We've just told the bank we want to surrender our second property. There's no possibility of selling as there are 3 judgements on it due to personal guarantees I signed before my business went bust. We had a buyer lined up last year but BOI (or 2 different divisions of it) refused to remove judgements in order to ensure the sale.
BOI has come back with the expected letter, which I am unable to put my hand on right now. One of the conditions is that after we deliver the keys (or they collect them), we have to insure the property until such time as the bank ... quote "uses the keys".
It'll cost us a little over €500 a year to do this, with no time expectation of when the bank will actually take physical possession of the property.
Is this a normal condition of a voluntary surrender?
BOI has come back with the expected letter, which I am unable to put my hand on right now. One of the conditions is that after we deliver the keys (or they collect them), we have to insure the property until such time as the bank ... quote "uses the keys".
It'll cost us a little over €500 a year to do this, with no time expectation of when the bank will actually take physical possession of the property.
Is this a normal condition of a voluntary surrender?