# Full and final settlement terms



## dubdub2016 (13 Mar 2016)

I have been offered a full and final settlement figure by one of the vulture funds that bought my mortgage from a bank. They said they will accept €150k after all costs etc have been paid and I owe them €230k.

If I sell for €160 and end up having a surplus of say €2k after paying all costs who gets this?


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## Gordon Gekko (13 Mar 2016)

You do obviously.


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## mf1 (13 Mar 2016)

Are you sure they will let you keep any surplus?

I would have thought that the terms would be that they will accept ALL of the sale proceeds (but not less than 150K) to give you a write down on your 230K debt.

mf


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## dubdub2016 (13 Mar 2016)

Mf that's what I'm unsure of.all it says is that they will only accept full and final on receipt of €150k, it doesn't say a minimum or all proceeds.

Gordon I would,have thought so too.

I may come up short of the €150k too in which case they have confirmed if I can come up with cash from somewhere to make the €150k they will also settle.


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## Brendan Burgess (13 Mar 2016)

Sounds like a good deal for both of you, assuming you don't have a ridiculously cheap tracker. 

It's possible that they have set a figure of €150k for you and you can keep the surplus.

Show the offer to a solicitor 

Brendan


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## Jim Stafford (14 Mar 2016)

It is a good deal for the fund, but not necessarily a good deal for you.

The reality is that if your loan was purchased by a fund, it is likely that your mortgage was in arrears, and that therefore your credit rating is poor.  if your credit rating is poor, you might not be able to obtain a mortgage again.

You should really consider a PIA, which might enable you to keep your home, and to obtain a write down on some of your mortgage.

Jim Stafford


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## corktim (14 Mar 2016)

Is this vulture fund allowed to ask for more than it bought the loan for? As above €230k owing but Im sure they bought the loan for much less than the €150k offered to settle.

Surely they can't insist on the €230k being repaid if they paid much ,much less for the loan?


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## Brendan Burgess (14 Mar 2016)

Hi tim

You are dead right. That would be a great rule. If you buy a house today for €200k, then you will be forbidden for selling it for anything more than €200k at any time in the future. Of course, if the price of the house goes down, you will be able to sell it for less. 

Brendan


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