T
Triton
Guest
My husband and I have been unemployed for two years and have been getting MIS which covers around 60% of the interest, so the mortgage balance is increasing.
We have a SVR mortgage with EBS of €400,000 and we have an offer to buy the house for €200,000.
EBS will allow us sell the house but won't agree to write off the shortfall. We have no prospect at all of paying the shortfall. What can they do about it? But we don't want it hanging over our heads either.
We live in Galway and it's quite possible that we may have to move to get work. We have two pre-school children. Although we would prefer to stay in Galway, we will move if we get jobs somewhere else.
We are not under any pressure from EBS to sell although they accept that the mortgage is unsustainable.
If we stay in the house, what is the likelihood that the new legislation would force the EBS to write off some of the mortgage?
If we sell the house, what is the likelihood that the new legilsation would force the EBS to write off the €200,000 shortfall?
We have a SVR mortgage with EBS of €400,000 and we have an offer to buy the house for €200,000.
EBS will allow us sell the house but won't agree to write off the shortfall. We have no prospect at all of paying the shortfall. What can they do about it? But we don't want it hanging over our heads either.
We live in Galway and it's quite possible that we may have to move to get work. We have two pre-school children. Although we would prefer to stay in Galway, we will move if we get jobs somewhere else.
We are not under any pressure from EBS to sell although they accept that the mortgage is unsustainable.
If we stay in the house, what is the likelihood that the new legislation would force the EBS to write off some of the mortgage?
If we sell the house, what is the likelihood that the new legilsation would force the EBS to write off the €200,000 shortfall?