Which lender is your parents' mortgage with?
Is it in arrears? What is the history of the mortgage?
Are they under pressure to redeem it?
Does any of your siblings have a house with a mortgage that they could remortgage and borrow the additional €100k
Ptsb sold only non performing loans to Pepper.
Was it a split mortgage? Is this the warehouse which is due?
When is it due to be repaid?
How long have they given you?
In general, it is better to provide all the information in one post so that you can get some comprehensive ideas.
Brendan
Depending on the number of siblings, how about getting term loans and giving the money to your parents? You will have to tell the bank you want it for a car loan or something. It will also impact on your ability to get a mortgage during that period but at least you will have it paid off within 5 years.
As Brendan said, you won't get a mortgage on a property you don't own and it has other ramifications such as losing the 10% deposit for first time buyers.
If it was available, why would selling a share in their house not be a logical solution ?It is the only logical solution to the problem I can see.
I am not sure of the full details. I have found it a rather difficult subject to broach with my parents as they are evasive at times and I have been trying to be sympathetic towards what is a sensitive discussion for them.
I am not sure of the full details. I have found it a rather difficult subject to broach with my parents as they are evasive at times and I have been trying to be sympathetic towards what is a sensitive discussion for them.
You can't ask for help on one hand and be evasive about the details on the other.
I am not sure of the full details. I have found it a rather difficult subject to broach with my parents as they are evasive at times and I have been trying to be sympathetic towards what is a sensitive discussion for them. I get the feeling that they are not realising the seriousness of the situation and are reluctant to make the life changing decision of selling their house which they have built a life around in the local community. They said they took an extra loan out during the Celtic Tiger and then when the crash came used it to get them through tough times. My father had a major client who stuck him for a major sum in 2009 and he has been banking on a court case since then.
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