Hi,
Will appreciate an opinion on following scenario:
House originally owner occupied and only property owned by the effected person. Full engagement from Borrower and rents remitted to Bank; interest paid but slipped into arrears for principal element of repayments initially. Bank turned down requests for restructuring and asked for voluntary sale. House vacated... no payments made over a c. 6 month period of marketing then closing sale. This added further to the final arrears figure.
Compensation amounted to c. 53% of the selling price and no account taken of the enforced rental void to facilitate the sale.
If correct rate of interest applied.. probability based on improved rental market (rents 40% higher now than last rent achieved back in c 2013) the Borrower could have afforded full c & i repayments and would own house unencumbered from their mid-late 50's.
my question is: does 53% of the sale price in a depressed market reflect fair compensation as compared to the situation they would otherwise be in ( unencumbered house with rental income in c. 15 years time )
Will appreciate an opinion on following scenario:
House originally owner occupied and only property owned by the effected person. Full engagement from Borrower and rents remitted to Bank; interest paid but slipped into arrears for principal element of repayments initially. Bank turned down requests for restructuring and asked for voluntary sale. House vacated... no payments made over a c. 6 month period of marketing then closing sale. This added further to the final arrears figure.
Compensation amounted to c. 53% of the selling price and no account taken of the enforced rental void to facilitate the sale.
If correct rate of interest applied.. probability based on improved rental market (rents 40% higher now than last rent achieved back in c 2013) the Borrower could have afforded full c & i repayments and would own house unencumbered from their mid-late 50's.
my question is: does 53% of the sale price in a depressed market reflect fair compensation as compared to the situation they would otherwise be in ( unencumbered house with rental income in c. 15 years time )