Good for you. Will you be telling him that he will have to pay you €300 per month rent as well. €1,500 / 2 = €750 less €900 /2
Negative Equity Sale of tracker property with ex
- Thread starter Suebee
- Start date
Good for you. Will you be telling him that he will have to pay you €300 per month rent as well. €1,500 / 2 = €750 less €900 /2
So we met with the bank today. I met with them on my own on Friday to be very clear about the situation and my finances.
I was armed with statements from all accounts including my joint current account with my husband as I wanted them to know I wasn't hiding anything.
To be fair they barely glanced at the statements and handed them back to me and said "look we know when someone is genuine"
St this point they assured me that there would be no write down or no option to transfer the negative equity in to unsecured loan. If they were to consent to sale the full amount would need to be discharged.
So today the bank clearly outlined the situation to my ex and explained that there was no option to sell the property unless he carried or cleared down all the shortfall. He explained that this was not an option for him.
The bank said there was only one other option to sever all financial ties between us and that was for him to apply for a modification to the existing mortgage to remove me and add his wife on and for them to take all the negative equity. They would still be able to keep the tracker and could wait till property value increases and sell then and if still know negative equity they could get a negative equity trade up mortgage that would enable them to port the tracker to their new mortgage for 5 years.
He said this could be an option and bank asked if I would be willing to sign myself off the mortgage and title.
I said I would if they decide to go this route.
His wife was not at the meeting so he needs to discuss with her and will come back to me and the bank once he speaks to her.
Will update again once I hear back from him
I was armed with statements from all accounts including my joint current account with my husband as I wanted them to know I wasn't hiding anything.
To be fair they barely glanced at the statements and handed them back to me and said "look we know when someone is genuine"
St this point they assured me that there would be no write down or no option to transfer the negative equity in to unsecured loan. If they were to consent to sale the full amount would need to be discharged.
So today the bank clearly outlined the situation to my ex and explained that there was no option to sell the property unless he carried or cleared down all the shortfall. He explained that this was not an option for him.
The bank said there was only one other option to sever all financial ties between us and that was for him to apply for a modification to the existing mortgage to remove me and add his wife on and for them to take all the negative equity. They would still be able to keep the tracker and could wait till property value increases and sell then and if still know negative equity they could get a negative equity trade up mortgage that would enable them to port the tracker to their new mortgage for 5 years.
He said this could be an option and bank asked if I would be willing to sign myself off the mortgage and title.
I said I would if they decide to go this route.
His wife was not at the meeting so he needs to discuss with her and will come back to me and the bank once he speaks to her.
Will update again once I hear back from him
Brendan Burgess
Founder
- Messages
- 52,091
Hi sue
That sounds like a good outcome for you and for him.
It's good that you attended the meeting. It was also a good idea to meet the bank beforehand on your own.
Now that he knows how the ground lies, he might actually move forward with it.
Brendan
That sounds like a good outcome for you and for him.
It's good that you attended the meeting. It was also a good idea to meet the bank beforehand on your own.
Now that he knows how the ground lies, he might actually move forward with it.
Brendan
Well that's a great result Sue and it was as we expected on here. Hopefully now your ex will understand what you were trying to tell him all along. That's also excellent news for both of you, that he can keep the tracker, that's a great result for him and for you both if he goes down this route it will sever all ties which is what needs to happen.
I think Cremeegg was being a bit facetious here. No need to push this point at all. Best to go along now with your ex getting the property into his sole name and you off the mortgage. The holy grail is you off the mortgage.