I have it on reliable authority that the PTSB have made a number of restructurings of BTL along the following lines:
Loan €1.2m
Current market value of property €500k
Arrears: over €10,000 at least
Capital and interest payment today: €3,500
Rental: €2,200
Rate- tracker
Cant make up shortfall - if repossessed and sold there would be shortfall of €700k. Legal advice - let them chase you - no assets.
Proposal:
New loan to refinance 25 years
Rate - tracker
Payment- €2,300
Won't clear loan - bullet at end.
Logic - PTSB believe that property prices will comeback and they will get their money back.
Comment: I think this is the most imaginative proposal.
Any others come across this?
Loan €1.2m
Current market value of property €500k
Arrears: over €10,000 at least
Capital and interest payment today: €3,500
Rental: €2,200
Rate- tracker
Cant make up shortfall - if repossessed and sold there would be shortfall of €700k. Legal advice - let them chase you - no assets.
Proposal:
New loan to refinance 25 years
Rate - tracker
Payment- €2,300
Won't clear loan - bullet at end.
Logic - PTSB believe that property prices will comeback and they will get their money back.
Comment: I think this is the most imaginative proposal.
Any others come across this?