Mortgage worries

cruais

I'm very worried. Our mortgage is in arrears. We have an overdraught on our account and as I was out of work for a couple of months, our payments where going in but not to he full amount. Now our over draught has maxed and we are 2,500 in debt (including over draught) on our account.

The thing is, I got a call from my mother his morning, and the bank rang my parents house looking to speak to me. Now I could have put the house number down on the form when we got our mortgage but I honestly can't remember, however, neither of our mobile numbers have changed.

I'm panicking that the bank is going to come after us for our house. My mam asked me out straight where we in trouble, and I lied and said our house insurance was due for renewal and it's probably something to do with that.

I'm stressed. Has anyone any advice to offer?

Thanks!

Tow

As long as you are not with a subprime lender, are talking to them and paying something, you are very low down on their list of priorities. Have you looked into getting mortgage interest supplement and/or contacting MABS etc

Sleepy

First off: Have you spoken to your bank?

Secondly: once you're talking to them and paying something reasonable, the bank won't try and sell the house from under you. (a) it costs them a fortune to do so and (b) there's some legislation in place to prevent them evicting those in arrears for, if I remember correctly, a grace period of something like 18 months of missed payments.

Go talk to the bank. If you're back in employment you most like just need a payment holiday from the mortgage (i.e. 1-2 months of no or interest only payments) in order to get your overdraft back under control) and they'll be happy to do this for you in order to help you not default on your mortgage.

Podgers

the most important thing is to talk to the bank and explain your situation.

If you don't make contact or effort they will come after you but there are so many people in similar situations its the norm now, its hard not to worry about it as i was in a similar situation myself. the bank don't reprocesses houses unless you dont work with them, you cant give them what you don't have.

I wouldn't go on interest only, not for too long anyway because it doesn't solve the any problems, the repayments will be higher the longer you that way.

not only would i contact the bank but arrange arrange to speak to a financial advisor, there are some free services available.

also would ye have any family you could talk to about it? ie. does your mother know of your financial situation? would there be anyone that could help out?

John Mason

have you contacted the bank and discussed a reduced payments/ repayment plan?

If not, WHY NOT?

gigawatt2007

Our family home is 4k in arrears and a flat of mine in Dublin is 10k in arrears and neither have been taken off me yet. I've been in constant contact with said bank for over 2 years but still doesn't take away from the fact we can't afford where we're living.

I have resigned to the fact that they will be in the coming 18 months.

I've gone through the whole MABS, solicitor thing and as much as I'd like to tell you different OP you may be down the list but they are working through that list and evictions are on the rise.

I'm sorry I can't paint you a rosier picture but that's the reality of the situation.

jessiejam

First of all don't panic.
Contact your mortgage provider and tell them your situation. Tell them that you would like to avail of interest only for a while. You will be asked to fill out a standard financial statement which will cover all income and all outgoings.
Be completely honest and make sure and include everything on the form.

The worst thing you can do is bury your head in the sand. Most banks bar one or two are very understanding once you keep them in the loop. Ask them to send out information on MARP also.

Might be an idea to ask them to contact your or your partner on your mobiles other than your parents house also.

StillWaters

Firstly ask the bank to remove your mothers phone number from the file, and ask them in future to contact you by email or post. All correspondence should be in writing.

Secondly, ask for an appointment to engage in the MARP process. This is where the bank MUST work with you for a year to resolve arrears or offer a solution such as reduced payments or interest only.

They can make no moves on your house once you are engaged with this process.