Mortgage due, no money...!

LegacyUser

I've made an awful mistake. My mortgage is due and I have no money. I lost my job earlier this year, but had a few bob saved in the bank, and took things easy, while I searched for another job.

I have sent out dozens and dozens of applications. Most have not replied. A couple did, I got three interviews, none of which were successful. To clear my bills, I need at least €800 a week. I get €75 a week for renting out one room. The person I live with suffers from depression. We get on great together, but I fear greatly that if I have to move out, they will go to pieces. Anyway I worked hard for my home, why should I lose it now?

There are cheap security jobs, van driving jobs, pizza delivery jobs, that kind of thing, that pay a pittance, not even half what I would need to break even. Tesco, Dunnes, none of those places pay remotely close to what I would need.

I am screwed for money, right now, today. What can I do, to get next month's mortgage, while I continue to search desperately for another job??? I haven't had much luck searching over the past three months. Initially I wasn't too worried, but now it's a crisis! I have experience in lots of things, but no qualifications in anything. Employers just don't seem to want to know.

Beruthiel

You can get your mortgage defered for a month.
Go to the bank you have the loan with and ask them to defer until you get over this bump.
Cut back on your expenses and take the Tesco or Dunnes job until you find something better.
If it's possible, take in a lodger.

Pj!

Yeah seriously, talk to the bank. Tell them all the above. You will sort out something with them.

Sleepy

Seriousdebt wrote: »

To clear my bills, I need at least €800 a week.

How are your bills that high? Approx 3200 a month sound incredibly high to me...

I'm sure you can reduce some of that through giving up luxuries like Sky TV, expensive broadband connections, cutting back on the social life, getting groceries at Aldi/Lidl etc.

MABS might be of help in sorting yourself out regarding budgeting / deferring mortgages etc. Whatever you do though, get to the bank and explain your situation before you default on a payment.

LegacyUser

The insurance I have on my morgage covers the payments for a year if I loose my job.
You may have the same, have a look at this.
It's also possible to defer for three months, ask your bank if this is possible.

Irishcrx

Hi mate,

It is a bad situation to be in, do you have any extra rooms in your house that you could rent out for the moment?...First thing you have to do is go to the bank and see if they can help or if your insurance might cover it. Have you applied for social welfare assistance?Other than that take whatever job you can get and tough it out until something better comes along and keep lashing out the CV's.

Mr. Presentable

Beruthiel wrote: »

You can get your mortgage defered for a month.
Go to the bank you have the loan with and ask them to defer until you get over this bump.
Cut back on your expenses and take the Tesco or Dunnes job until you find something better.
If it's possible, take in a lodger.

Agree with this good advice. Taking some job is better than taking none. Also, as another poster points out, isn't it standard to have a payment protection policy with your mortgage. Compulsory even?

marzic

Talk to the bank, but also talk to the Money Advice & budgeting service (mabs.ie) or citizens advice. There may be some social welfare assistance you can get. The two agencies mentioned above will tell you if you can avail of any social welfare assistance, also tell the bank that you are in consultation with these groups so they will see you are active in sorting out your problem. I would suggest that you make an appointment to meet the manager, if possible. have you a family member you can borrow the next payment from to buy a month extra?

Victor

Do you have any income at the moment?

Talk to the local community welfare officer, who might be able to help you with a mortgage support payment.

And do talk to MABS www.mabs.ie

kenco

I used to work for a mortgage lender and they are very good at helping out in these situation as long as you are upfront with them and dont miss payments. Call them asap and they will defer or go interest only with you for a while. If you have any other depts let them know.

It a tough station and while banks may be b*stards they people who work in them tend not to be.

Get yourself some breathing space and consider your options.

DamoKen

nipplenuts wrote: »

Also, as another poster points out, isn't it standard to have a payment protection policy with your mortgage. Compulsory even?

no you're thinking of life assurance, mortgage protection is optional.

as already suggested OP, talk to your mortgage lender asap and explain your situation. The last thing any bank wants particularly at the moment is to carry out a repossession. Chances are they'll try and work out something that takes the pressure off until you're back in a job.

seamus

DamoKen wrote: »

as already suggested OP, talk to your mortgage lender asap and explain your situation. The last thing any bank wants particularly at the moment is to carry out a repossession. Chances are they'll try and work out something that takes the pressure off until you're back in a job.

FWIW, a bank will not carry out a repossession for a single missed payment. The news last week mentioned a repossession order on a house where the person hadn't paid their mortgage since 2003. Another had never made a single full repayment and had only managed to give the bank around €800 (in bits and pieces) since taking out the mortgage.
That's the level you need to be at before talk of repossessions comes in.

However, the OP needs to protect their credit record. One missed payment may mean that you're at the mercy of your current lender for the next five years, even when you're back in good financial territory.

As said, €800/week sounds like ridiculous expenses. That's how much I spend in a month on my bills, food and drink. You need to act right now. First things first, talk to your bank and ask them if you can defer your mortgage for a month, two if at all possible.
Then look at what you're spending your money on. Cut out absolutely everything that's not essential. Socialising is not essential. If you've gone and got a loan for a stupidly expensive car, then your bank may allow you to increase the term of this loan or move it into your mortgage, to reduce the monthly cost.

Anti

Sounds to me like its your own fault for sitting back and takign it easy for so long. And by the sounds of it you are in some serious debt.

dudara

€800 a week to cover expenses seems really steep. You might want to investigate how you can cut this.

Secondly, do you have mortgage insurance?

Thirdly, talk to the bank. They are often willing to consider deferrment of payments for a short while, to help you get back on your feet.

Get down to FÁS - they are good at helping people find work.

journo1

<SNIP>Please consult with a forum moderator prior before soliciting for media interaction<SNIP>

leeroybrown

It's been said a good few times before in this thread but I'll repeat it: talk to your lender. The sooner you talk to them the better. Most banks prefer to have 'managed' debt than 'bad' debt and will be quite eager to help you over this awkward patch so as to maximise the amount of money they get.

gaz wac

Manties wrote: »

Sounds to me like its your own fault for sitting back and takign it easy for so long. And by the sounds of it you are in some serious debt.

Well thats helpfull :mad:

OP ring your bank today and set up a meeting to discuss this problem, you will regret it if they find the problem first!!!

Good luck

dudara

Manties Helpful posts only please. There's no need to hit the poster when they're down.

journo1 No soliciting for media interaction with prior consultation with a mod. Please post in the Biz > Media Interaction Beta forum, or contact a mod via the PM function.

dudara

journo1

Where do i find the PM function, please?

dudara

Click on the poster's username to the left of their post. A drop-down menu will appear offering several options. Select the Private Message (PM) function.

You can find your inbox under the boards.ie > Private Messages menus at the top of the page.

Please take some time to read the charter for posting in this forum, and how to navigate this site. Please respect the rules and happy posting.

dudara

Anti

dudara wrote: »

Manties Helpful posts only please. There's no need to hit the poster when they're down.

journo1 No soliciting for media interaction with prior consultation with a mod. Please post in the Biz > Media Interaction Beta forum, or contact a mod via the PM function.

dudara

Appologies, not meant as a kick in the teeth. But more as a why did you sit around taking it easy for so long ?


Journo1 Click a mods name over there on the left. And "send pm"

LegacyUser

Phone and make an appointment immediately with your local Money Advice Bureau (MABS) www.mabs.ie . They will help you out and have contacts in Banks etc

DamoKen

seamus wrote: »

FWIW, a bank will not carry out a repossession for a single missed payment. The news last week mentioned a repossession order on a house where the person hadn't paid their mortgage since 2003. Another had never made a single full repayment and had only managed to give the bank around €800 (in bits and pieces) since taking out the mortgage.
That's the level you need to be at before talk of repossessions comes in.

I know that, I was trying to say that it is not something a bank/mortgage lender wants to consider and would only be a last resort when all other options are exhausted, hence talk to your lender. Sorry if I wasn't clear.