Voluntary surrender in exchange for write down

M

michaelg

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Bank are about to appoint a receiver to my property, Is it better to sign a voluntary surrender willingly or try to negotiate a deal to sign it in exchange for a write down ?

It would seem to me that I should not sign a surrender unless a shortfall solution has been agreed,


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Ulster bank, things are changing so fast with banks now, it's difficult to know what to do,

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A friend of mine got a writedown of 2M last week with Ulster so they are doing deals.
I dont know any more details. If I was you I would try and get a writedown as it would
prevent them tormenting you in the future.
 
If they are at the stage of appointing a receiver, I doubt if they will be open to negotiating a deal with you.

They might do a deal afterwards.

Is this for the site you mention in this post?

I think it would be a lot better for everyone if you did a voluntary sale.

Brendan
 
Yes, it's that site,, but why would it be better for me to do a voluntary sale ? Surely I have more leverage in negotiating by not signing ?

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It's very hard to know.

They won't do a deal with you. So you can refuse to sign. They appoint a Receiver - you get no benefit.

If you agree to sign, they might cooperate with a PIA or other arrangement afterwards.

Brendan
 
Strangely I had a call yesterday from a bank official, he said if I submit a sfs on Monday over the phone, they could stop the receiver.

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Spoke to bank last week and they offered me a 6mths moratorium which I declined, it's for a site which I know I've lost anyway.. Now they want me to meet one of their representatives which I've agreed to,,

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