Offering a deal to bank re- mortgage

T

thornley

Guest
I took out a mortgage out in 2006 of 330k. I now find myself in negative equity of 110k, and looks set to fall further.

My question is this, if I was to offer the bank say 250k as an offer to buy myself out of mortgage do you think they would accept given the current climate as a kind of we're both taking a hit thingy?

Is anybody aware of the banks eagerness or opposite to get struggling mortgages off their books?

Thanks
 
pretending ...

they'll take the €250k and you'll still have an outstanding loan balance to pay off.

So what if you're in negative equity?

You bought the property, you got the loan, you meet the repayments and you live there.

Negative equity, like your €250k is up in the air ... the €250k will only appear when you win it. The negative equity will only appear when/if you want to sell the property.

Banks won't entertain you if you have the ability to pay your mortgage.
 
I would not offer them €250k as they would know that if you were to go into arrears they would take it to reduce the debt. If you have €250k you are far from a problem case and they will see this as well and will in no way entertain a write down.
However, if you were to try and get sell the property to a third party or get a solicitor to organise the deal in trust, this might work.
 
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