Emigrating Cash offer €140k on house < mortgage €158k. Advice negotiating with bank?

[paperclip]

Hey baz, I just posted on this topic... and then did a search, I really must remember to search first.

Anyway, thanks for sharing your experience. I can't believe what an utter bunch of incompetent greedy morons they are! 140k or nothing? Wow.
For a start, they're pretty much responsible for the mess we're in at the moment...

Best of luck in Oz, let us know how you get on.

Basically after 2 months and after initially agreeing to release house they sent me a letter saying i had to pay all the balance back over 10 years. I wrote a counter proposal advising them that i took an honest approach and faced the situation head on, i told them i could have ran and handed the keys back but i didnt do this and wanted to find a good solution, i also asked that i dont start paying back until at least 6 months as i am going there with no money and relatives there are paying our way and keeping us til we get set up, i also showed evidence of how much of my own money on top of the mortgage i had put into our home and how i am losing this all and asked they consider writing off some of it.
Answer comes back today NO NO NO. Wont negotiate at all.
So here is my new approach now. SCREW THEM.
From first hand experience they are a joke and an absolute mess, no one will make decisions, your constantly chasing phoning leaving msg's
I know at least 5 couples and soon to be 7 couples who have sailed off to OZ and Canada and left the house to the bank and said see ya later we wont be back.
I honestly felt that because I approached this situation with honesty and integrity that it would be in my favour. How wrong was I!
Anyhow for what its worth fellow Readers and Posters, It's time our people stood up for themselves and ask ourselves why are these institutions holding us all to ransom, at the end of the day my hard earned wages went to pay for their mistakes, it should work both ways here. I hope they get screwed over big time by more and more people.
That's my honest opinion for what it's worth. Looking forward to the comments

 

[doughb]

I definitely don't expect them to write this off.

Basically the way I look at it is they should accept this and possibly let me pay off the balance over the next few years. Help?

Basically after 2 months and after initially agreeing to release house they sent me a letter saying i had to pay all the balance back over 10 years.

So you initially stated that you didnt expect them to write off the debt and that you wanted it to be paid over a number of years. That is what you got but now you think its 'unfair' and you want more ?

Are you serious about skipping the country for such a small amount to be paid over 10 years. That would be an unwise move.

You made a mistake in purchasing an overinflated asset, no point in making a second mistake.

 

[44brendan]

I am a Banker (Not BoI or AIB) and I fully sympathise with your position. You have approched this in an honest and intelligent manner unlike many other borrowers and have been met with an unrealistic and delayed response. Unfortunately the reason for this is that there is no real decision making in the current climate. I.e. bankers are afraid of taking a decision that will involve a loss as it can open them up to questions from above. Better to make no decision in these organisations than one that could be questioned. As such both the bank and yourself have suffered.
What you should do now is write down the full process you have gone through and the timing of responses or lack of same from the Bank. Ideally get your solicitor to send a letter to the Bank identifying the inadequacies of the system and that because of their action further monies will be lost and you will not assume responsibility for this. Send the letter to the local branch manager and to the Chief Executive of the Bank. Continue with your plans to leave the country and let the Bank then handle any issues through your solicitor. I feel you have done your utmost to be honourable in respect of this obligation and the problem should now be the Bank's. If they need to communicate with you it should be done through your solicitor & I wouldn't worry about legal threats given your attempts to reach an amicable solution.

 

[baz6679]

So you initially stated that you didnt expect them to write off the debt and that you wanted it to be paid over a number of years. That is what you got but now you think its 'unfair' and you want more ?

Are you serious about skipping the country for such a small amount to be paid over 10 years. That would be an unwise move.

You made a mistake in purchasing an overinflated asset, no point in making a second mistake.

Don't Generalise! I bought a site and built my own home. If you had read the post correctly you would have seen how i said that i showed the bank the evidence of the amount of money i personally had put into my home, i have taken the hit so why shouldnt they also after all they made a decision to lend money as well.
As for skipping the country why shouldn't I? I have paid the guts of a hundred grand in taxes during the good times, sure I also was making a good wage but at the end of the day as i have just said i ploughed this into my home. I would love to stay here and make a life for my kids but there is no future here.

Brendan thanks for the sound advice, have already done this. I do see the point because the solicitor said there is so much fear in the banks that decisions are not being made.

 

[doughb]

Don't Generalise!

Would you like to address my question ? You stated that you didnt expect the bank to write off the amount and that you would be happy to pay it back over a number of years. But now, you dont want that.

 

[Baracuda]

Would you like to address my question ? You stated that you didnt expect the bank to write off the amount and that you would be happy to pay it back over a number of years. But now, you dont want that.

+1 The banks are now owned mostly by we the people therefore if you walk away from your first proposal, we the people left here in Ireland will have to pay back the 20K that you walked away from through taxation and increased mortgage interest payments. You might not like what I say but it is the truth.

 

[Bronte]

Baz this is terrible. Basically on the 26th June they verbally agreed to a sale (after much effort). What exactly happened then? Did you ask for that decision in writing and is it that on the 12th July they sent you a letter saying no to the sale. Can you give the exact details please. Could you not have agreed to the payment over 10 years starting immediately, and then renegotiate after the sale has gone through on the grounds of having no money? For the sake of such a small amount of money and having a clean slate.

 

[baz6679]

Baz this is terrible. Basically on the 26th June they verbally agreed to a sale (after much effort). What exactly happened then? Did you ask for that decision in writing and is it that on the 12th July they sent you a letter saying no to the sale. Can you give the exact details please. Could you not have agreed to the payment over 10 years starting immediately, and then renegotiate after the sale has gone through on the grounds of having no money? For the sake of such a small amount of money and having a clean slate.

A joke a mess is what they are, no one can be reached on the phone. I have a letter here today advising the balance has to be paid over 10 years. Going to sign it and send it back. Solicitor advised me that he eventually got speaking to someone on the credit committee today. They told them they are now totally dependent on my goodwill to pay this back as they have released the security and if i decide to not pay it back then?????????

 

[Bronte]

Ok so they have agreed to let you sell and pay back over time. I think as they have been honorable to you you should do that, despite the fact they are desperate to get to a point of decision from. After you have the house sold you will be able to negotiate again with them again on say a six months or 1 year stop on the balance outstanding while you get on your feet in Oz. It's a relatively small amount. Better to leave things clean. You'll feel better for it.