Hi all. Hopefully i am in the correct forum.
Around 18 months ago i started having problems paying my mortgage due to my business more or less hitting the floor. I approached the bank(BOI) and requested a moratorium for six months, to which they agreed. When that agreement came to an end, we agreed to go on an interest only mortgage payment for a further six months. Once agin we approached the bank and requested if we could continue with the interest only payments for a further 6/12 months. They refused this, and spoke to us about split mortgage and one other deal which we refused, as it would not work for us. They then wrote to us and told us our mortgage is unsustainable. We were fairly angry, as they more or less told us we will not be able to pay our mortgage anytime either now, or in the future. I told them they cannot predict how my business will be in 12/24/36 months time. Under pressure we agreed to a voluntary sale. We did not sign any contract or paperwork of any kind despite them sending us out letters asking us to do so. Our house is currently for sale and we refused to sign paper the bank sent us asking for permission for them to speak with our solicitor and auctioneer to keep them updated. To be fair i explained my refusal to the bank and they have been ok about it so far.
We have roughly 107k left on our mortgage. Our house should make approx 190-200k in a sale. We are around 3k in arrears now.
My main question is this. I have received a small sum of money recently through the unfortunate death of a family member. My business has also picked up a bit again. As i mentioned, while i agreed, i never signed anything about a voluntary sale with the bank. I feel i am in a position now to pay off my arrears and go back to my original mortgage payments. Will the bank agree to this, or am i still going to have to face selling my home?
Thanks for your help in advance.
Around 18 months ago i started having problems paying my mortgage due to my business more or less hitting the floor. I approached the bank(BOI) and requested a moratorium for six months, to which they agreed. When that agreement came to an end, we agreed to go on an interest only mortgage payment for a further six months. Once agin we approached the bank and requested if we could continue with the interest only payments for a further 6/12 months. They refused this, and spoke to us about split mortgage and one other deal which we refused, as it would not work for us. They then wrote to us and told us our mortgage is unsustainable. We were fairly angry, as they more or less told us we will not be able to pay our mortgage anytime either now, or in the future. I told them they cannot predict how my business will be in 12/24/36 months time. Under pressure we agreed to a voluntary sale. We did not sign any contract or paperwork of any kind despite them sending us out letters asking us to do so. Our house is currently for sale and we refused to sign paper the bank sent us asking for permission for them to speak with our solicitor and auctioneer to keep them updated. To be fair i explained my refusal to the bank and they have been ok about it so far.
We have roughly 107k left on our mortgage. Our house should make approx 190-200k in a sale. We are around 3k in arrears now.
My main question is this. I have received a small sum of money recently through the unfortunate death of a family member. My business has also picked up a bit again. As i mentioned, while i agreed, i never signed anything about a voluntary sale with the bank. I feel i am in a position now to pay off my arrears and go back to my original mortgage payments. Will the bank agree to this, or am i still going to have to face selling my home?
Thanks for your help in advance.
