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Want rid of house/mortgage - Advice please

  • 28-02-2011 10:42pm
    #1
    Munstermad
    Registered Users, Registered Users 2 Posts: 490 ✭✭


    Hi there, basically joint family home was bought 3 yrs ago..
    is now in 40k negative equity
    Because of change in personal circumstances.. Seperation, pay cut, social welfare cut etc the mortgage repayments are no longer affordable and won't be in the long term with interest rates on the way up. I am making all repayments, am in receipt of maint but this really only covers grocery bill and maybe house insurance. (have 3 kids)

    So solr adv me to contact bank offering what I can pay, which is just under half full payment. Explaining ex's lack of co-operation, as he is ignoring situation, refusing to sign recapitalisation offers of arrears or interest only changes, as he does not live there anymore.(I know!)

    I want to sell, take the negative equity hits 50/50 with ex... Solr advised wait for instruction from bank..do not sell yet??? Not sure ex will even agree to sale, maybe thats why have to wait for banks instruction???...

    Anyway my questions are , does that mean I'll end up bankrupt or with huge legal bill? And how long will bank wait before they do instruct me to sell? and will I end up in court with this? Also will me credit rating be permantly written off? has taken a hammering anyway...
    What a mess, is actually making me ill at this stage.

    I have 3 kids living with me, am quite happy to rent (is 1/3 of what mortgage payments are where we live).. I just want this over, the financial stress, the uncooperative ex...

    If u have any advice pls let me know...
    I'd be eternally grateful!!
    Thanks for reading


Comments

  • #2
    bryaner
    Registered Users, Registered Users 2 Posts: 3,181 ✭✭✭bryaner


    Seanie Fitz aint in jail so can't see you doing time for less..;)

    Hope things work out for you.


  • #3
    Munstermad
    Registered Users, Registered Users 2 Posts: 490 ✭✭Munstermad


    Appreciate the levity... much needed these days...:D


  • #4
    testicle
    Closed Accounts Posts: 5,429 ✭✭✭testicle


    Take him to court for a Maintenance Order. He should be paying half the mortgage.


  • #5
    Munstermad
    Registered Users, Registered Users 2 Posts: 490 ✭✭Munstermad


    Thanks, have done this already. What was ordered covers shopping and insurance, I am left to cover raising family on part-time wage. (family law in this country is an ass)
    TBH he doesn't really have much more to contribute anyway, but his cooperation would be helpful..
    At this stage I just want rid, feel am simply postponing the inevitable, throwing good money after bad.. But at least I have a wage, so should be greatful for that I suppose.


  • #6
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    Munstermad wrote: »
    At this stage I just want rid, feel am simply postponing the inevitable, throwing good money after bad.. But at least I have a wage, so should be greatful for that I suppose.

    You're only throwing good money after bad if you continue to pay/service mortgage. Sounds like you're in a very bad situation. Worth considering stopping payments and taking advantage of 1 years repossession moratorium. In fact once you're paying 50% (as advised by solicitor) then very difficult for any bank to repossess a family home. Issue is that if house is repossessed you're liable for difference.


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