Ballinteer
Registered User
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Thanks for that. Did tsb arrange Anthony or did you go to them. I am worried by signing tsb voluntary sale that we are admitting liability for the shortfall? The house is in negative equity. Is that balance split equally between both parties? Or as I am working and he is not could they come after me more than him? Thanks for your help!Hi Ballinteer
I would suggest the Voluntary Sale option as your projected shortfall amount will not be that significant.
We went with the PTSB voluntary sale and used Anthony Joyce & Co - who organised the sale on our behalf. His fees and the estate agent fees (which Anthony organised for us) were covered by the bank. I would recommend giving him a call!!
This is what I worry about. I am working, he is not. Would we be in a better position if we try sell the property ourselves without signing anything with the bank and going to them with an offer? I have looked at bankruptcy as an option after this is sorted but I am fully aware that as the weeks pass the mortgage is building up and a decision needs to be made!Signing the voluntary sale makes no difference to your liability. You owe the money anyway.
You are jointly and severally liable for the shortfall. If he does not pay, you have to pay it all. If you go bankrupt, he owes it all.
Brendan
Would anyone know someone in the mayo area who deals with same?Firstly you can't go ahead with a sale process without the approval of PTSB. Secondly you should obtain expert advice. Either Anthony Joyce & Co as mentioned above or another reputable insolvency practitioner. bankruptcy is an option but not one to be taken before discussing all alternatives.
Thank you for your help, I have emailed them to see if they can help.AJ Debt Solutions (Anthony Joyce) have an office in Galway. Number is online. I've recommended others to use the Galway office and it's worked out for them. That person's house was in Mayo!!
44 Brendan is correct - you won't be able to sell the house on your own. It will need to be part of the voluntary sale process. It took 6 months to complete our sale. It can be longer for others - 9 months for one friend of ours in Cork. 8 months for 2 other friends. (All using Anthony Joyce or his man in Galway (the same guy works from Dublin and Galway).
I wouldn't recommend bankruptcy for such as small amount. PTSB may write it off or accept a fraction of the shortfall in full and final settlement. PTSB have become far more realistic in the last 6 months or so. The Galway guy will be able to negotiate on your behalf. Ring him and meet him in person!! Negotiating on your own is a non-runner (from our experience).
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