Negative Equity Mortgage Advice

L

lol_nc

Registered User
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2
Hi there,
I am new to this and looking for some much needed advice.
Myself and husband bought our house 5 years ago and at that time it was perfect for us. Since then we have had our first baby and our needs have changed. Unfortunately, the area has also become quite run down with a lot of crime, property destructiona and basically now where we want to rear our family.
We put on house up for sale at the end of July and have an offer of €158K leaving us in negative equity of 89K.
Our mortgage is with ICS and I am wondering if anyone knows if they are allowing people proceed with sales and pay off the short fall?
I have a 2nd mortgage on my parents home so we are being turned down for a negative equity trade up mortgage due to this (even though I have this mortgage for the last 8 years and was given a 2nd mortgage 5 years ago)!
Are we right to sell and then rent ourselves.
Really stressful as the banks give little or no advice as they state they are not allowed!

Any help/advice will be really appreicated
Thanks

Niamh
 
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lol_nc said:
Hi there,
I am new to this and looking for some much needed advice.
Myself and husband bought our house 5 years ago and at that time it was perfect for us. Since then we have had our first baby and our needs have changed. Unfortunately, the area has also become quite run down with a lot of crime, property destructiona and basically now where we want to rear our family.
We put on house up for sale at the end of July and have an offer of €158K leaving us in negative equity of 89K.
Our mortgage is with ICS and I am wondering if anyone knows if they are allowing people proceed with sales and pay off the short fall?
I have a 2nd mortgage on my parents home so we are being turned down for a negative equity trade up mortgage due to this (even though I have this mortgage for the last 8 years and was given a 2nd mortgage 5 years ago)!
Are we right to sell and then rent ourselves.
Really stressful as the banks give little or no advice as they state they are not allowed!

Any help/advice will be really appreicated
Thanks

Niamh
Click to expand...

Tough one. Without knowing all the ins and outs, it's hard to say what the best option is from a financial perspective. However, if you are unhappy there and feel you need to raise your family elsewhere, I would do whatever it takes to get out. Perhaps rent your house and rent another?

Someone else will ask for full figures to give you a proper analysis of the financial situation.
 
The first issue you will need to address is whether ICS will permit the sale to progress. Have you spoken with them about selling the property? Assumption from your request is that you haven't. Each case will be addressed individually, so a general answer on this forum is unlikely to give you any real direction on how the ICS will approach such a request. However you should not progress a sale of the property unless you have some satisfaction from ICS on how the shortfall will be handled.
 
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