Please help, house/bankruptcy

miggle · 13-02-2013 12:57am #1

I have a house in severe negative equity.
It's a joint mortgage,, the other person has decided for health reasons to leave the country and emigrate back home to their family . It's within the eu.
I don't live in that house, but rent accounts for less than half the mortgage and is not sustainable.
I'm self employed and earn roughly dole money.
An I facing bankruptcy ? Can they enter where I live and go through my personal belongings?
My own health is going down because of this worry.

D3PO · 13-02-2013 1:00am

if you cant pay they will go after the other person. if neither of you can pay they will repo and could force you into bankruptcy althought its unlikely

feargale · 13-02-2013 1:05am

miggle wrote: »

I have a house in severe negative equity.
It's a joint mortgage,, the other person has decided for health reasons to leave the country and emigrate back home to their family . It's within the eu.
I don't live in that house, but rent accounts for less than half the mortgage and is not sustainable.
I'm self employed and earn roughly dole money.
An I facing bankruptcy ? Can they enter where I live and go through my personal belongings?
My own health is going down because of this worry.

Do'nt panic. Have you sought legal aid? Just remember, you are one of many, and they can't put the whole town in jail. It's impossible to advise you, not knowing all the facts or your circumstances. Bankruptcy may be to your advantage. FCS, get legal advice without delay.

miggle · 13-02-2013 1:08am

D3PO wrote: »

if you cant pay they will go after the other person. if neither of you can pay they will repo and could force you into bankruptcy althought its unlikely

thank you so much

Will they follow the other person abroad ? they have no money/job etc etc
can they enter where I live and search for valuables? I don't have any but I share apartment with one other person who has nothing to do with all this.

if I don't go bankrupt Will I owe them money for the rest of my life?

miggle · 13-02-2013 1:12am

feargale wrote: »

Do'nt panic. Have you sought legal aid? Just remember, you are one of many, and they can't put the whole town in jail. It's impossible to advise you, not knowing all the facts or your circumstances. Bankruptcy may be to your advantage. FCS, get legal advice without delay.

I can not afford legal aid, but thank you for your kind reply.

Senna · 13-02-2013 1:16am

miggle wrote: »

thank you so much

Will they follow the other person abroad ? they have no money/job etc etc
can they enter where I live and search for valuables? I don't have any but I share apartment with one other person.

if I don't go bankrupt Will I owe them money for the rest of my life?

No they cant enter your home and look for valuables, they have very little power at this stage, it could be years before they would even act, so don't stress out. You are in the same position as thousands of other people.
Have you informed the bank of the situation?
Have you spoken to MABS or an advice centre? MABS is a free service and there are other free service, someone else will probably give you more details.

Face the issue, get advice, meet with the bank, even continue to make small repayments. The people in the bank are dealing with this everyday and dealing with people who have 4/6/20 houses owing millions. So don't stress out, it wont be as daunting as it seems now.

miggle · 13-02-2013 1:28am

Senna wrote: »

No they cant enter your home and look for valuables, they have very little power at this stage, it could be years before they would even act, so don't stress out. You are in the same position as thousands of other people.
Have you informed the bank of the situation?
Have you spoken to MABS or an advice centre? MABS is a free service and there are other free service, someone else will probably give you more details.

Face the issue, get advice, meet with the bank, even continue to make small repayments. The people in the bank are dealing with this everyday and dealing with people who have 4/6/20 houses owing millions. So don't stress out, it wont be as daunting as it seems now.

thank you so much.
I spoke with bank a month ago, the man said I must pay my debts and told me to find another job to earn more money to pay them.
I got very angry and upset at the time.
it still haunts me that conversation, and like now I cannot sleep because of it.

sometimes I feel like running away to another country, but I will stay and talk.
but it is hard to get someone to talk to, they often do not know anything or what to do. I will try to get help.
I just want to be left alone now, they can have the house.

does anyone know if they can follow someone abroad for the debt ?

who_ru · 13-02-2013 1:40am

your situation is not unique, there are over 100,000 mortgages in arrears in this country. personally i think many will simply be written off as there is no hope of repayment.

i would advise you to contact 'New Beginning' - these are a group of concerned citizens and lawyers who are campaigning for debt forgiveness.

http://www.newbeginning.ie/mortgage-holder-with-residential-andor-buy-to-let-properties-andor-other-forms-of-unsecured-debt/

and of course continue to speak with the bank - forget the guy who spoke to you, in fact i would send an email of complaint to the bank HQ, stating the exact details of the conversation, the branch where it occurred, the time & date of the conversation and the name of the individual you spoke to. Make sure you CC the Financial Services Ombudsman as well.

details of how to make a complaint are shown below;

http://www.citizensinformation.ie/en/consumer_affairs/consumer_protection/consumer_complaints/financial_services_ombudsman.html

Most Important! Do Not Stress - the bank knows it is equally responsible for the situation you're in and is trying to put pressure on you. Be polite with them, don't panic. make contact with 'new beginning' or MABS.

best of luck.

feargale · 13-02-2013 1:52am

miggle wrote: »

I can not afford legal aid, but thank you for your kind reply.

You are missing the point. Legal aid is for people who cannot afford a solicitor,

Queen-Mise · 13-02-2013 2:01am

feargale wrote: »

You are missing the point. Legal aid is for people who cannot afford a solicitor,

For example, where I live, there is Free Legal Aid ever Monday night in the Community Centre. You ring up and make an appointment and go wait.

There is a solicitor there every Monday night/every second week ish.

Find out what the equivalent is where you live. Your local Citizens Advice - will be able to give you more help.

And don't mind the fcuker in the bank with his comments. If it was that easy to get a job - we wouldn't have a crisis at the moment with 100, 000 mortgages in arrears and the highest unemployment rates in 20 years.

miggle · 13-02-2013 2:49am

Queen-Mise wrote: »

For example, where I live, there is Free Legal Aid ever Monday night in the Community Centre. You ring up and make an appointment and go wait.

There is a solicitor there every Monday night/every second week ish.

Find out what the equivalent is where you live. Your local Citizens Advice - will be able to give you more help.

And don't mind the fcuker in the bank with his comments. If it was that easy to get a job - we wouldn't have a crisis at the moment with 100, 000 mortgages in arrears and the highest unemployment rates in 20 years.

thank you so much
I thought it was wrong coming from the bank (who should be bankrupt but was bailed out), telling me I should change my job, specially when I can at least look after myself and don't claim dole.

RATM · 13-02-2013 6:01am

Two organistaions that will help you for free- would advise making an appointment with them asap.

Free legal aid & advice
http://www.flac.ie/

Free debt / bankruptcy advice
http://www.mabs.ie/

cookie1977 · 13-02-2013 8:23am

Also take a look at:

http://www.keepingyourhome.ie

You at the very least need to enter the MARP process and under this process if you're communicating with the bank you have certain protections. You're also entitled to a consultation with an accountant paid for by the government. My first port of call if I were you is with your bank to discuss the situation and see what they can do. You could qualify for up to full capital deferment and up to 33% interest deferment for up to 5 years if the bank feels that this could help you through this difficult time. Communication and action with your bank is key. MABS and FLAC could also help you.

feargale · 13-02-2013 6:35pm

miggle wrote: »

thank you so much.
I spoke with bank a month ago, the man said I must pay my debts and told me to find another job to earn more money to pay them.
I got very angry and upset at the time.
it still haunts me that conversation, and like now I cannot sleep because of it.

Don't let the bank bully you. They've been getting away with that for decades, but not so much anymore. Everybody, including the courts, now see them for what they are. Deal with the bank via your solicitor or mabs etc., not directly. If the bank offer you a deal, dont accept it before talking to a solicitor. Generally, the court will give you a better deal than any bank. And FFS dont feel any embarrassment about going to court and disclosing your financial difficulties. You will probably be in very good company there. Anyway, get a solr, or if you can't, use Mabs.

Villa05 · 13-02-2013 9:03pm

miggle wrote: »

thank you so much.
I spoke with bank a month ago, the man said I must pay my debts and told me to find another job to earn more money to pay them./Quote]
______________________________________________

I hope you told him that you would start paying back when the bank pays back its debts to you, the Irish Taxpayer

Please help, house/bankruptcy

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