DCC Shared Ownership in arrears switching to DCC 100% mortgage

Sinbad311

Hello,

I am hoping someone could shed some light on the following for me please.

I purchased my SO house in 2010 for 232,000 euro. In 2011 I lost my job and fell into arrears of 21k (was paying a few hundred each month). I have since returned to work and have been repaying full mortgage with a little extra each month for the last 12 months but not enough to make a real dent in arrears.

On Friday I received a letter from DCC asking if I would be interested in switching to 100% mortgage. Not sure if this a generic letter sent out to all SO mortgage holders or if there actually is a real chance for me to switch to 100% mortgage and perhaps capitalize the debt.

Maybe it's a pipedream that the council would make such a gesture and help me remove this 21k noose around my neck by adding debt to "new mortgage".

Has anybody any experience in this? Or could someone give me an educated guess as to what my options are regards 21k debt and rising annual rent that effectively makes it even harder to repay the debt portions.

Thanks in advance,
S.

Kelly06

Sinbad311 wrote: »

Hello,

I am hoping someone could shed some light on the following for me please.

I purchased my SO house in 2010 for 232,000 euro. In 2011 I lost my job and fell into arrears of 21k (was paying a few hundred each month). I have since returned to work and have been repaying full mortgage with a little extra each month for the last 12 months but not enough to make a real dent in arrears.

On Friday I received a letter from DCC asking if I would be interested in switching to 100% mortgage. Not sure if this a generic letter sent out to all SO mortgage holders or if there actually is a real chance for me to switch to 100% mortgage and perhaps capitalize the debt.

Maybe it's a pipedream that the council would make such a gesture and help me remove this 21k noose around my neck by adding debt to "new mortgage".

Has anybody any experience in this? Or could someone give me an educated guess as to what my options are regards 21k debt and rising annual rent that effectively makes it even harder to repay the debt portions.

Thanks in advance,
S.

Why don't you ring the council to discuss. If they are switching you to 100% mortgage they are probably also going to capitalise the arrears which will mean that you will owe more than you borrowed in the first place. To be honest no one should still be on a shared ownership agreement 5 years later, it doesn't make sense. Ring whoever wrote to you and say you are intersted in discussing your options and don't delay. Local authorities are repossessing properties so if you can sort your situation it will be great !

leprechaunxwwwx

Did anything come of this Sinbad?