voluntary surrender of investment property

T

thursday

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We have an investment property, mortgage 340,000, and home, mortgage 320,000 with danske bank, the investment property has being on a reduced payment arrangement for 4 years and has 6 months arrears on it from 2009, our home is on interest only and a tracker. Danske Bank rang me yesterday looking for a voluntary surrender of the investment property, they were quite vague about it..not saying we would be or not be liable for the shortfall, but talking about an installment plan based on our income or a lump sum payment from us of maybe 20,000, which would be considerable less than the shortfall.... has anyone else had experience of this process with Danske Bank?
 
Hi Brendan,
My question is not really whether the mortgage is unsustainable or not, I agree with the bank that it is, I would just be interested to hear if anyone else has had experience of voluntary surrender with Danske Bank.
 
Sorry thursday

But it's a meaningless question.

If someone has the experience, so what? Their situation might be completely different from yours. If you provide meaningful information, you will get a meaningful answer.
 
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