Shortfall after sale of investment property.

[Sa bhaile]

I was instructed by KBC to sell an investment property two years ago. The property sold for 95k but the mortgage was in excess of 250. The bank allowed the sale to go through with my offer of 2000 once off payment and 100PM for two years on the table, re shortfall( not officially agreed to/ accepted but sale only supposed to go through on agreement of plan for shortfall so I gleaned that would suffice) I am in restructured repayments on my principal property. They are torturing me since looking for full payment and/ lump of 25k and balance over 5 years.I need to get rid of this nightmare. They instructed the sale, if I had the house now the rent would be covering the mortgage. If the house was selling now it would fetch 180.

 

[Brendan Burgess]

There is not much you can do if you do not have a written agreement from KBC to deal with the shortfall.

You need to provide the following information to get a meaningful answer:
Information required for mortgage arrears and negative equity questions

In particular, what is the position on your family home? Can you go for a Personal Insolvency Arrangement?

Brendan

 

[Sa bhaile]

Is there not even a European protection clause I could envoke. I was asked what my shortfall management plan was, I proposed 2000 and 100 pm for two years and they, albeit,without writing to say they accepted it, they allowed the process to continue, accepting the sale price etc. Surely by inference, that is agreeing to my proposal. The sale process had been arrested for a period of time before I made that proposal to allow for communication re shortfall plan!!I just want out. Please come back with a life line!!

 

[Brendan Burgess]

Our posts must have crossed.

You need to provide the following information to get a meaningful answer:
Information required for mortgage arrears and negative equity questions