Owe a massive amount and little option

mozattack

Hi,

I work in a solictor's firm and have seen lots of builders go whallop in the last few years owing millions etc... the usual stuff.

I owe a lot less but nevertheless a lot at €700k across 4 properties with €320k of that relating to my home and the balance on rental properties... when it is typed it doesnt seem so bad and could have been worse. The values must be a lot less and the current repayments are killing me (3 are on interest plus capital and all on good trackers)

I have two kids, the other half isnt working and we have barely enough to get buy. I have saved around €20k over the last two years and that is being eroded over the last few months since the latest baby was born.

If I lose my job it is game over and we will be homeless but even on the moment it is looking longterm that I will not be able to meet the repayments. It is a shame because i have never defaulted on any loan i have ever taken out (we have no credit card debts, no term loans and two car loans amounting to 4k in total)

What does someone do in such a situation... it is really dire and hard to get up in the morning to such a bleak outlook...

stepbar

mozattack wrote: »

Hi,

I work in a solictor's firm and have seen lots of builders go whallop in the last few years owing millions etc... the usual stuff.

I owe a lot less but nevertheless a lot at €700k across 4 properties with €320k of that relating to my home and the balance on rental properties... when it is typed it doesnt seem so bad and could have been worse. The values must be a lot less and the current repayments are killing me (3 are on interest plus capital and all on good trackers)

I have two kids, the other half isnt working and we have barely enough to get buy. I have saved around €20k over the last two years and that is being eroded over the last few months since the latest baby was born.

If I lose my job it is game over and we will be homeless but even on the moment it is looking longterm that I will not be able to meet the repayments. It is a shame because i have never defaulted on any loan i have ever taken out (we have no credit card debts, no term loans and two car loans amounting to 4k in total)

What does someone do in such a situation... it is really dire and hard to get up in the morning to such a bleak outlook...

It's hard to know when you give such little info....

Like are all of the properties rented? If so how much? Where are the properties? Have you had them valued recently?

petermurp

For starters you should change the structure of your investment properties to interest only for cash-flow and tax efficient reasons. Given they're rented properties your lender should facilitate your request. With limited info it's difficult to respond further.