Hi,
Just hoping that somebody out there can provide me with some advice in regards to my mortgage problems. I have a mortgage on my own which is in negative equity and i can not make the repayments on. I have been offered by my bank a split mortgage option on which I will pay monthly capital and interest repayments on a main mortgage account - over €200,000 and the bank will warehouse the additional €100,000 at 0% interest rate which will be payable at the end of the mortgage term. i have no other debts or dependents.
I guess the advice I am looking for is what other options can I explore as I don't feel that the above is a long term sustainable option. Even with the reduced mortgage i cannot save and I feel the property is a noose around my neck.
Two options which I feel would allow me some breathing space is
1) the bank to write off the warehoused part of the debt, or,
2) Sell the house and submit all sale proceeds (less costs) to the bank in full and final settlement of the mortgage outstanding.
Has anybody been through this and has advice on this and are there other options I could explore?
I have approached Irish Mortgage Holders Organisation for advice and am awaiting feedback from them.
Thanks very much for any feedback received.
Unfortunately a year after buying the bank allowed me to transfer the full mortgage into my name and enter into an agreement that was completely unsustainable.
It's soul destroying to be left with a 100k to pay at the end of the mortgage.
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