the end of the term (due December 2016)
Mortgage Amount: €200k
Value of Home: €275k
Age of Borrower: 72yrs Old
Willing to Offer: 60% of outstanding loan or €10k per year capital and interest until loan is cleared or home is sold after death of both him and his wife!
Any suggestions based on the above are most welcome. Much appreciated.
N