We have a shortfall debt of $266K to one of the big banks from the sale of an investment property in WA as the result of the mining bust.
The loan has been shut down and written off and we are now at the stage of negotiating a full and final settlement offer.
We are looking to sign over a settlement sum upon the future voluntary sale of our home, which could be as far in the future as 20 years.
Our financial counsellor hasn't dealt with one of these before, and is of the opinion they won't accept less. My question is does anyone have experience in doing this and would they be expecting the full amount as it's possibly so far off? We have put together a list of our future financial needs for downsizing and aged care in the hope the bank will accept a lesser amount.
The other option is to gather together as much cash as we can and offer around 30% of the total debt.
Any experience shared would be great thanks.
The loan has been shut down and written off and we are now at the stage of negotiating a full and final settlement offer.
We are looking to sign over a settlement sum upon the future voluntary sale of our home, which could be as far in the future as 20 years.
Our financial counsellor hasn't dealt with one of these before, and is of the opinion they won't accept less. My question is does anyone have experience in doing this and would they be expecting the full amount as it's possibly so far off? We have put together a list of our future financial needs for downsizing and aged care in the hope the bank will accept a lesser amount.
The other option is to gather together as much cash as we can and offer around 30% of the total debt.
Any experience shared would be great thanks.