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Investment property mortgage - ARREARS - advice needed

  • 11-02-2009 9:48pm
    #1
    Cheersbaby
    Closed Accounts Posts: 5 ✭


    Hello
    I am new to this site.

    We currently have a large mortgage over a number of residential properties which are all rented out. Our problem is that we are running into arrears as some of our rents have dropped. Our second problem is that we are currently on an interest only mortgage but this expires in December of this year. I have contacted our bank but have been told by their customer service advisors that there is nothing they can do and will not talk to us in relation to our mortgage until we run into arrears. We do not want this to happen, however, we are left with little choice. This is a classic example of the property market collapsing!! Any advice would be greatly appreciated.


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Cheersbaby wrote: »
    Hello
    I am new to this site.

    We currently have a large mortgage over a number of residential properties which are all rented out. Our problem is that we are running into arrears as some of our rents have dropped. Our second problem is that we are currently on an interest only mortgage but this expires in December of this year. I have contacted our bank but have been told by their customer service advisors that there is nothing they can do and will not talk to us in relation to our mortgage until we run into arrears. We do not want this to happen, however, we are left with little choice. This is a classic example of the property market collapsing!! Any advice would be greatly appreciated.

    Running into arrears or are actually in arrears (i.e if you make your next payment will you have a shortfall?).

    Do you have one RIL (Residential Investment Loan) secured against x amount of RIPs (Residential Investment Property)(i.e. one payment per month) or a payment for each RIP?

    Realisitically on a property by property basis what are your LTV's? Overall LTV?

    Even in this current climate, is any of the properties salable without occuring negative equity?

    You must have some income other than rental. How long could you carry the shortfall?


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