We know we are most likely going down the insolvency route at this point but I thought I might throw this out there to see what you think. We are in arrears on family home, both out of work and living well below ISI living standards. We owe just over €200k. Bank gave us option to sell or voluntary surrender almost 3 years ago. We had two offers in the following 6 months, both were turned down. They accepted a third offer for €140k in Aug 2014 but sale fell through when it was discovered there was significant structural issues with the roof. Engineers report found damage to timbers which meant the roof would need to be stripped and rebuilt and they got a quote of about €40k to do the work. Needless to say, they pulled out.
Debt was then sold to a vulture fund and this took almost a year for it to be sorted. We got another offer in April this year for €140k-we were delighted and put it to the fund who declined. We then went back and offered the €140k plus €10k cash for full & final settlement. They have again declined.
Each time I speak with someone, they seem unaware of the problem with the roof. They said they weren't happy with our estate agent and that they had two independant valuations done. One matched our offer and the other gave a figure of €200k. So we asked if we could use that estate agency which they agreed to. We had them out to value-they had given vulture fund a valuation based on daft link from 3 years ago. They revised their valuation down to €150k after looking around and reading reports on roof issues. They went back to the vulture fund to tell them they would strongly urge them to take the offer. But they have again declined.
The vulture fund simply want us to give them the house and €10k. We were getting half the €10k from family who are now unwilling to give us the money as we now have no control over who the new neighbours might be (family live directly next door) and because they are annoyed at the vulture fund. Is there anything further we can do to try and make them see sense? If we hand it over or go bankrupt, the house will sell for a lot less than if being sold by owners. Meaning our overall NE debt will increase massively. TIA
Debt was then sold to a vulture fund and this took almost a year for it to be sorted. We got another offer in April this year for €140k-we were delighted and put it to the fund who declined. We then went back and offered the €140k plus €10k cash for full & final settlement. They have again declined.
Each time I speak with someone, they seem unaware of the problem with the roof. They said they weren't happy with our estate agent and that they had two independant valuations done. One matched our offer and the other gave a figure of €200k. So we asked if we could use that estate agency which they agreed to. We had them out to value-they had given vulture fund a valuation based on daft link from 3 years ago. They revised their valuation down to €150k after looking around and reading reports on roof issues. They went back to the vulture fund to tell them they would strongly urge them to take the offer. But they have again declined.
The vulture fund simply want us to give them the house and €10k. We were getting half the €10k from family who are now unwilling to give us the money as we now have no control over who the new neighbours might be (family live directly next door) and because they are annoyed at the vulture fund. Is there anything further we can do to try and make them see sense? If we hand it over or go bankrupt, the house will sell for a lot less than if being sold by owners. Meaning our overall NE debt will increase massively. TIA
