paying off shortfall on voluntary sale

[Golden1951]

Hi
after a long and drawn out process we have finally sold our house it has taken since April and we have sold it at a huge loss and have ended up owing the bank a shortfall of 55,000 euro, BOI have not helped in any way and if anything have made it very difficult for us, not replying calls and letters, but in the end we finally got there. We are now awaiting to hear from the bank regarding where we go from here regarding the 55,000 euro shortfall, we are both on 188 euro per week social welfare and it is very unlikely either of us will be returning to work due to health reasons. Any advice on what to do now would be appreciated

 

[Brendan Burgess]

Presumably Bank of Ireland will seek a judgement for the amount owing and register it against your mortgage-free home.

It's unlikely that they will seek to force a sale of your home though, unless the home is too big for your needs.

If you have friends or relatives with cash, you could make Bank of Ireland an offer of €10,000 or so in full and final settlement, but I doubt they will take it. However, you could try.

Brendan