Hi all,
I am looking for some advice: -
In 2006 I took out a mortgage in the amount of 270,000 Euros and purchased a home in Wicklow for 300,000 Euros. The home is now worth 150,000, roughly.
I have approximately 260,000 Euros left on the mortgage. I am on a variable rate.
My elderly Father passed away and I am due to inherit approximately 270,000 Euros from his Estate in the coming months. I struggle each month to meet my mortgage payments, but I do meet them - just.
I was wondering if there is anyone on this Forum who would be able to tell me if I would be wise using the full amount of my inheritance to pay off the mortgage, even though the house is only worth around 150,000? This is a big deal to me as I will never have this amount of money coming to me again and I just want to ensure I use it smartly. Alternatively, if I go to my lender and offer around 200,000 (60,000 less than what is owed) is there any reality of them coming to an agreement with me to allow me pay 200,000 and forgive me the 60,000? I am reading conflicting stories on various Forums about banks 'doing deals'. Would I need a Solicitor to deal with this on my behalf? What is my best avenue to explore?
I have recently ordered a Redemption Figure from my Bank and am awaiting this in the post.
Thanks in advance everyone,
Jim.
I am looking for some advice: -
In 2006 I took out a mortgage in the amount of 270,000 Euros and purchased a home in Wicklow for 300,000 Euros. The home is now worth 150,000, roughly.
I have approximately 260,000 Euros left on the mortgage. I am on a variable rate.
My elderly Father passed away and I am due to inherit approximately 270,000 Euros from his Estate in the coming months. I struggle each month to meet my mortgage payments, but I do meet them - just.
I was wondering if there is anyone on this Forum who would be able to tell me if I would be wise using the full amount of my inheritance to pay off the mortgage, even though the house is only worth around 150,000? This is a big deal to me as I will never have this amount of money coming to me again and I just want to ensure I use it smartly. Alternatively, if I go to my lender and offer around 200,000 (60,000 less than what is owed) is there any reality of them coming to an agreement with me to allow me pay 200,000 and forgive me the 60,000? I am reading conflicting stories on various Forums about banks 'doing deals'. Would I need a Solicitor to deal with this on my behalf? What is my best avenue to explore?
I have recently ordered a Redemption Figure from my Bank and am awaiting this in the post.
Thanks in advance everyone,
Jim.