How much is the house worth?
What is the couple's income?
Brendan
So this is an IO mortgage for a second property secured on family home?Couple mix sixties interest only mortgage of 400,000 expires in 3 years. Security is on family home/asset rich cash poor.
If you have pension income that could afford those mortgage payments then you could force Pepper to accept such a re-structure through a PIA.
So a borrower comes to the end of the mortgage term and still owes €400k.
He has a house worth €500k
The whole thrust of the PIA is to keep people in their family homes. Provided the lender is not "unfairly prejudiced" by the PIA the court will approve it.But the courts would intervene and tell the lender to extend the loan?
Hi Jim
That is very interesting.
So a borrower comes to the end of the mortgage term and still owes €400k.
He has a house worth €500k
He can sell the house and repay the loan.
But the courts would intervene and tell the lender to extend the loan?
No wonder we have the highest mortgage rates in the eurozone.
Brendan
This makes no sense.
You have a mortgage of €400k on a house worth €500k.
Why on earth would a lender give you a discount? They lent you the money. Now sell the house and pay it back when it is due.
Brendan
elderly couple in their family home
from BOSI who sold it to Pepper (vulture fund ) for a fraction of this 400K.
Harsh reply I thought you might have a business suggestion on how best to deal with it. Maybe restructuring with family member involved would be possible.
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