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I can't afford to pay my mortgage

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    #32
    petethebrick
    Closed Accounts Posts: 1,031 ✭✭✭petethebrick


    Rent out the other room and don't tell the bank??


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    #33
    m'lady
    Registered Users Posts: 1,859 ✭✭✭m'lady


    petethebrick wrote: »
    Rent out the other room and don't tell the bank??


    It wouldnt be really the bank he would be not telling that is important, it would be the HSE as he is getting mortgage supplement, and that could open a whole new can of worms unfortunately...


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    #34
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    OP, Snakebloods advice has covered everything.

    Remember there are over 100,000 already in arrears or have restructured their mortgages.
    They have a long list to go through before you become their next target.
    Look for a payment holiday then interest only from your bank.
    Make whatever payment you can but do not, I repeat, do not sacrifice your well being.
    You come first, they get what's left over, OK.


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    #35
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    Rabidlamb wrote: »
    OP, Snakebloods advice has covered everything.

    Remember there are over 100,000 already in arrears or have restructured their mortgages.
    They have a long list to go through before you become their next target.
    Look for a payment holiday then interest only from your bank.
    Make whatever payment you can but do not, I repeat, do not sacrifice your well being.
    You come first, they get what's left over, OK.

    My advice was listen to the other guy.:cool:


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    #36
    El Weirdo
    Registered Users Posts: 11,647 ✭✭✭✭El Weirdo


    m'lady wrote: »
    It wouldnt be really the bank he would be not telling that is important, it would be the HSE as he is getting mortgage supplement, and that could open a whole new can of worms unfortunately...
    Actually, the HSE payment would probably be nothing compared to what he would lose on Interest Relief. So it would really be the Revenue that he would have to keep it from.


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    #37
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    Bankrupty should be the absolute last, explored every single other avenue, done everything I can bar go out on the streets begging, final resort.
    Because once you do, you're pretty much shutting yourself off from every credit institution, and if you need to borrow money for any reason in the future, you won't even get the time of day.


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    #38
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    daltonmd wrote: »
    You know Monty, I have a feeling that those who do get themselves out of this mess will be very reluctant to ever borrow to buy property again.
    A lot of people bitterly regret entering the property market and will not make that mistake twice.


    daltonmd

    that's for sure . i dont think i will ever borrow again , nor half my friends.


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    #39
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    petethebrick wrote: »
    Rent out the other room and don't tell the bank??
    could do , but i feel a moral obligation not to. i am getting help off the HSE , social welfare at the moment and am very grateful. wouldn't feel right to expect the tax payer to pay anymore than they are for my own recklessness


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    #40
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    Rabidlamb wrote: »
    OP, Snakebloods advice has covered everything.

    Remember there are over 100,000 already in arrears or have restructured their mortgages.
    They have a long list to go through before you become their next target.
    Look for a payment holiday then interest only from your bank.
    Make whatever payment you can but do not, I repeat, do not sacrifice your well being.
    You come first, they get what's left over, OK.
    yes totally. banks will be coming second from now on. i am actually so annoyed with myself that i let it come to this. i have been so stressed , depressed , anxious that i cannot make rational decisions no more. it has thrown me so far it is scary. i totally understand so many people in this day and age suffer emotional and psychological health problems


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    #41
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    Snakeblood wrote: »
    Listen to this guy.


    hi ,

    thanks for the excellent advice. i think u covered every logical avenue to pursue. i am a natural worry so i do tend to panic over the slightest of things. i will most certainly have to work on this as it's not good for my well being and mental state.

    your comments and way with words are reassuring . the banks need to be put under a bit of pressure , even if nothing comes of it , at least i am fighting back. to think of the days i left myself without food and heating fretting over having insufficient mortgage funds. the brain works in mysterious ways when under constant stress . i am glad there is sites , such as boards to talk about these issues .


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    #42
    daltonmd
    Registered Users Posts: 1,246 ✭✭✭daltonmd


    superbad50 wrote: »
    hi ,

    thanks for the excellent advice. i think u covered every logical avenue to pursue. i am a natural worry so i do tend to panic over the slightest of things. i will most certainly have to work on this as it's not good for my well being and mental state.

    your comments and way with words are reassuring . the banks need to be put under a bit of pressure , even if nothing comes of it , at least i am fighting back. to think of the days i left myself without food and heating fretting over having insufficient mortgage funds. the brain works in mysterious ways when under constant stress . i am glad there is sites , such as boards to talk about these issues .

    superbad, screw the banks. Stop looking at what is best for them and look at what's best for you. As long as you work with them (even if they don't work with you) then trust me in the long run this is what will stand to you.

    I had the pleasure of being present in a court case some years ago, where a man was taken to court by a bank for non payment of a loan.

    His situation was that he had an accident and was 18 months recovering. He wrote to them constantly, he sent them small amounts when he could and when they started to put the pressure on him his brother in law wrote to them saying the he would employ the man for doing minimal tasks in his business for 20 hours per month and pay the bank, on the brother in laws behalf ALL the earnings, about 250 Euro per month.

    The bank refused. So it ended up in court.
    The Judge went ballistic, the debt was about 50k as I recall and the bank had a full legal team at the table, the Judge said that they could have saved a large portion of the debt by negotiating with the man instead of costing them all their legal fees and the state a fortune by having to provide legal aid to the man, as well as his time and the courts time.
    He ordered the man to pay 50 euro a week off the debt.

    What stood to the man is that he made every effort to come to an agreement with the bank.

    Go easy on yourself, you weren't reckless, your circumstances changed and you are trying to better yourself.

    Good luck

    daltonmd


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    #43
    mari2222
    Registered Users Posts: 568 ✭✭✭mari2222


    The rent a room scheme is not technically "renting" and allows you receive up to 10,000 per annum from your "renter".


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    #44
    ebixa82
    Banned (with Prison Access) Posts: 1,289 ✭✭✭ebixa82


    superbad50 wrote: »
    hi ,

    by renting out the room i lose my mortgage interest of my mortgage interst supplement contribution , so just say if i were renting a room for 300 per month i would lose 400 per month , so i would be in a deficit of 100 euro. doesnt make sense i know but that's the way the system is. i would be further in arrear's

    You would only lose the MISC if you declared that you were actually renting out the room!
    Don't bother registering and get the money.
    This is unethical and somewhat dodgy but desperate times can mean desperate measures.


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    #45
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    daltonmd wrote: »
    superbad, screw the banks. Stop looking at what is best for them and look at what's best for you. As long as you work with them (even if they don't work with you) then trust me in the long run this is what will stand to you.

    I had the pleasure of being present in a court case some years ago, where a man was taken to court by a bank for non payment of a loan.

    His situation was that he had an accident and was 18 months recovering. He wrote to them constantly, he sent them small amounts when he could and when they started to put the pressure on him his brother in law wrote to them saying the he would employ the man for doing minimal tasks in his business for 20 hours per month and pay the bank, on the brother in laws behalf ALL the earnings, about 250 Euro per month.

    The bank refused. So it ended up in court.
    The Judge went ballistic, the debt was about 50k as I recall and the bank had a full legal team at the table, the Judge said that they could have saved a large portion of the debt by negotiating with the man instead of costing them all their legal fees and the state a fortune by having to provide legal aid to the man, as well as his time and the courts time.
    He ordered the man to pay 50 euro a week off the debt.

    What stood to the man is that he made every effort to come to an agreement with the bank.

    Go easy on yourself, you weren't reckless, your circumstances changed and you are trying to better yourself.

    Good luck

    daltonmd

    my god that is unbelievable. I understand my rights and i know it takes a couple of years before they can repossess. I have kept all of my emails , letters , faxes etc etc showing my willingness to meet repayments. You are right I am being extremely hard on myself , to the extent I am not myself and feeling very stressed.

    I will keep in touch with the banks , MABS etc and see how things develop. hopefully circumstances will change sooner rather than later . I know there are a lot of people in the same situation , some worse off. keep on trucking thats all we can do .

    thank you for your excellent advice
    I


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    #46
    superbad50
    Registered Users Posts: 375 ✭✭superbad50


    ebixa82 wrote: »
    You would only lose the MISC if you declared that you were actually renting out the room!
    Don't bother registering and get the money.
    This is unethical and somewhat dodgy but desperate times can mean desperate measures.

    yes you are right , generally I would not like to go down this path , but i may have to as i do not see things picking up anytime soon. If it is a case were it either lose my house or claim illegally then for sure i will choose the lather . only in ireland would you get scenarios like this


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