Hello Electron,

Your suggestion is totally negotiable with the bank and seems viable. The first step would be to ask your bank if they would be ready to accept to keep a mortgage for the negative equity, relieving the property of charges. The bank will of course be free to accept it, and they cannot be forced.

I recommend you to have fluid communication and a cordial relationship with them, as the negotiation is viable but subject to an agreement between both parties.

Regards,