Ways To Entice a Bank To Accept a Sale on a Property In Negative Equity?

Thanks to everyone for all the replies.

A few people have thrown around the morality card which is a sore subject with me. Where is the morals of our Government who continue to cut, slash and steal from the very pockets of every citizen of this state?

Where are your morals if you want to see families put out of their homes?

As Dodo mention bankruptcy maybe my only option. Now there's an even bigger problem for the tax payer.

What happened to the entirely reasonable Peter54 who started this thread?

That Peter54 was facing the repossession/sale of his house because he couldn't pay the mortgage, and was asking if he should pay what he could afford before the house was repossessed/sold, or keep his money to save for rent/deposit on a new property.

I suggested that that Peter54 not pay toward the mortgage in the meantime so that he could rent in future and because the legal consequences seemed non-existent.

This Peter54 seems to be coming from a very different place.

As Commonsense says it is not the "nasty" banks who will suffer for your failure to repay your mortgage. It is the rest of us.

No-one wants to see families put out of their homes, but YOU borrowed the money, YOU got the house and now YOU can not pay it back.

I think that the loss of your house is sufficient consequence for this and that you should not be further pursued, but I certainly do not think that you should keep your house.

As for the morals of the Government, if they have a failing it is that they are continuing to borrow to finance a standard of living the country cannot afford. They are certainly not stealing from the pockets of the citizens, they are borrowing to stuff the pockets of the citizens.

Can I ask a question similar, my bank has refused to accept the sale of two apartments, two beds, for 60k each in Galway town. The one purchaser will buy them both for 120k. They think they can get more. Now I have to hand in my keys etc to "surrender" the property so that it can convert to unsecured debt so as to go through the insolvency process. Can I force them to sell???

You are not in a strong place to force them to agree to a sale to this buyer. Maybe the bank are thinking the purchaser maybe buying at firesale prices? What are similar properies going for? Are they buying with cash? If so, they will expect them at prices lower than Market rate. If they think the price is too low, they can block the sale.

Cantalia said:

Can I ask a question similar, my bank has refused to accept the sale of two apartments,

Can I force them to sell???

Click to expand...

No you cannot force them to sell. They can decide to do what they want. In your case, they have decided the price is too low. I must say, unless that apartments are awful that does seem like a low price for a 2 bed in Galway. It sounds like a high price if you were talking about Waterford. Have you seen what similar properties have sold for?

I will have to do some more research on the property price register. Thanks everyone.