Can I get out of my mortgage ?

2qk4u

Im 5 years into my mortgage and cant afford it, Ive been struggling for a couple of years now and have paid nothing in the last two months. I dont see any improvement in the future and even if I held on I would be working just to pay the mortage and have no life.
My mortgage is over €1400 a month plus mortgage protection insurance and buliding insurance, I can rent in the same area I live in now for €700 - €800 per month without the extra costs that go with the mortgage.
Im gusseing Id save about 50% a month.
I borrowed €260k, Ive seen slimier housed advertised for €190k - €200k although I dont believe it would sell for that amount, Im about €13k in arrears.
If the house sold for €180k and I owe the other €80 plus arrears would the bank do a deal to write off the debt so I can break even ?

Any advice welcome.

tenchi-fan

There are rumours of banks writing off large amounts of irrecoverable debt.

IMO you may be better dealing through a solicitor even if it will cost you money you don't really have.

Certainly do not phone up the bank as they record calls and have many years experience in bullying vulnerable customers.

Zulu

tenchi-fan wrote: »

Certainly do not phone up the bank as they record calls ....

Just in relation to phoning the back: there's nothing wrong with phoning the back. They are not allowed to use the recorded conversation for anything other than what's advertised (ie: training & security).

cookie1977

Check out http://www.keepingyourhome.ie for tips
You could potentially stop capital payments and only pay 66% of the interest for up to 5 years depending on your situation. The site has lots of advice so do read through it and speak to your bank about your difficulties.
Mabs and flac may also help:
http://www.flac.ie
http://www.mabs.ie

peteb2

Am i gonna be the only one cheeky enough to ask why you bought it in the first place. You arent saying your job has changed or that you can afford it. What you are actually saying is that you made a bad financial decision and now you think you should be able to cut and run. Is that it?

blah

Arrange a meeting with your bank and let them know now what you can and cannot afford. See if you can work something out. Are you paying interest only?

guitarwrist

Seems what you are suggesting is what developers, speculators, builders, top bankers themselves have already done and are now living the high life debt free. Why can't the man on the street be afforded the same priviledges?

peteb2 wrote: »

Am i gonna be the only one cheeky enough to ask why you bought it in the first place. You arent saying your job has changed or that you can afford it. What you are actually saying is that you made a bad financial decision and now you think you should be able to cut and run. Is that it?

tenchi-fan

guitarwrist wrote: »

Seems what you are suggesting is what developers, speculators, builders, top bankers themselves have already done and are now living the high life debt free. Why can't the man on the street be afforded the same priviledges?

Because this is Ireland.

2qk4u

peteb2 wrote: »

Am i gonna be the only one cheeky enough to ask why you bought it in the first place. You arent saying your job has changed or that you can afford it. What you are actually saying is that you made a bad financial decision and now you think you should be able to cut and run. Is that it?

I bought it because I could afford it at the time, I was earning good money then and now earn very little. Maybe I did make a bad financial but I cant change that now.

2qk4u

blah wrote: »

Arrange a meeting with your bank and let them know now what you can and cannot afford. See if you can work something out. Are you paying interest only?

Ive been in touch with the bank and had meetings, I have had breaks and interest only and now they say I cant have any more interest only breaks and the problem now is that Im building up debt as interest is being charged wheras they stop the interest building on the interest only option. In the last meeting I told them I could not enter into any agreement with them as I dont have a set income so I never know what I can afford. They said thats fine and told me to come and see them in 3 months.

tenchi-fan

2qk4u wrote: »

..they say I cant have any more interest only breaks and the problem now is that Im building up debt as interest is being charged wheras they stop the interest building on the interest only option.

Put an offer in writing that you will continue to pay what you can afford. Use a schedule to show what you can afford to pay (income less expenditure).. I'm sure MABS can help you with this.

Once you continue to make payments that cover the interest it will stop the debt building up any higher.

I don't think they're allowed to apply a punitive rate to arrears, or to charge penalties for under payments when you've made an agreement like this with them.

Once you're making reasonable efforts to pay your mortgage they should not be able to take proceedings against you.

Zulu

guitarwrist wrote: »

Seems what you are suggesting is what developers, speculators, builders, top bankers themselves have already done and are now living the high life debt free. Why can't the man on the street be afforded the same priviledges?

Because somone else does something & gets away with it does not make it right.

It saddens me that there are still people who need this explained to them.

guitarwrist

Zulu wrote: »

Because somone else does something & gets away with it does not make it right.

It saddens me that there are still people who need this explained to them.

It sure does not make it right but it accentuates how unfair Ireland is / has become. But if its right for one section of society, should it not be right for all don't you think or we should just burn the constitution and start again?

daltonmd

guitarwrist wrote: »

It sure does not make it right but it accentuates how unfair Ireland is / has become. But if its right for one section of society, should it not be right for all don't you think or we should just burn the constitution and start again?

It is unfair, but if all those who wanted to walk away were allowed to do so, who do you think will have to cover the banks losses again - the taxpayer. We voted in a government who reneged on it's burn the bondholders pledge, there's not enough money in the pot to bail out everyone.

Gareth2011

cookie1977 wrote: »

Check out http://www.keepingyourhome.ie for tips
You could potentially stop capital payments and only pay 66% of the interest for up to 5 years depending on your situation. The site has lots of advice so do read through it and speak to your bank about your difficulties.
Mabs and flac may also help:
http://www.flac.ie
http://www.mabs.ie

its called the deffered interest scheme and its not as pretty as it looks. I tried for this and I was denied it. We had a moratirum with the bank and they asked us to pay x amount each month below what we normaly would for a period of 6 months. We did and even tho it was below our normal payment we didnt get it cause we had paid x amount (that the bank agreed to let us pay) So even if the bank agrees a reduced payment with you and you DONT stick to it but pay at least 66% of the x amount you will qualify for it once you meet other conditions but in the end they will see it as your not sticking to the arragement and then it stops cause your not sticking to it but you cant get deferred interest by sticking to it. its a no win no win situtation.

dubguffer

tenchi-fan wrote: »

Put an offer in writing that you will continue to pay what you can afford. Use a schedule to show what you can afford to pay (income less expenditure).. I'm sure MABS can help you with this.

Once you continue to make payments that cover the interest it will stop the debt building up any higher.

I don't think they're allowed to apply a punitive rate to arrears, or to charge penalties for under payments when you've made an agreement like this with them.

Once you're making reasonable efforts to pay your mortgage they should not be able to take proceedings against you.

I dont know about that..I was on interest only for a 6 months period and had to go back to them to renegotiate for a second 6 months...The first time was ok but second time I was given a document to sign which I refused..It basically said for the second period I would have to pay the interest only for 6 months plus interest again added on to the end of my mortgage..just to give you an idea...

my mortgage payment was ....2100..

with interest only.................1500(-600)

total saving for 6 months....... 3600

to be added to end of mort......6000

So.... they were charging me 2400 for the privilege of "Helping me out" with my payments and this only over 6 months...So be very careful what you sign out there...All these banks are interested in is keeping you under the thumb and making as much money as possible out of you....BTW...I tore it up and threw it in the bin

daltonmd

dubguffer wrote: »

I dont know about that..I was on interest only for a 6 months period and had to go back to them to renegotiate for a second 6 months...The first time was ok but second time I was given a document to sign which I refused..It basically said for the second period I would have to pay the interest only for 6 months plus interest again added on to the end of my mortgage..just to give you an idea...

my mortgage payment was ....2100..

with interest only.................1500(-600)

total saving for 6 months....... 3600

to be added to end of mort......6000

So.... they were charging me 2400 for the privilege of "Helping me out" with my payments and this only over 6 months...So be very careful what you sign out there...All these banks are interested in is keeping you under the thumb and making as much money as possible out of you....BTW...I tore it up and threw it in the bin

Wow - can they do that? Well, can they legally do that? That's loan shark territory.

Outrageous.

dubguffer

2qk4u wrote: »

I bought it because I could afford it at the time, I was earning good money then and now earn very little. Maybe I did make a bad financial but I cant change that now.

.

Hey..There's plenty of people like you who were duped into getting on the property ladder by the very people you now owe this "imaginary money" too..I think, like me, you should take the bull by the horns,go into them with a "take it or leave it" attitude and you tell them how much you want to pay..Dont forget, They "Don't want your house", they dont want another property rotting away and getting nothing for it. Money,Cash, is all they're interested in. So remember that, like I said.."the ball is in your court"..Be strong

dubguffer

daltonmd wrote: »

Wow - can they do that? Well, can they legally do that? That's loan shark territory.

Outrageous.

Thats exactly what i said..loan sharks would'nt charge me that..But I wonder how many people have fallen for this, especially after receiving threats about your house being taken from you, court etc. etc. trying to scare the ****e out of you....and..I'm not talking about one of these fly by night mortgage companies, I'm talking about one of our Major lenders ...who, at one stage suggested I sign on the labour and get them to pay my mortgage for me...I reported this particular person to his superiors,they came back and said he had denied saying it to me...wonder what happened to that recording

CamperMan

tenchi-fan wrote: »

There are rumours of banks writing off large amounts of irrecoverable debt.

IMO you may be better dealing through a solicitor even if it will cost you money you don't really have.

Certainly do not phone up the bank as they record calls and have many years experience in bullying vulnerable customers.

no debts should ever be written off, people should have to pay the debt until they die, and then it should be passed on through the generations..

ultimately, someone has to pay it, and that would be the tax payer and as a tax payer, I resent having to pay for this!

daltonmd

dubguffer wrote: »

Thats exactly what i said..loan sharks would'nt charge me that..But I wonder how many people have fallen for this, especially after receiving threats about your house being taken from you, court etc. etc. trying to scare the ****e out of you....and..I'm not talking about one of these fly by night mortgage companies, I'm talking about one of our Major lenders ...who, at one stage suggested I sign on the labour and get them to pay my mortgage for me...I reported this particular person to his superiors,they came back and said he had denied saying it to me...wonder what happened to that recording

I would say that there are many such stories and many people, who have been through the trauma of losing their jobs, being treated in this way.

What I find frightening is that if people, out of desperation, signed up to these type of agreements, then what they have done is actually made their situation far worse and in 25 years time or so, when they retire or can no longer work that there will be a huge debt still outstanding on their mortgage.

Which essentially means that this situation will take decades to end.

mattjack

CamperMan wrote: »

no debts should ever be written off, people should have to pay the debt until they die, and then it should be passed on through the generations..

ultimately, someone has to pay it, and that would be the tax payer and as a tax payer, I resent having to pay for this!

How many generations ? The way some of my ancestors behaved I should have been sent to prison when I was born.

daltonmd

CamperMan wrote: »

no debts should ever be written off, people should have to pay the debt until they die, and then it should be passed on through the generations..

ultimately, someone has to pay it, and that would be the tax payer and as a tax payer, I resent having to pay for this!

The problem with that, in this country, is that these debts are being paid to banks who have already been bailed out by the taxpayer.

At the moment we have BORROWED to pump billions into these banks.

People without the means to pay or with lower incomes are not spending money in the economy to repay these banks - that have already been bailed out.

Those unemployed are being aided to repay these banks, again using taxpayers money.

50% of the private rental sector is in receipt of rent allowance, or taxpayers money, how much is being repaid to banks - again another bailout.

It is naive of anyone to think that forcing people, who absolutely cannot pay money back to banks that we have already bailed out, will save the taxpayer money.

We, the taxpayer cannot bail everyone out. The banks however, who have and will continue to receive taxpayers money whenever they need it should be forced to scale down these debts.

Every working person struggling to repay a mortgage taken out in the boom is not spending that money in the economy, meaning further job losses.

We need growth and this will not happen without people spending money, which will lead to employment, more taxpayers, less pressure on SW services...

dubguffer

2qk4u wrote: »

Im 5 years into my mortgage and cant afford it, Ive been struggling for a couple of years now and have paid nothing in the last two months. I dont see any improvement in the future and even if I held on I would be working just to pay the mortage and have no life.
My mortgage is over €1400 a month plus mortgage protection insurance and buliding insurance, I can rent in the same area I live in now for €700 - €800 per month without the extra costs that go with the mortgage.
Im gusseing Id save about 50% a month.
I borrowed €260k, Ive seen slimier housed advertised for €190k - €200k although I dont believe it would sell for that amount, Im about €13k in arrears.
If the house sold for €180k and I owe the other €80 plus arrears would the bank do a deal to write off the debt so I can break even ?

Any advice welcome.

Bankers have to be the biggest scammers you can come across but they get away with it because someone,at some stage said, Yeah, thats ok, you can do that and we'll make it legal for ya...and if you checked it out you'd probably find that your bank does'nt even own your mortgage, some other bank or investor does..When you took out that mortgage at say 5%, your bank sold it to someone else who put up the money at 2%..your bank is just making interest on you for nothing... That bank or investor gambled on you and more than likely not expecting to get all, or any for that matter, of their investment back...Plus, when I say "put up the money" it was'nt hard cash money but rather the push of a few buttons to tell your bank "Yeah, that loan is approved", Then your bank pushed another few buttons, and sent a piece of paper to your solicitor, who then gave that to the builder,who lodged it back into the bank via his account...Thats why I said earlier it's all "Imaginary Money" they deal in, but they expect you to pay hard cash...

dubguffer

daltonmd wrote: »

I would say that there are many such stories and many people, who have been through the trauma of losing their jobs, being treated in this way.

What I find frightening is that if people, out of desperation, signed up to these type of agreements, then what they have done is actually made their situation far worse and in 25 years time or so, when they retire or can no longer work that there will be a huge debt still outstanding on their mortgage.

Which essentially means that this situation will take decades to end.

As I said earlier...its all about control, keeping everybody under the thumb

dubguffer

CamperMan wrote: »

no debts should ever be written off, people should have to pay the debt until they die, and then it should be passed on through the generations..

ultimately, someone has to pay it, and that would be the tax payer and as a tax payer, I resent having to pay for this!

So you believe that people and their children should live the rest of their lives,breaking their backs to pay interest to the very people who have us in the situation we are in??

dubguffer

CamperMan wrote: »

no debts should ever be written off, people should have to pay the debt until they die, and then it should be passed on through the generations..

ultimately, someone has to pay it, and that would be the tax payer and as a tax payer, I resent having to pay for this!

and by the way..we are all tax payers..be it direct or indirect

Tigger

Zulu wrote: »

Just in relation to phoning the back: there's nothing wrong with phoning the back. They are not allowed to use the recorded conversation for anything other than what's advertised (ie: training & security).

Why not ?
Afaik you can use recorded conversations as long as one of the parties of the call approved the recording

dubguffer

peteb2 wrote: »

Am i gonna be the only one cheeky enough to ask why you bought it in the first place. You arent saying your job has changed or that you can afford it. What you are actually saying is that you made a bad financial decision and now you think you should be able to cut and run. Is that it?

Banks do all the time!!!

torres3011

daltonmd wrote: »

Every working person struggling to repay a mortgage taken out in the boom is not spending that money in the economy, meaning further job losses.

Well said that man.

torres3011

To the OP.

My morgage is based on 270k and im only paying Euro 930 and that's before 80 quid tax relief TRS or whatever.

Fair enough it's over 35 years but how in gods name are you paying 1400 a month?

Gareth2011

torres3011 wrote: »

To the OP.

My morgage is based on 270k and im only paying Euro 930 and that's before 80 quid tax relief TRS or whatever.

Fair enough it's over 35 years but how in gods name are you paying 1400 a month?

He is probably on a ultra high interest rate. but even then it woulsd want to be about 6 or 7%

Hunchback

torres3011 wrote: »

To the OP.

My morgage is based on 270k and im only paying Euro 930 and that's before 80 quid tax relief TRS or whatever.

Fair enough it's over 35 years but how in gods name are you paying 1400 a month?

well, there's great variance in rates between trackers and variables (and fixed rate), and also from provider to provider.
for example, my mortgage= 230k. payments= 1100 pm

Zulu

Tigger wrote: »

Why not ?

Because there are legal provisions prevent them from doing so.

Afaik you can use recorded conversations as long as one of the parties of the call approved the recording

You're partially correct. You can use recorded conversations, as approved by the other party for the purposes described. ie: if you say the call is for training, it can only be used for training.

That position is backed by the DPC.

Sir Oxman

Rule #1.
Never deal with a bank over the phone in these matters. Writing only.
There is no other rule.

daltonmd

Zulu wrote: »

Because there are legal provisions prevent them from doing so.
You're partially correct. You can use recorded conversations, as approved by the other party for the purposes described. ie: if you say the call is for training, it can only be used for training.

That position is backed by the DPC.

Except where there is an allegation of a crime being committed - the Gardai can access the recordings without your consent.

Zulu

daltonmd wrote: »

Except where there is an allegation of a crime being committed - the Gardai can access the recordings without your consent.

...but that's not the case here though is it.

daltonmd

Zulu wrote: »

...but that's not the case here though is it.

"Just in relation to phoning the back: there's nothing wrong with phoning the back. They are not allowed to use the recorded conversation for anything other than what's advertised (ie: training & security)."

Sorry, I should have clarified as it was this as well that I was responding to.

Pjwal

dubguffer wrote:

2qk4u wrote:

I bought it because I could afford it at the time, I was earning good money then and now earn very little. Maybe I did make a bad financial but I cant change that now.

.

Hey..There's plenty of people like you who were duped into getting on the property ladder by the very people you now owe this "imaginary money" too..I think, like me, you should take the bull by the horns,go into them with a "take it or leave it" attitude and you tell them how much you want to pay..Dont forget, They "Don't want your house", they dont want another property rotting away and getting nothing for it. Money,Cash, is all they're interested in. So remember that, like I said.."the ball is in your court"..Be strong

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Pablo Sanchez

Pjwal wrote: »

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Sounds like a horrendous situation and my heart really goes out to you but i dont think your beef is with the bank who gave you the mortgage, come to an arrangement with the bank to allow you to sell your house and transfer over the negative equity (if any), they wont give you much sympathy of you simply choose to cease payments.

Pjwal

Pablo Sanchez wrote:

Pjwal wrote:

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Sounds like a horrendous situation and my heart really goes out to you but i dont think your beef is with the bank who gave you the mortgage, come to an arrangement with the bank to allow you to sell your house and transfer over the negative equity (if any), they wont give you much sympathy of you simply choose to cease payments.

Your correct that our beef is not with the bank. We have been in talks with the bank for over a year now. There are many houses for sale in the estate and they are just not even been viewed, let alone sold. Our nextdoor nighbours has as low e80,000 on thier house and still no takers. We owe e200,000 on our house and if we can't sell it at e80,000, there is no hope. I am not happy about it, but we don't have a choice. I have never not paid a bill in my life. This is the last thing I want to do. I even asked the bank if they had another empty property that I could swap into, but they simply said, that can't be done.

2qk4u

Just an update on my situation, I am now out of work and I receive no money from anywhere, I got in touch with the bank and asked for a meeting about my mortgage to ask for a break while I have no income, they were not very helpful and ended up trying to sell me a mortgage protection policy. I was also in a meeting with another bank about a personal loan and asked for a break until I find work and they said no. So the banks do not want to help people, my opinion is the want people to miss payment so the can charge more interest and charges.. My case is genuine and I went to the banks and got told NO, they will not receive a penny from me now, roll on the court case...

cookie1977

2qk4u wrote: »

Just an update on my situation, I am now out of work and I receive no money from anywhere, I got in touch with the bank and asked for a meeting about my mortgage to ask for a break while I have no income, they were not very helpful and ended up trying to sell me a mortgage protection policy. I was also in a meeting with another bank about a personal loan and asked for a break until I find work and they said no. So the banks do not want to help people, my opinion is the want people to miss payment so the can charge more interest and charges.. My case is genuine and I went to the banks and got told NO, they will not receive a penny from me now, roll on the court case...

That's hard. Under the code of conduct for mortgage arrears they should be working with you. Have a look here:
http://www.keepingyourhome.ie/homeowners_leaflet.pdf

Might be worth contacting FLAC or MABS to see if they can help you with your bank

2qk4u

cookie1977 wrote: »

That's hard. Under the code of conduct for mortgage arrears they should be working with you. Have a look here:
http://www.keepingyourhome.ie/homeowners_leaflet.pdf

Might be worth contacting FLAC or MABS to see if they can help you with your bank

Thanks, im going to MABS next Monday, I got a letter today saying my electricity will be cut off in 10 days, my wife made the call and they said that a payment of €100 on friday when my wife gets paid from her part time job wasnt good enough, they wanted a weekly payment of €40 or over, my wife explained that she only gets paid once a month and is on a low income and they said it wasnt good enough. What do they want people to do ? They were told I have no income and dont get any welfare payment and they said it doesnt matter, pay up or get disconnected.

cookie1977

You sound like you're trying to do as much as you can so remain honest and open with your bank and mabs should be able to help with things. You may qualify for mortgage relief depending on your circumstances. And under the code of conduct for mortgagee arrears the bank can pause for up to 5 years your capital repayments and 33% of your interest repayments on your mortgage depending on your circumstances again. Best of luck!!

2qk4u

cookie1977 wrote: »

You sound like you're trying to do as much as you can so remain honest and open with your bank and mabs should be able to help with things. You may qualify for mortgage relief depending on your circumstances. And under the code of conduct for mortgagee arrears the bank can pause for up to 5 years your capital repayments and 33% of your interest repayments on your mortgage depending on your circumstances again. Best of luck!!

Thanks, I cant get mortgage relief because Im not entitled to supplementary welfare allowance as my wife works 30 hours a week, I have to wait months for them to look at my application for JSA and I might get refused as I was self employed.
If the banks wont help someone with no income, and Mabs cant help, Ill try the financial regulator or financial services ombudsman, Im surprised houses are not being burnt to the ground every day if this is what people are faced with ...

cookie1977

The banks are legally required to help if you're playing your part so MABS should be able to help if not speak with FLAC. Good luck man.

Munstermad

Hiya am in similar situation if a little complicated.. Bought house 4 years ago for 225k, loan was 192k, house now valued at 140k :rolleyes:

Seperated from spouse 3 years ago, who pretty much bailed on mortgage and all communications with bank, so I tried to maintain joint mortgage on a part-time wage, and feed myself and 3 kids, fight for maintenance through courts and explain all this repeatdly to the bank for approx last 3 years.

Basically I haven't a hope of ever meeting mortgage payments, ex wont pay and is now in low paying job.... so I suppose I had resigned myself to the fact that the countdown to reposession is well underway.
So on Solr advice approx 18 months ago I started paying €500 per month, a figure I worked out that I could afford and told the bank that was all they were getting. They were reasonable enough but have my income under review currently.. am resigned that E Day is probably fast approaching.:eek:

So as it stands "we" are now in 15k arrears. And cant make even half the mortgage repayments. Even though we both still have a job... Although ex still pays nothing towards mortgage at least is now in communications with the bank.

But and am not sure if this is a glimmer of hope... or can anyone clarify for me.
Bank rang today and mentioned to me that they have applied for "us" to have an approval for a less than interest only repayment plan.. I suppose the one I have is only approved by myself

I never heard of such a thing , can anyone enlighten me????
Or am I throwing good money after bad...
Part of me hopes I can stay in my home but I'm probably delusional..
Apologies for the long winded msg..thanks for reading

cookie1977

First off sorry for your troubles.based on what you describe it sounds like the bank is looking to get the moratorium I mentioned above which could mean a full deferral of all capital repayments and up to 33% of the interest. In other words you'd need to pay possibly only 66% of your monthly interest payments on your mortgage. This situation could last up to a maximum of 5 years depending on your situation.

Call the bank and ask them what they mean

Munstermad

Plenty out there worse off than I but thanks a million for your well wishes.

I took the call in a car full of kids today (Parked ) So by the time I fully processed what I heard was too late to ring, will call first thing in the morning and let ye know...

If I even got 5 years, with a little security that would be great news!!!
Jaysus that sounds like a jail sentance...

Thanks again

cookie1977

It's called the deferred interest scheme and most lenders are signed up. To qualify there's lots of conditions but one is that you can afford to pay 66% of the interest from your monthly mortgage. This can last for 5 years to help you get back on your feet. In relation to your partner as far as I know separated couples who've told their bank they are separated must be treated as a single persons and banks cant communicate with your ex until they have come to an arrangement with you

http://www.mabs.ie/fileadmin/user_upload/documents/Information_Leaflets_and_Factsheets/MABS_Guide_to_Mortgage_Arrears.pdf