Hand back Keys to Bank - Need advice
- Thread starter Shindig
- Start date
Does anybody know - given her situation - what is the likelyhood of the Bank selling the house if she
(a) doesent pay
(b) pays some each month.
(c) will the bank gain by selling at the moment?
(d) is a judge likely to rule in the banks favour if they decided to evict?
Wouldn’t the bank let her live there at reduced payments - what ever you can afford - I know that does not absolve the debt but it might enable you to park the worry for the forseeable future.
Recent Anecdotal evidences called for here. I suppose we are in uncharted waters here as it is the first time in a long time that banks have faced making a loss on house by reselling them.
(a) doesent pay
(b) pays some each month.
(c) will the bank gain by selling at the moment?
(d) is a judge likely to rule in the banks favour if they decided to evict?
Wouldn’t the bank let her live there at reduced payments - what ever you can afford - I know that does not absolve the debt but it might enable you to park the worry for the forseeable future.
Recent Anecdotal evidences called for here. I suppose we are in uncharted waters here as it is the first time in a long time that banks have faced making a loss on house by reselling them.
The only reason a bank will do this is either it would be bad publicity to evict a family or selling the house will not repay the mortgage by a long way and banks have taken a decision not to start an avalance of evictions thereby causing a crash? I'm sure all the banks in Ireland have not met to give a united front on negative equity. Where is the benefit to the bank in this? Maybe the renter will get a chance to save and pay back the arrears and reposses the house, is this possible? I suppose it would be if the arrears are capped as in no further interest? Or they evict when property prices have gone back up.
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I guess we are indeed in uncharted territory here, and the banks are in an unenviable position. It might make sense for them to block a sale if the seller is playing games and selling below market price. For a bona fide seller selling at current market price, I'm not sure that it makes sense for them to block the sale, even if it leaves them with a lump of unsecured debt. The alternative to not selling is just increasing arrears and higher debt with no prospect of it being repaid (sounds like the Tony Soprano school of lending).
I doubt if there are many people in the OP's position who could find someone else willing to secure their negative equity. And is it really fair for the banks to look for such security - they were happy to lend on the basis of the mortgage, so why should they look for a second bite of the cherry now?
I doubt if there are many people in the OP's position who could find someone else willing to secure their negative equity. And is it really fair for the banks to look for such security - they were happy to lend on the basis of the mortgage, so why should they look for a second bite of the cherry now?
Spoke with solicitor today. Looks like we'll have christmas dinner here anyway. He needs to contact my ex, as his signature is required, to see if he will cooperate. So that at least will take a while. Things are on hold at the moment with the bank until we hear back from ex. He did say that the whole process will take months to be sorted and not to be rushing into anything. Its a waiting game now with ex to see if he will respond. The pressure is off for the time being.
Thanks a million to everyone for all you comments and help and I will try and keep yee updated as things progress.
Shindig
Thanks a million to everyone for all you comments and help and I will try and keep yee updated as things progress.
Shindig
Hi Shindig,
Glad to hear that the pressure is off for the moment at least and hope you have a good Christmas and get to enjoy your children with the excitement of Santa etc.
Hope things work out well in the long term and that you will be able to put all this horrible stress behind you in the future.
Best Wishes.
Sue Ellen.
Hi all, I hav'nt been on this site for a while but I did say that I would update on my situation.
We are still in the house 18 month's later & for the past 13 months I have not heard anything from the bank until last week, in which they asked me to pay the outstanding amount within 10 days or else legal action will begin. This seems to be the standard letter which they send to me each time.
Meanwhile I still have no idea where my ex-husband is currently living & working. He was meant to come & see our kids last weekend & this weekend but he back out last week - he has not seen them since Jan 2008.
Don't quote me on this, but I believe (& have been told off the record by a solicitor) that the reason why the bank have not repossed the house at the moment is because they need his co-operation & signature. I do not even have an address or telephone number for him.
He does call our kids each weekend & they have asked him for his address & number but he tells them that due to the nature of his work he lives in hotels & because of his bankruptcy cannot afford to get a phone.
He now sends maintenance through the bank bi-weekly & that comes from the Commonwealth Bank in Brisbane. On the receipt which I receive from the bank, there is an address for him but I don't believe that he is actually living over there - I think he is routing the maintence through Australia so that I cannot find out where he actually is. It also appears that he has broken up with his partner but again I am not 100% sure.
I have gone back to college doing a degree. I do receive the grant and BTEA but most of that is eaten up each week on childcare & petrol. Maintenance has been reduced again & with the high cost of maintaining this house (heating & ESB) there are no extra funds available each week. My youngest is still in playschool so he will not be receiving the free playschool place until next Sept but because he is in a community based playschool that will be a saving of only €25 p/w (but better than nothing). I have a lady picking up my kids from school & bringing them back to my house & minding them here until I get home.
If I hear anymore from the bank I will keep you updated.
We are still in the house 18 month's later & for the past 13 months I have not heard anything from the bank until last week, in which they asked me to pay the outstanding amount within 10 days or else legal action will begin. This seems to be the standard letter which they send to me each time.
Meanwhile I still have no idea where my ex-husband is currently living & working. He was meant to come & see our kids last weekend & this weekend but he back out last week - he has not seen them since Jan 2008.
Don't quote me on this, but I believe (& have been told off the record by a solicitor) that the reason why the bank have not repossed the house at the moment is because they need his co-operation & signature. I do not even have an address or telephone number for him.
He does call our kids each weekend & they have asked him for his address & number but he tells them that due to the nature of his work he lives in hotels & because of his bankruptcy cannot afford to get a phone.
He now sends maintenance through the bank bi-weekly & that comes from the Commonwealth Bank in Brisbane. On the receipt which I receive from the bank, there is an address for him but I don't believe that he is actually living over there - I think he is routing the maintence through Australia so that I cannot find out where he actually is. It also appears that he has broken up with his partner but again I am not 100% sure.
I have gone back to college doing a degree. I do receive the grant and BTEA but most of that is eaten up each week on childcare & petrol. Maintenance has been reduced again & with the high cost of maintaining this house (heating & ESB) there are no extra funds available each week. My youngest is still in playschool so he will not be receiving the free playschool place until next Sept but because he is in a community based playschool that will be a saving of only €25 p/w (but better than nothing). I have a lady picking up my kids from school & bringing them back to my house & minding them here until I get home.
If I hear anymore from the bank I will keep you updated.