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Mortgage - Is there any options???

  • 28-06-2011 4:25am
    #1
    deisecelt
    Registered Users, Registered Users 2 Posts: 111 ✭✭


    I have a mortgage with EBS. I was offered a few months back 170k for a house i bought for 200k. ( i no longer live in the county where i bought the house). They said id need to come up with the 30k or they wouldnt release the deeds. They woudlnt let me carry it over onto another mortgage or let me pay it off as a personal loan. Since then the house is worth even less now. In jan my easy step plan is over so my mortgage will increase considerably. I am currently saving for a wedding. Can the EBS insist i give them any savings i have in Jan if i cant afford to pay them? Will they give me intrest free until the wedding is out of the way at end of 2012? Any advice or answers are very much appreciated. Thanks.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    deisecelt wrote: »
    I have a mortgage with EBS. I was offered a few months back 170k for a house i bought for 200k. ( i no longer live in the county where i bought the house). They said id need to come up with the 30k or they wouldnt release the deeds. They woudlnt let me carry it over onto another mortgage or let me pay it off as a personal loan. Since then the house is worth even less now. In jan my easy step plan is over so my mortgage will increase considerably. I am currently saving for a wedding. Can the EBS insist i give them any savings i have in Jan if i cant afford to pay them? Will they give me intrest free until the wedding is out of the way at end of 2012? Any advice or answers are very much appreciated. Thanks.

    The worrying thing is you are saying you may not be able to pay your mortgage but can save for a wedding.

    It sounds like you dont have the ability to pay the mortgage and save for your wedding. If so then you should be making your mortgage priority and the wedding should be on the backburner.

    They may give interest only, not interest free, for 6-12 month. If you got the mortgage in the last 5 years interest free would not reduce your payments by a substantial amount as there would be a lot of capital outstanding on the loan building interest.

    There is no chance of getting interest free.


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Agree with Chris. There will want you to fill out income and expenditure info before they consider offering any reduced payments, if this shows you have sufficient then they will expect you to pay the mortgage, they are not going to consider wedding saving essential spending. It is a pity they did not allow you sell and carry the debt as a personal loan as it was not that huge a shortfall compared to others.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    phormium wrote: »
    Agree with Chris. There will want you to fill out income and expenditure info before they consider offering any reduced payments, if this shows you have sufficient then they will expect you to pay the mortgage, they are not going to consider wedding saving essential spending. It is a pity they did not allow you sell and carry the debt as a personal loan as it was not that huge a shortfall compared to others.

    the fact the OP is outside the country means the only security they have is the house. if he is outside the country very hard to pursue the €30k if its turned into a loan and there is a subsequent default. In this case i understand they would not allow a sale.


  • #5
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    He said he was outside the county, I presumed he meant he had moved to a different part of Ireland, is it a typo?


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    phormium wrote: »
    He said he was outside the county, I presumed he meant he had moved to a different part of Ireland, is it a typo?

    ah reread that there. County is fair enough.

    it is risky for the bank turning the shortfall into a personal loan. a lot of people probably dont fancy paying back for a house they no longer have. the bank will be aware of this.


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