Boyfriend in mortgage arrears

LegacyUser

I'm in love with the most wonderful man but his situation is tearing him apart. He was self employed as a builder, then the recession hit and he has been really affected like so many others, I know. He is 26,000 in arrears on his mortgage and the monthly payments are 1,500. He is obviously struggling and with all other bills etc it is proving difficult. I have recently moved in and even with my contribution it's not making much difference. The bank are no help at all. He has met with them on 3 occasions to try work something out but they won't budge. He is feeling depressed and less of a man over the whole thing, he'd love to be back building but that doesn't look like it's going to happen any time soon. It's breaking my heart that I can't fix this. I'm worried about us and our future. I will stand by him every step of the way but I'm so anxious. I don't know what to do He has talked about just handing the keys back, he built the house himself so it is special to him.

astra2000

Have you tried mabs for advice. Have a look on www.itsyourmoney.ie/mortgagearrears. Hopefully it may point you in the right direction of getting help. Best of luck

dory

He really needs professional financial advice. Or someone who can give him options; like moving back with parents and renting, or selling and taking a hit. Or moving abroad to work. With no income and mortgage - it just doesn't work out.

tenchi-fan

He could rent the house out and live somewhere cheaper, possibly abroad. I know a lot of people who had no option but to go this route. He's not going to get work in building for the next 10 years in this country. There will be plenty of work going in Australia in building thanks to all those storms and floods.

If he does lose his house and is in a serious amount of debt (thanks to negative equity) there is always the bankruptcy tourism option in the UK ... Obviously bankruptcy would be a last resort.

ilovefridays

Hi,
im very sorry for you, i have a mortgage and know the emotional stress it can cause when you run into financial difficulties.
Does your partner have any spare rooms he could rent out that would help him out a bit?
i know people dont like sharing their personal space, but it may help out with his finances for a while?

common sense brigade

rent out a room or two rooms in the house. i know awful to have to share with strangers. but see it as a means to an end. 2-3 years of renting 2 rooms might get him out of the debt. just an idea.

gerryk

In the short term, talk to MABS. If he has documented evidence of trying to reach an agreement, it will go a lone way to helping his case if ever the bank get heavy handed.
Is there any possibility the bank would agree to interest only for a while, til he gets back on his feet?

I agree with renting a couple of rooms... he needs to start paying something. If he does, the bank don't have a case in a foreclosure, but if he just sits on the problem they can do what they want.

Other options are taking in foreign students who come over for summer courses. It pays reasonably well, and generally, they aren't any hassle.

Also, there is no such thing as the bank not budging. Have MABS intervene on his behalf.
It's not somebody like GE Money is it?