B
bsci
Guest
In May of this year my parents' mortgage provider issued a letter saying that due to an error on their (the bank's) behalf in calculating the interest on a certain portion of the mortgage over a number of years my parents now owe an additional €29,000 approx. My father was supposed to sort out with them what was going to happen but it now turns out that he didn't so my mother is trying to deal with them.
The two solutions offered by the bank so far are
1. Pay the extra €29,000 up front
2. Take an interest free loan for the amount and pay it off gradually
Neither of these are currently feasible for my parents, with pay cuts and other financial issues they are barely keeping their heads above water so there is no way they can afford an additional payment every month - with or without interest!!
I know my mother is trying to get them to reduced the extra lump sum owed so that they'd have some hope of being able to make regular payments but naturally the bank aren't jumping at that option.
I suppose I'm wondering if anyone has any advice I can pass on to my mother. Or if anyone has ever found themselves in a situation like this with a mortgage lender/bank? If you did what was the outcome?
The two solutions offered by the bank so far are
1. Pay the extra €29,000 up front
2. Take an interest free loan for the amount and pay it off gradually
Neither of these are currently feasible for my parents, with pay cuts and other financial issues they are barely keeping their heads above water so there is no way they can afford an additional payment every month - with or without interest!!
I know my mother is trying to get them to reduced the extra lump sum owed so that they'd have some hope of being able to make regular payments but naturally the bank aren't jumping at that option.
I suppose I'm wondering if anyone has any advice I can pass on to my mother. Or if anyone has ever found themselves in a situation like this with a mortgage lender/bank? If you did what was the outcome?