# Can I sell my house in Neg Eq and owe the bank, say 130k ?



## mrbungle (1 Nov 2010)

Just asking the question ?

House Mortgage: 480k
House worth: 350k
Tracker.
Combined salaries 120k

Need to move closer to job.

I'm guessing the bank would like to have the balance secured.
Is there any way around this ?

I asked a similar question and got merged, would like any info.

Any help would do.


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## pAnTs (1 Nov 2010)

why don't you rent it out and rent somewhere closer to work?


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## monagt (1 Nov 2010)

You have a tracker. Look for a deal with the bank on the neqative equity. Maybe they should take a % of the pain.
Maybe you are "thinking" of emigrating and they will get nothing except a house to sell.

There is a new org  set up to give free legal advice but I forget it.

www.keepingyourhome.ie/mortgage_debt.html.en

Rent and you may lose your tracker which one advisor reckoned is worth €100k!

www.newbeginning.ie


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## tiger (1 Nov 2010)

relevant article from todays times:
[broken link removed]


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## Sunny (2 Nov 2010)

Technically, You can do it but you need the banks permission. Unlikely they will give you a 130k unsecured loan.


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## Ailesbury (3 Nov 2010)

Some banks will allow you to sell and give you an unsecured loan over a long term at a favourable rate or the mortgage rate. If you have another propery or asset they might take this as security and give you an advance to make the difference. Sometimes dealing with a head office gives you a different decision that with a local branch, try and speak to someone in a senior role if you can or write to them and explain the situation.


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## mrbungle (5 Nov 2010)

Good information and suggestions so far !
Thanks !


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## Ailesbury (6 Nov 2010)

In short, this depends on the bank, talk to the most senior person you can, ideally someone in collections or recoveries, some banks will allow you to carry the shortfall unsecured at a preferred rate for a long term, lets face it, its better that a mortgage in default. Each case is usually assessed on its own merits, send in the request in writing before you call and include income and expenditure details and a statement of affairs ie all assets and liabilities. If you have savings, they will want you to set these against the shortfall. Some institutions are doing this especially with buy to lets, others are not there yet. Who's you're bank?


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## mrbungle (8 Nov 2010)

Have about 26k in savings but its tied up in work shares that are tax free when 5 years old, so not readily accessable.

Am with KBC. Don't know if they've offices for a face to face, only over dealt with people over the phone.


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## Ailesbury (8 Nov 2010)

Give them a call and try go and see them, they have offices and rooms to meet.


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## xoximus (4 Jan 2011)

*follow up*

Hi We are in a similar situation. I am wondering have you learnt any more or proceeded since you first asked about this? MAny thanks


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## mrbungle (8 Jan 2011)

Haven't done anything yet, but might try ask next week.

One thing thought, we have credit card debt of about 22k, which I'm paying about 3k off in lumps every 6 months on top of min payments.

I think the have issues with other loans other than their mortgage, from what I've heard, might be wrong.


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