A married couple bought a house in 2004, lived there until 2012, then moved into a house inherited by the husband.
The original 2004 house has been rented since, long term tenant, no issues, on HAP, all tax affairs etc in order.
Mortgage was restructured to full interest and part capital, always paid, no arrears. The rented house is in approx €20K negative equity, rent is approx 15% below market rate and is in an RPZ.
If I get this right:
- Couple got a free house.
- Couple let their original house with a mortgage on it.
How did they ever need a restructuring in the first place?
They are prepared to voluntarily surrender the property, is there any likelihood of this being accepted by pepper?
Where did you get they had appreciable net wealth? Even if that is so, nothing wrong with asking a bank for a discount, particularly seeing as that bank itself would have bought the loan for a discount.Here is a couple with appreciable net wealth looking for free money.
Only in Ireland could this question even be asked.
Here is a couple with appreciable net wealth looking for free money.
Only in Ireland could this question even be asked.
And what about the 20K negative equity. Why not borrow on the inherited house to pay the 20K off? Pepper will also want more money to cover the legal costs of selling it.
I assumed that you were looking for a discount and would surrender it in full and final settlement.
If you plan to cover the shortfall, then do not surrender it. Sell it yourself and you will maximise the price.
If a fund sells it, you mind find a shortfall rising to €100k.
Brendan
Where did you get they had appreciable net wealth? Even if that is so, nothing wrong with asking a bank for a discount, particularly seeing as that bank itself would have bought the loan for a discount.
Nonsense. They are not looking for free money. They will cover the negative equity shortfall.
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