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In this case the Taxpayer will not be picking up the tab.
Ulster/Boi/Start/Ge/Acc/Danske are not (ours).
From looking at what ACC could lose in a Repo/Bankruptcy type situation. I think they would be silly not to properly engage?
Maybe it is just the proper ACC person is not being spoken with?
Am I missing something?
Of course there are some potential downsides to doing a deal with any Bank. However, the main issue for the Creditor is the cost/benefit assessment. If the OP can agree a deal in this situation he will retain his house and the Bank will receive an immediate settlement for circa the house value. Banks are pragmatic and will certainly consider such a proposal.Without an agreement to recapitalise, then try offering an amount in full & final settlement if you can walk away freely. But that leaves you without a house, a bad credit rating & looking for somewhere to rent.
I would like to honour my debt and stay in my home but I am not one of these people who expect to stay in situ while not contributing.
I just re-read all of your posts. Brendan is correct - you're over indebted. 2200 per month is madness!!! What happens when interest rates start to rise? Offer to sell the house on behalf of the bank and then offer full and final lump sum of approx 20,000 towards the shortfall. In time, use your inheritance towards purchasing another property. I don't see any point in paying another penny to the bank.
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