Hi
My husband bought a rental property in 2006, through Danske bank. He paid full mortgage until 2013 he got an agreement for 6 months interest only. Then bank wouldnt do anything else. He paid 550 per month for further 6 months. (At no point did he not paid 550 per month). Interest and capital at this stage was about 750. Then Interest rate went up again.
The arrears at this point were €3500, he went to his solicitor and wrote to the bank offering to pay the arrears in full and €750 pm. (mortgage total was €900).
The bank would not accept this offer and proceeded to reposess the house, solicitor advised not to argue reposession. House was repossessed and sold within weeks. (for a lot less than if we were given the opportunity to sell it ourselves)
There is a shortfall of about 100k. Which had been sold to vulture fund i think? No contact with us. We wrote looking for closing statement including fees etc about 2 years ago and have heard nothing back.
We own a property that is worth more than the mortgage and they put court order? on our current home loan, which is owned by both of us.
Does anybody have any advise on what we can do to resolve this? This is a constant worry!
My husband bought a rental property in 2006, through Danske bank. He paid full mortgage until 2013 he got an agreement for 6 months interest only. Then bank wouldnt do anything else. He paid 550 per month for further 6 months. (At no point did he not paid 550 per month). Interest and capital at this stage was about 750. Then Interest rate went up again.
The arrears at this point were €3500, he went to his solicitor and wrote to the bank offering to pay the arrears in full and €750 pm. (mortgage total was €900).
The bank would not accept this offer and proceeded to reposess the house, solicitor advised not to argue reposession. House was repossessed and sold within weeks. (for a lot less than if we were given the opportunity to sell it ourselves)
There is a shortfall of about 100k. Which had been sold to vulture fund i think? No contact with us. We wrote looking for closing statement including fees etc about 2 years ago and have heard nothing back.
We own a property that is worth more than the mortgage and they put court order? on our current home loan, which is owned by both of us.
Does anybody have any advise on what we can do to resolve this? This is a constant worry!