Halladubha
Registered User
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- 2
hi I have just received a letter today from permanent TSB to say that they are transferring my second mortgage which is on a property we bought 14 years ago to let and they are transferring it over to Pepper investment. When we took out this mortgage it was on a 5-year interest only basis and an EU tracker, as we were going to sell it on but then the crash came and the value of the property depreciated. The bank has never contacted us in relation to this mortgage and we have never contacted them and so we have been paying interest only for 14 years and still owe the full amount. The property is now worth Way less than what we owe and I don't know what to do. We owe €171000, it's valued around €140,000, rented through the ROS scheme, rent €720 per month, with a longterm tenant agreed around 65, who wants to stay there for the rest of her days, so would you think it'd be possible to negotiate with the likes of Pepper investments and try and sell the property and would they accept whatever we get for it or has anyone had any experience in this field. I don't want to contact the bank because I'm afraid of what they'll tell us can someone please help us. Also we have a mortgage on our family to the value of €65000.
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