Shortfall on voluntary sale on investment property, but mortgage free home - BoI

all i am asking is if we refuse on the charge (not the arrangement) could they stop the sale going through
 
Quote from one of your previous threads saying they cant get blood out of a stone etc surely this applies to us

Option 2A - Negotiate the bank's proposal

In most cases, the banks seem happy enough to accept repayment of the shortfall over the remaining period of the mortgage at the mortgage rate. In other cases, they try to get the shortfall repaid much sooner. In such cases, you should ask to extend it.

If you have good salaries, the bank will pursue the shortfall.

If you are in dire straits, they can't get blood out of a stone, so while they won't write it off, they probably won't pursue it either.

If you have a cheap tracker, you may be able to get the bank to write off some of the shortfall. But if you have a cheap tracker, it's very likely that you are much better off retaining the property, and renting it out.
 
Golden1951 said:
Quote from one of your previous threads saying they cant get blood out of a stone etc surely this applies to us
Click to expand...

Eh no. You have a mortgage free property which they can repossess and have the money owed to them paid in full.

That is why I suggest you stop codding yourselves and enter into meaningful discussions with them.

If you intend to pay the loan, why would you not want a charge on your home? 700,000 people in Ireland today have mortgages on their home. Most have mortgages much bigger than yours.
 
Golden 1951. I have great sympathy for your situation. At the genesis of your plan your circumstances were different, your plan was viable, and you could afford it. Unfortunately the world around you has changed. Who or what is responsible for that change is a irrelevant, and above all is a waste of energy. You are perfectly entitled to negotiate the best possible deal for the future security of your family. You are merely negotiating within the rules and best practice of the land. Don't mind the naysayers.

Offer the bank an amount per month based on affordability for 5 years as full and final settlement of the residual debt. If you can only afford 50€ that's all you can afford. If your figures are genuine they will have no reason not to accept it and would be foolish to proceed legally. The family home has extra security under Irish law. The residual debt outstanding is very small change to the bank. They may well threaten to pursue you for every cent. I don't see it happening.

Put this behind you and enjoy the rest of your life. You're nearly out of the woods, keep going. The very best of luck.
 
Golden1951 said:
all i am asking is if we refuse on the charge (not the arrangement) could they stop the sale going through
Click to expand...

You're not being logical with this, and you are not in the driving seat, the bank is.

The best thing is for the bank to allow the sale, and let them put a charge on your house, be cooperative with them, it is in your own best interest. Hopefully they will just put the judgement mortgage on it and are unlikely to seek to repossess. Retired 60 year olds on social welfare being evicted is not a headache the bank wants, that is your only power in all of this.

Totally do not agree with your logic on believing that you should not be liable for the shortfall. But I do sympathise with the situation you find yourselves in.

In relation to retirement and health, it's actually better to either very rich or on social welfare, than somewhere in the middle. The state will pay for everything for you.
 
If the bank will do a deal with you as Springsteen suggests - €50 a month for 5 years, go for it. In fact, there is no harm in asking for it. The banks have done some stupid things and they might agree to it.

However, stay flexible. Don't go in expecting it and banging on the table if they don't agree.

An ideal solution for you would be that they give you an interest roll-up mortgage for the deficit. In other words, they charge you 5% interest a year, but roll it up. You make no payments. When you die, your home will be sold and the mortgage paid off. That would be a fair solution for everyone.
 
Dub Nerd; quote{loss to Bank is loss to all of us}
Simply not so , BOI we do not own,nor Ulster , Ge , Start,Acc etc are no direct loss to us all.Indeed if they are not paid it saves Ireland money(not advocating non-payment)

From Golden1951;
I see no wish to not pay Boi ,just sad at situation, like a lot of people Golden is caught by downturn.
They did not fully understand that any Bank are fully entitled to chase their funds.

Given Golden1951,s poor financial position today I see that BOI will put judgment on their home.Whether it is voluntary or forced is down to conditions that can be agreed.
As long as judgment is not enforced Golden,s can safely stay in their home.
Brendan ; {Bank could and should seek repossession.}
From reading the threads your comment is a bit harsh.
They have under 19,552 .Take out interest 2,064leaves them 17,488.

It could well be that Boi with leave them in situ and on their deaths take their money.
I think an agreed terms on Judgment could be fairest option.

Question for you both?
Over 60 ,worked all your life , so maybe come 66 you both will get contributory old age pension ie more than 188 each.
 
to Gerry Canning

thanks for your post and helfull reply we too thought that Brendan Burgess replies a bit harsh but i suppose everyone has their own opinion and he might think differently if in the same situation as us. We are not trying tog et out of paying off the shortfall and are quite willing to come to some arrangement with the bank as you say we are just caught in a downturn and our situation in the past years has changed through no fault of our own we did not ask to become ill and not be able to work, which i might say we have done since the age of 15 and never asked for any money from the state untill now. We have just found that the bank we are with just does not seem to have any compassion for people like who find them in this situation, yes we are in a good position that we do have another property (which we live in) and we are not being made homeless like a lot of people, we have always paid our way and where looking forward to good retirement which we now know is going to be a stuggle. hopefully we can come to some arrangement with the bank and we will try everything possible to do this.
 
I think the most helpful and likely successful solution offered is that of Springstein. Accept that the bank staff have a job to do and that job is to recover as much of the shortfall as possible from you. They will threaten all sorts of action but realistically are unlikely to progress with any. They can certainly go for a judgement on the shortfall and register that against your PDH. But as per earlier commentary by Dr Debt that judgement will be statute barred in 12 years. Progression to sale on foot of a judgement is possible, but is virtually unknown practically where a family home is involved. Access what you can afford monthly and offer this payment to the Bank over a 3/5 year term in full settlement of the shortfall. If they fail to agree let them work away with their legal action. I have plenty of experience of these deals from the perspective of the Bank and generally banks are realistic and will accept that you can only pay what you can afford!!
 
as said in previous threads we have got a buyer for our property and have been waiting over 2 1/2 months now since the offer for the bank to tell us if they will allow the sale to go through due to there being a shortfall, i have rung and rung the bank and tried to speak to the lady who has been assigned to our case, i leave messages on her answer machine but to no avail, the estate agent is forever ringing us to see if we have heard anything as he has the lady on the phone everyday asking what is happening and is also threatening to pull out of the sale if nothing happens soon. has anyone else had this problem its the BOI and to be quite honest i am astonished that the cant even have the decency to return my calls and let me know what is happening as it is them in the long run that is getting the money at the end of it all
 
Forget phone calls if they are being ignored. This is now a bank problem rather than yours. Remember to look at my previous post. get confirmation from the estate agent of the offer (written). Forward this to the Bank, outlining details of your unanswered phone calls. State the urgency of a quick response and that if they fail to respond early and the sale does not close as a result of this you will be contacting your solicitor on the issue. Register the letter and copy to the Bank CEO.
I agree that this aoppears to be a disgraceful way of doing business, but incompetent people are not confined to the banking sector!!! If you act in a competent and professional manner in your dealings with them you should be entitled to the same service from them. keep us advised on how you get on and try to retain your sanity :)
 
thanks for that we have heard from our estate agent that he has had confirmation on behalf of the bank (from the agent in Dublin that acts on behalf of the bank) that they will accept the offer, so the person wanting the property has put a down holding deposit with the auctioneer, we however have heard nothing STILL from the bank and we are not going to contact them again, hopefully the sale will go through and then it will be up to the bank to chase us for the shortfall, we too can then show them the same courtesy of not answering there phone calls or letters. will keep you advised
 
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