Need Advice. The Bank are going to take our house

ineedaholiday

So my Dad lost his job a couple of years ago. He hasn’t managed to get a job since and he told me lately he is thinking about moving out of our home house and let his mortgage company take the house because he can’t afford to pay the mortgage on it, and has been defaulting for the last 6 months. There is about 90k left to pay on his mortgage and the house itself now is only worth around the same, and that’s if someone were to want to buy it. We are from a small village in the west so houses aren’t exactly in demand.

I live and work in Dublin and I am thinking about leaving and trying to get a job closer to home to try and save our house. The problem with this is 1) I would find it hard to get a job doing what I am doing outside of Dublin. I work in finance and the job I do is pretty specific to big cities and 2) If I was to find another job I would have to take a 25% pay cut at the very least.

I am not really sure what I should do here. If I pack my job in in Dublin to keep our house then all we have is a house somewhere where I personally do not want to live. But then if I don’t my Dad is going to have to rent somewhere even though he doesn’t have a job at the moment himself.

Does anyone have any experience in something similar or can you give any advice that could help at all?

thanks

Amtmann

I think you would be mad to leave your job. Completely, utterly mad.

kippy

Is there anyway you can help your parents finacially with the mortage?
Have your parents contacted the bank to see what options are available to assit them with paying goff the motgage.
90K isn't too bad an exposure (bad alright) but it may be manageable with some assistance from the bank. You do need to approach them however to see what options are available and you may be able to assist your parents with this.
Leaving your job would make little sense in this instance.

johnfitz69

Has your father been in regular contact with the bank? Whats the chances of your father getting another job? If you could help out i'm sure it would go a long way. No bank wants to take a family home. If you could continue to make some payments. depending on age, he may be able to extend the term and reduce in the repayment.

Liam D Ferguson

I don't know the interest rate on your Dad's mortgage but let's say it's 4%. The interest on €90,000 at 4% would be €300 per month. If the bank were getting that, or an amount close to it, I think they'd be happy with that for an indefinite period and it would also stop arrears accumulating.

Is there any way that between you, you could come up with €300 per month? Have you any other siblings who could chip in?

You say you'd have to take a 25% pay-cut to take another job, so if that 25% is less than €300 per month I'd just pay the €300 and keep your job in Dublin. This could be a holding position until your Dad gets another job and can take over himself again.

homer911

6 months is nothing in terms of the MARP process and the risk of losing the family home. Has your father engaged with the bank, MABS and the Mortgage Arrears Resoluton Process?

It sounds like you are panicking without having the full facts, or perhaps you have not told us everything in your post?