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Limited Savings - Time Running Out With Mortgage

  • 07-08-2012 01:10PM
    #1
    vicwatson
    Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭


    Was talking to a friend of mine at the weekend who has a dilemma -

    They are paying a mortgage of a grand a month and have a limited amount of saving of, I think they said, 5k, they have no other savings, they are working but are eating into the savings every month to pay the mortgage. They've been doing that for months, it's the mortgage that's killing them every month, and at this rate they can only afford 5 months more mortgage.

    Should they go to the bank now and tell them of the impending trouble or should they wait until nearer the time to tell the bank that they won't be able to pay it/won't be able to pay that amount, each month.

    I think it wise they talk to them now but....that's their life savings, I feel for them, should they squirrel some money away fo restart their life in case that their house is taken from them (not advocating it but)?

    What's the procedure in talking to the bank about this? What's the first step for them?


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,066 ✭✭✭homer911


    Always engage early with the bank, preferably before you get into arrears


  • #3
    vicwatson
    Registered Users, Registered Users 2 Posts: 28,404 ✭✭✭✭vicwatson


    So any one know - What's the procedure in talking to the bank about this? What's the first step for them?


  • #4
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭handlemaster


    vicwatson wrote: »
    So any one know - What's the procedure in talking to the bank about this? What's the first step for them?

    I would image you just walk into the branch and ask for a meeting with their mortgage specialist. Or call and set an appointment. There wouldn't be much into doing that


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