Such a confused situation - no idea what to do - mortgage arrears

Queen-Mise

Our mortgage has fallen a long way in arrears - over 3 years worth. Our house is worth a third of what the mortgage is and is pretty much unsellable due to conditions around where we are.

I have paid mortgage for past 18 months, as husband was working. And my husband is just about to lose his job again - company is about to go under. So we are kinda waiting for the news at the moment. How long will it take to get him to get another job...

Our mortgage situation is just untenable at the moment and I have no idea what to do. At the rate we are going we will never catch up, or be able to catch up.

My mother wants us closer to the home place, as she will need help soon with my father (he is nigh on 80, a big man, and getting more decrepit now).

ABajaninCork

Have you spoken to the bank yet? I think that would be the first step. Maybe make an appointment to see someone at MABS too. They might be able to negotiate with the bank on your behalf.

Queen-Mise

I forgot to say that - the bank have set bailiffs on us. And they also want to put the arrears onto the end of the mortgage.

D3PO

Queen-Mise wrote: »

I forgot to say that - the bank have set bailiffs on us. .

Clearly we don't have the full story here. Bailiffs are sent by the courts not the bank ......

maybe you can fill in the blanks ?

Queen-Mise

D3PO wrote: »

Clearly we don't have the full story here. Bailiffs are sent by the courts not the bank ......

maybe you can fill in the blanks ?

I don't know what the correct term is - he seemed like a bailiff to me. They do the collections for Providence for non-payers - what do you call them. Collections Agents? Don't know.

Ulster bank has hired this company for people in arrears.

nelly17

Does your insurance not have payment protection incase you loose your job ?

cypressg

I wouldn't worry too much about it,there are lots of people in the same scenario,about 50,000+ I believe.

ABajaninCork

It hasn't gone to court yet then. The bank have only sent the debt collectors...

What happened when the DC called round? Have you prepared a Statement of Means (or whatever the term is here) showing incomings/outgoings? And have you told them about your husband's situation yet?

StillWaters

Have you entered MARP or have you gone into arrears without talking to the bank? If you are in MARP a year, you can apply for mortgage interest supplement if your husband loses his job. In any case you need an urgent appointment with mABS.

D3PO

defo go into the MARP process if you haven't already done so. Totally agree with Stillwaters.

username123

Even though I largely abhor the website, this is a useful thread from askaboutmoney.

They do have some other useful threads on unsustainable mortgages too.

One thing thats not covered in that particular thread, is the possibility of going to the UK and going bankrupt there. You could do some investigation on this. Heres a recent thread with more detail from AAM also.