I have a tracker mortgage on an investment property with PTSB.
I have had the property on the market since 2009 and have received three viewings in three years. My own residential mortgage provider is pushing me to get a sale on this property and have insured me they will seek a repossession order on my home if I do not sell the investment.
Low and behold, on Friday, I got a telephone call from the estate agent who said a German couple were looking to buy the property but were not looking to spend what I am currently asking.
Left on mortgage EUR105,000
Offer EUR30,000
The auctioneer has advised me to take the offer. I know in my heart there is not a hope in selling the property but wonder will the bank accept such an offer.
My credit history is impaired so I am presuming they will not allow me take the shortfall as a personal loan.
Thoughts please?
I have had the property on the market since 2009 and have received three viewings in three years. My own residential mortgage provider is pushing me to get a sale on this property and have insured me they will seek a repossession order on my home if I do not sell the investment.
Low and behold, on Friday, I got a telephone call from the estate agent who said a German couple were looking to buy the property but were not looking to spend what I am currently asking.
Left on mortgage EUR105,000
Offer EUR30,000
The auctioneer has advised me to take the offer. I know in my heart there is not a hope in selling the property but wonder will the bank accept such an offer.
My credit history is impaired so I am presuming they will not allow me take the shortfall as a personal loan.
Thoughts please?