D
DLG
Guest
I am in co ownership with an ex partner of 2 properties approx. 650 - 700k in negative equity, mortgage is with one of the major Irish banks. I have an offer of 650k from a property investor to buy both these properties now in cash i.e. no mortgage will be needed by her. She is ready to talk to the bank and make them the offer of buying these at this price IF they write off the rest of the mortgage, - she is a personal friend of the co owner and wants the debt written down to help them. If the bank agree to do so - the investor is very experienced at this - will my credit rating be affected due to a write off of the remaining sum. I am currently on an interest only arrangement with bank due to not having the means to pay off the capital and interest and cant see a time when i shall be able to do so. So from the banks perspective they may think a bird in the hand (650k cash now) is better than chasing us for capital payments on a 1.3 million mortgage over the next 20 years. Please advise on the credit rating implications for me as I would eventually like to get another mortgage if this arrangement is agreed to by the bank. I have no other debt or bad credit history.