Own my own PPR
Investment property mortgage 350k
Negative Eq approx. 100k.
One income family - approx. 50kpa
3 dependants under 15
So Following on from my posts a few months back - I have eventually been able to speak with someone from the Arrears Dept from my bank (UB).
As we have been unable to meet interest only payment since January 2012 they have advised me that their solution to our problem is to sell the house and pay the balance off as per a future agreement.
Full capital repayment - €2400
Interest only - €1300
Currently paying - €300
Now I need to make contact with a financial advisor who would deal with this kind of a situation. I appreciate that this is not an advertising forum, but I have no idea how to go about getting the right kind of person who will be able to advise us on how to approach a deal with the bank.
I am hoping that should the property sell at the market value that the bank will accept some form of lump sum, (am thinking 20-30k that we can hopefully get as an unofficial loan from family) in full and final settlement. Would they be likely to accept such a settlement given that we own our PPR outright???
Any thought, comments would be much appreciated.
Investment property mortgage 350k
Negative Eq approx. 100k.
One income family - approx. 50kpa
3 dependants under 15
So Following on from my posts a few months back - I have eventually been able to speak with someone from the Arrears Dept from my bank (UB).
As we have been unable to meet interest only payment since January 2012 they have advised me that their solution to our problem is to sell the house and pay the balance off as per a future agreement.
Full capital repayment - €2400
Interest only - €1300
Currently paying - €300
Now I need to make contact with a financial advisor who would deal with this kind of a situation. I appreciate that this is not an advertising forum, but I have no idea how to go about getting the right kind of person who will be able to advise us on how to approach a deal with the bank.
I am hoping that should the property sell at the market value that the bank will accept some form of lump sum, (am thinking 20-30k that we can hopefully get as an unofficial loan from family) in full and final settlement. Would they be likely to accept such a settlement given that we own our PPR outright???
Any thought, comments would be much appreciated.