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Owe €700k...can't repay!

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    #32
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    If ANY of the properties are not in negative equity dispose of them RIGHT NOW and use the money to pay some of the mortgage on those that are.


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    #33
    NewDirection
    Registered Users Posts: 223 ✭✭NewDirection


    I fail to see the problem.

    You have four properties, and debt you can't manage.

    Sell, sell, sell.


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    #34
    SophieX
    Closed Accounts Posts: 25 ✭SophieX


    [QUOTESell, sell, sell.[/QUOTE]

    Exactly.

    OP, your probably going to say there's not a hope in selling in this market but you have no choice but to find a buyer.

    I'm also swamped in debt to put it mildly and I've had to put a house up for sale. I've found a buyer after knocking 100k off the asking price.

    You need to contact the bank who you have these mortgages with and ask them for some sort of settlement figure. Whatever they come up with try and sell the house for that.

    I had three estate agents trying to sell for me. After a long time I got a buyer with full mortgage approval. The bank are happy now because they know they are getting most of the money back and the relief that's off my shoulders is immense.

    Best of luck.


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    #35
    ocokev
    Closed Accounts Posts: 373 ✭✭ocokev


    Where does your partner live at the moment, and how do you intend for her to be getting rent assistance?


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    #36
    gramach
    Closed Accounts Posts: 10 ✭gramach


    You see, this is the trouble, If you were a bank or property developer, you could of load into NAMA. But we poor Joe Soaps just go under.
    Best advice. Go to MABS urgently, sell the property abroad or lease it out for the summer and get some return on it.
    Also go see the city council and see can you get some local authority tenants to let some of the property to. GO TO MABS they know best.


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    #37
    soden12
    Closed Accounts Posts: 154 ✭✭soden12


    gramach wrote: »
    You see, this is the trouble, If you were a bank or property developer, you could of load into NAMA. But we poor Joe Soaps just go under.
    Best advice. Go to MABS urgently, sell the property abroad or lease it out for the summer and get some return on it.
    Also go see the city council and see can you get some local authority tenants to let some of the property to. GO TO MABS they know best.

    Someone with interests in 4 properties is hardly a "Joe Soap".


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    #38
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    ocokev wrote: »
    Where does your partner live at the moment, and how do you intend for her to be getting rent assistance?

    Why would she even get rent assistance considering the OP doesn't appear to be unemployed? I presume they're living together as he said they have young child.


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    #39
    krankykitty
    Registered Users Posts: 1,518 ✭✭✭krankykitty


    I don't know OP, you seem to be going on as if your holiday home in Bulgaria is saving you thousands on these foreign hols you'd be taking every year. When you're in as much debt as you, are holidays not a luxury rather than a necessity? :confused:

    My mind is boggling that in your OP you're considering handing back keys to your home so your missus can get rent allowance yet don't want to sell a holiday home that is in positive equity just so you can save yourself from "spending thousands in spain, portugal and (heaven forbid) Ireland on summer holidays"

    Many people are worried about keeping a roof over their heads and food on the table yet you seem more concerned about being able to have a cheap holiday.


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    #40
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    krankykitty wrote: »
    I don't know OP, you seem to be going on as if your holiday home in Bulgaria is saving you thousands on these foreign hols you'd be taking every year. When you're in as much debt as you, are holidays not a luxury rather than a necessity? :confused:

    My mind is boggling that in your OP you're considering handing back keys to your home so your missus can get rent allowance yet don't want to sell a holiday home that is in positive equity just so you can save yourself from "spending thousands in spain, portugal and (heaven forbid) Ireland on summer holidays"

    Many people are worried about keeping a roof over their heads and food on the table yet you seem more concerned about being able to have a cheap holiday.

    +1

    OP. this drop in joint income was obviously expected at some stage also so you have got yourself into this problem, I would advise seeking some very good financial advice. I doubt handing back the keys will remove your liability unless its an equity based loan which i doubt it is as not that common here. You may have to try sell the properties and then arrange to pay the remaining balance to the bank.


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    #41
    StupidLikeAFox
    Registered Users Posts: 7,700 ✭✭✭StupidLikeAFox


    have you talked to your bank and how are they in dealing with your problem?


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