# Can anything be done with the neg eq??



## R196 (6 Apr 2011)

bought house in 07 for 300k - now worth say 200k, mortgage 255k, need to move for job, only looking to move 50km's - will bank leave us sell and transfer the 55k to another property?  im guessing not.  

if not, would they leave us take out a long term loan on 55k?

we both have secure jobs and have never defaulted on repayments.  income is up 25% since we took out mortgage.  

if no to the above, would they leave us exchange tracker (ecb +1)  for carrying the 55k over to new property and agree new tracker of say ecb +3?


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## Brendan Burgess (6 Apr 2011)

R196 said:


> will bank leave us sell and transfer the 55k to another property?  im guessing not.



No they won't



> if not, would they leave us take out a long term loan on 55k?


They might be so pleased to get the cheap tracker repaid that they would give you a loan at the same rate. You can ask them. 

I think that some of the lenders will give discounts to people for paying off their tracker early. that should be your first stance. We want to sell the house. Will you accept the proceeds in full and final settlement. They will initially say no.





> if no to the above, would they leave us exchange tracker (ecb +1)  for carrying the 55k over to new property and agree new tracker of say ecb +3?


 I don't think that they will give you a negative equity mortgage


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## callybags (6 Apr 2011)

> need to move for job, only looking to move 50km's


 
Is it not possible to stay where tou are and make the short commute to your new job?


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## R196 (6 Apr 2011)

callybags said:


> Is it not possible to stay where tou are and make the short commute to your new job?


 

not really, wife and child will also be travelling the 50km's - dont want child going to school miles from house


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## pinkyBear (6 Apr 2011)

Can you rent out current house? Or can you rent out a bedsit a room in the new place, and leave wife and child where they are? 

I have loads of friends, potentially myself two where spouses have to work away from home and they rent a room in a house near where they work - so the children are not disrupted...


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## Complainer (6 Apr 2011)

R196 said:


> not really, wife and child will also be travelling the 50km's - dont want child going to school miles from house


Not being nosey, but it might help to get good answers if you explain why they would be travelling with you. Why could the child not go to school locally?


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## R196 (6 Apr 2011)

Complainer said:


> Not being nosey, but it might help to get good answers if you explain why they would be travelling with you. Why could the child not go to school locally?


 

not sure why matters but wife works close to me and no1 to collect child from school


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## truthseeker (6 Apr 2011)

Your wife works close to you now or will be working close to you in the new job?


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## R196 (6 Apr 2011)

with the 55k would it be possible to get a home owner, no mortgage, to get a charge on that property

so basically we'd be paying back the 55k and the bank have a percentage of other house as security?


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## R196 (6 Apr 2011)

truthseeker said:


> Your wife works close to you now or will be working close to you in the new job?


 
both really, basically we're about 50km's away now and will be the same wen move.  need to move house whether work move or not as our son is just about to start school and we dont want him commuting all day and not being close to school/friends


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## Complainer (6 Apr 2011)

R196 said:


> will be the same wen move


I don't understand this bit. Are you saying that you will still be 50km from work, AFTER you move house?

Have you considered other options, like one or other partner giving up work to mind the child at home?


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## R196 (6 Apr 2011)

Complainer said:


> I don't understand this bit. Are you saying that you will still be 50km from work, AFTER you move house?
> 
> Have you considered other options, like one or other partner giving up work to mind the child at home?


 
no, i work 50kms from home as does my wife and my son will be going to school 50 kms from home - my office is moving, the new location will still be 50kms from home.

cant afford to give up job, anyway, we dont want to live in the area we are in.  want to move to city.


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## Complainer (6 Apr 2011)

R196 said:


> cant afford to give up job, anyway,


Not being smart (well Ok, I'm being a little bit smart), but you can't afford to move house either, so you need to consider all options.

I'm still confused about the relevant locations, to be honest. Why would you move house to somewhere 50km away from your NEW location? Is your wife going to be working in the same location as your new office, or the same location as your new house? Is the school going to be in the same location as the new office, or the same location as the new house?

Just FYI, if that is a compulsory move by your employer, you are entitled to redundancy if you prefer - though I understand that may not be an attractive option in the current environment.


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## R196 (7 Apr 2011)

Complainer said:


> Not being smart (well Ok, I'm being a little bit smart), but you can't afford to move house either, so you need to consider all options.
> 
> I'm still confused about the relevant locations, to be honest. Why would you move house to somewhere 50km away from your NEW location? Is your wife going to be working in the same location as your new office, or the same location as your new house? Is the school going to be in the same location as the new office, or the same location as the new house?
> 
> Just FYI, if that is a compulsory move by your employer, you are entitled to redundancy if you prefer - though I understand that may not be an attractive option in the current environment.


 `
how do u know i cant afford to move house, i can afford extra mortgage repayments.

about the location, you are stil confused so dont worry about that, we want to move house either way, whether my office moves or not.  i think we're going a bit off track to be honest


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## Bronte (7 Apr 2011)

You're looking for advice and you're being very slow on giving information. Like Complainer I am completely confused as to where you are, your job is, your wife's job is and the school is. This would be helpful for us to understand what you are aiming for. Could you just make up 3 locations say outside Dublin to give us an idea. Even better would be your real locations.

We also don't know if you can afford it. You say you can but you can't actually if a bank doesn't allow you to tranfer the negative equity. 

You could decide to stay in the house for a year or two and pay down the negative equity. Do you have savings? With what do you propose to purchase a new property, do you have a deposit?

Where are you getting the value of 200K from?


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## Complainer (7 Apr 2011)

R196 said:


> `
> how do u know i cant afford to move house, i can afford extra mortgage repayments.


But you can't clear your negative equity.


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## R196 (7 Apr 2011)

Complainer said:


> But you can't clear your negative equity.


Correct - thats why i asked the original questions.  i dont see why ye are obsessed with the locations.  they are irrelevant.

i want to move house into a city/suburbs from country town, i am in neg eq to the value of 55k approx.  im asking is there any possible way the bank will allow me transfer the neg eq to a new property either my increasing my tracker rate or putting a charge on a 2nd mortgage free property of 55k.  they are apparantly losing money on my tracker.  is it not to their benefit to allow me move in exchange for a higher rate.  chances are the new prop will be of higher value to the current one.

if this isnt possible, what would happen if i rent a house closer to city and tel the bank i have no choice but to rent in order to get closer to work/school, if they dont allow me sell i cant afford rent and mortgage, so we will end up defaulting and they will end up repossessing (which to be honest i have no problem with as i do not want to live where i am any longer).

?


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## Complainer (7 Apr 2011)

R196 said:


> Correct - thats why i asked the original questions.  i dont see why ye are obsessed with the locations.  they are irrelevant.


Fair enough so. 


R196 said:


> if this isnt possible, what would happen if i rent a house closer to city and tel the bank i have no choice but to rent in order to get closer to work/school, if they dont allow me sell i cant afford rent and mortgage, so we will end up defaulting and they will end up repossessing (which to be honest i have no problem with as i do not want to live where i am any longer).?


The implications of defaulting are more than just losing your house. Your credit record will be shot, and your chances of getting future loans/mortages will go out the window.


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## R196 (7 Apr 2011)

Complainer said:


> Fair enough so.
> 
> The implications of defaulting are more than just losing your house. Your credit record will be shot, and your chances of getting future loans/mortages will go out the window.


 

yeah i agree, so its not ideal for me for those reasons but its also not ideal for the bank as they will be left with a house they cannot sell.  ill just have to arrange a meeting with the bank and try to resolve the situation.  if it wasnt for the tracker i prob wouldnt have a hope.


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