Selling a negative equity house

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annalucia

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Selling a house with 20K negative equity. How to get deeds from the bank?
 
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annalucia said:
Hi, Bought my house for 200K in 2006 (100% mortgage). I am selling the house.
There is 161.7K left on the mortgage and got an cash buyer offer of 140K.
There is no arrears in the house. The bank (PTSB) need to allow the house to be sold for the sale to go through.
We live abroad and have a tracker +3%


Any chance of debt forgiveness of 21K?
Will you bank allow the house to be sold?
Any tips on how to approach the bank?
Buyer wants the sale to be done within 4 weeks so we need to act fast.
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Absolutely no hope. Why would they forgive 21k when you are paying the mortgage?
 
You have zero chance of getting an answer from PTSB in 4 weeks but I guess you could try. Also they hold the deed so your cash buyer also has no chance of the deal being done. I would go back to the cash buyer and state this and tell them if they offer 162k they can have it as the bank will release the documents.
 
elcato said:
You have zero chance of getting an answer from PTSB in 4 weeks but I guess you could try. Also they hold the deed so your cash buyer also has no chance of the deal being done. I would go back to the cash buyer and state this and tell them if they offer 162k they can have it as the bank will release the documents.
Click to expand...
140K is already a generous offer
 
You'll have to discharge the balance due to the bank from your own funds.

The sale cannot close unless you, as the Vendor, either have an agreement from the bank that they will accept less than the outstanding mortgage to release the charge or you pay the balance yourself.

mf
 
If you are moving house you might be able to get a negative equity mover mortgage.
If this is not possible then you might need to take out a personal loan for the balance.

Best to speak with your lender.
 
Have you got €20k cash? You will need it if you want to sell your house quickly. Reduce the mortgage to €140k and then you can sell it.

If you have a generous offer don’t risk losing it through messing about.
 
nuclear option???

If you have no intention of returning, just post the keys back to bank and say sorry, things haven't worked out and you can have house. A black mark on your credit history won't matter if you have no intention of returning to Ireland.

Other than that, as others have said, you will need agreement from bank.
 
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