Advice needed - home surrender/repossion

teabee

I bought a house in 2006 under affordable housing with the local council, having been mortgaged with BOI, with my partner. He left one month later and I contacted the bank to inform them and initially tried to buy him out. At this stage I haven't seen or heard of him since 2006 Nov.
Over the years I struggled with repayments on and off. The house like all everywhere isn't worth half the price at time of sale. Since Dec things have just got worse and worse for me financially. I owe about 200k on the house and 24k in other loans and bills. I had applied for mortgage interest relief but this was refused as the house is in joint names. Even though the bank have informed me that they have done both a national and international search for this person they cant find him. I have two children not with this person aged 14 and 2. The house has been systematically falling apart since Christmas and I have had to get loans from family to help. I went to Mabs last year and was advised that they could do nothing to help me as there was too big of a shortfall in my income needs and actual income. I know that at this stage the mortgage is completely unsustainable, I am that far behind 31K, I lost my job two years ago and despite applying for many jobs have been unsuccessful in getting employment. I am now at a stage where I just want to give the house back, i feel that I cant physically or mentally take anymore at this stage. I cant answer my phone, I cant even talk to people. I am trying to continue as normal for my children and am finding it harder each week. can anyone advise me on how to go about surrendering the house, where would I stand with other housing options as I would literally have nowhere to go. And does anyone know how this insolvency thing would work for me. I have no assets nothing. Any advice gratefully appreciated.

D3PO

in your situation DO NOT SURRENDER your property. Doing so I understand will make you ineligible for the social housing list. Im surprised with MABS they normally have some guidance to provide especially on the legal aspects of things.

Make an appointment for free legal advice from FLAC. I suspect entering the MARP process with the bank is your next step forward.

StillWaters

That sounds like a very tough situation OP, i would echo the previous poster, do not walk away without exploring all options first. The fact you have a comortgagee who has vanished might complicate things for you.

Have a look at keepingyourhome.ie

teabee

For 7 yrs I have gone to solicitors, tds, cwo. At this point I have had enough. I'd rather the bank took it back it has caused nothing but misery.they all tell me because second mortgagee has to agree to sell or make an order to have it sold. Difficult when no one can find him. I just want out of here now I can't afford to get anything fixed. No heating , no cold water in tap on kitchen tap broke etc etc. school asking for money got stuff every other week. Some weeks I only eat 3 days, just to feed the kids. I've had enough. Apart from attending interviews and getting shopping I do nothing. Nobody has any quality of life and the longer it goes on the worse it gets.

StillWaters

You need to go to FLAC as DP30 suggested. It would appear that a Personal Insolvency Arrangement would suit as clearly your debts are unsustainable. But FLAC will advise you on this, and how or if you can proceed without your ex partners consent.

Does his family not know where he is? Surely if you bought a house with him you know where his parents, family and friends are?

teabee

He doesn't have any family left. Parents had him late and are dead. He never had any relations around lost touch with then over the years. In all honesty I wouldn't have thought it possible that someone could just disappear no trace of them with revenue , sw, last job anything bit apparently it can be done. The bank themselves have tried to find him and have had no luck either nationally or internationally.

djimi

Have you actually declared him as a missing person?

OU812

Probably get lambasted for this.

Look after your kids & yourself first financially (you're no use to them sick).

Cut all unnecessary expenses, then make sure there's food in the presses first. School & well being of the kids after that. Put aside €10/20 a week for emergency food etc. after that pay the bills & mortgage.

Get a payg electricity meter fitted. Advise those you owe that you're suffering extreme hardship & then just pay them a portion of what you owe.

Your credit rating is most probably f**ked by now (as is a good portion of the country), so don't worry about that.

It's probably going to be regarded as bad advice, but go into survival mode. Family first & to hell with everyone else.

Edit: also, go speak to your doctor. Unload some of your concerns to him. I think you may be suffering from depression (if you're not, I've no idea why after reading what you've had to put up with). It will help.

rugbyman

OU812

I thanked your post above , but thanks is not enough.

You are absolutely right, spot on

Rugbyman

jobless

OU812 wrote: »

Probably get lambasted for this.

Look after your kids & yourself first financially (you're no use to them sick).

Cut all unnecessary expenses, then make sure there's food in the presses first. School & well being of the kids after that. Put aside €10/20 a week for emergency food etc. after that pay the bills & mortgage.

Get a payg electricity meter fitted. Advise those you owe that you're suffering extreme hardship & then just pay them a portion of what you owe.

Your credit rating is most probably f**ked by now (as is a good portion of the country), so don't worry about that.

It's probably going to be regarded as bad advice, but go into survival mode. Family first & to hell with everyone else.

Edit: also, go speak to your doctor. Unload some of your concerns to him. I think you may be suffering from depression (if you're not, I've no idea why after reading what you've had to put up with). It will help.

dunno why anyone would lambast you.... i think you're dead right

Rasmus

Have you declared him missing? I wonder who or how could declare someone dead? I think it's 7 yrs but you could look into it.

teabee

The gardai are aware and the bank told me the last official record of him was 2008. Thankfully I'm more annoyed and peed off at myself for being in this position than depressed. As I say throw on the interview costume and just keep going, but I know something had to give eventually. The only thing we ever truly own is our mental health and I am hoping for probably a totally I realistic chance of getting out of this mess and getting my life no on track. Previously I would have wondered how people turned to drink , drugs and crime. Thankfully I would have no wish to go down any of these routes but I do understand their desperation. I couldn't afford it either truthfully. Thanks for all advice it is very much appreciated

OU812

Ah just thought I'd get the usual lot of "Who do you think will pick up the slack... The taxpayers". Or I"'m not paying my taxes to support you".

I don't think those people get it.

There's someone hurting here. The country's so far screwed its not going to recover for 20/25 years. (Damn it's painful just typing that). We need to look after our vulunerable because our government is failing them.

Chris_5339762

This is a situation where taxpayers should help in the form of a writeoff. We've got someone who has been burned by a partner who has absconded and who is now doing all she can to keep going. She hasn't said "feck the mortgage" and has tried her level best. He should be persued and jailed, but a writeoff here would certainly help get a life back on track.

Most certainly this is a "Can't Pay" rather than a "Wont Pay".

D3PO

OU812 wrote: »

Ah just thought I'd get the usual lot of "Who do you think will pick up the slack... The taxpayers". Or I"'m not paying my taxes to support you".

I don't think those people get it.

There's someone hurting here. The country's so far screwed its not going to recover for 20/25 years. (Damn it's painful just typing that). We need to look after our vulunerable because our government is failing them.

and your clearly wrong by the responses on this thread. Nobody has anything buy sympathy for the OP's plight. There is no semblance of greed in the OP's story just genuine hardship.

I have no sympathy for many how are in trouble now because its of their own doing. The OP doesn't fall into that category.

Everybody gets tarred as unsympathetic, uncaring animals. Were not. The OP is nothing like those arseholes in the Sweden or Australia threads for example who were greedy sucm suckers who are trying to screw us now because their greed has bitten them in the ass

StillWaters

In your shoes I would enter a Debt Relief Notice for the personal debt. They cannot get blood out of a stone, and I think your creditors will agree to this.

This will give you valuable breathing space. Are you getting Mortgage Interest Supplement? Can you afford to pay Interest Only on your mortgage if you were rid of the personal debt?

davet82

OU812 wrote: »

Look after your kids & yourself first financially (you're no use to them sick).

make this your motto!

I wish I could offer you some advice but I wouldn't know where to start...

What I can say is fair play to you for keeping it together, you are obviously a strong person and you will get through this...

Please keep us updated and fingers crossed here things will turn around for you

byronbay2

As others have said, think of yourself and your children first. Don't starve yourself (eating 3 days a week!) to pay back any debts. Try to eat healthily and get some exercise - you need your health/strength to cope with (and overcome) your current situation.

First things first: don't pay another penny into your mortgage. You can't afford it and it's only throwing good money after bad - you will never own that house. It would be beneficial for you if the bank repossessed it and you could move into decent local authority housing, with heat and running water and all!!

Get proper financial advice about your other debts but always put your own family needs first. Things look bleak now but once you remove the millstone of the house from around your neck and get into an affordable, warm, secure council house things will look a lot better. Good luck and I hope everything works out well for you.

teabee

I don't qualify for mortgage interest supplement I've been told because the other party's name is on the mortgage and is untraceable.cant be found to get a letter stating he has nothing to do with the property. The most I can afford to give the bank is 35€ a week. Laughable I know, they want 50 not humanly possible. And every one that is owed money has me hounded. I got a letter yesterday to say a debt collection company is sending someone out to see me for collection of their bill. I rang them explained I have nothing and felt very threatened and vulnerable. Envisaging someone trying to take the kitchen table. Phone operators response : note made on computer I can't help you and have no control to stop home visit. Just explain to whoever comes out. I don't think I'll open the door or I am liable to hand them the house keys and walk past with the kids.

OU812

ok, you're getting yourself worked up over nothing.

A debt collection agency has no powers that an ordinary (i.e. one of the people you ow money to) has. Any future letters from them, return them to the sender unopened.

You don't have a contract with these people & should not engage with them.

You should have the bank details for whomever you owe money to. Go to the post office this afternoon & pay €5 to them making a note of your account number in the memorandum. You are now attempting to pay them what you owe & any action on their part engaging debt collectors could be construed as harassment. Try to pay everyone you owe the barest minimum. Not their minimum amount, the minimum you can pay.

If you do get a visit from a debt collector, do not open the door & if you have a camera phone, record the conversation (tell them you're doing this), for your own protection.

Concentrate on getting some payment (that you can afford) back to your family & friends.

Meathlass

Contact your local St. Vincent de Paul society for help with food and utility bills as you try and work out the mortage

Inspector Dhar

teabee wrote: »

He doesn't have any family left. Parents had him late and are dead. He never had any relations around lost touch with then over the years. In all honesty I wouldn't have thought it possible that someone could just disappear no trace of them with revenue , sw, last job anything bit apparently it can be done. The bank themselves have tried to find him and have had no luck either nationally or internationally.

Yup.. People CAN disappear. My husband of 18 years did, almost 6 years ago. Like the OP, his parents were dead, he had no siblings, he just vanished. 3 months later, I got a text from him, from a New Zealand phone. I contacted each and every one of my creditors, and outlined the position to them - i.e., my domestic circumstances had changed drastically, and I was now the sole provider for our three kids - all still going to school at the time. I left them in no doubt that they (the kids) were my number one priority , and that those I owed money to were way down the pecking order. 6 years later, with the help of friends and family, we are still in our own home & weathering the storm.

Anynama141

OU812 wrote: »

Ah just thought I'd get the usual lot of "Who do you think will pick up the slack... The taxpayers". Or I"'m not paying my taxes to support you".

I don't think those people get it.

There's someone hurting here. The country's so far screwed its not going to recover for 20/25 years. (Damn it's painful just typing that). We need to look after our vulunerable because our government is failing them.

'Those people' have a problem with freeloaders and those trying to dodge their debts because they don't fancy paying them.

This poster is in a tough spot through no particular fault of her own - unemployment and an irresponsible co-mortgagee. I hope that she gets a clean slate and gets back on her feet ASAP.

OP - it's only money at the end of the day. Best of luck - if you have survived this far through tough times, you will do great when you get back on an even keel.

OU812

Anynama141 wrote: »

'Those people' have a problem with freeloaders and those trying to dodge their debts because they don't fancy paying

A guy I worked with has his family home and an apartment which they bought as an investment. The wife is no longer working ( not for the want of trying), the rent covers about 65% of the mortgage (interest only). He's kept up payments on the house, spent almost all their savings on keeping up the apartment. He has no more to give them.

His priority is rightly his family.

He's given all he can. As far as he's concerned if he does what the bank tell him (go on interest only on the house & put the additional money toward the apartment), he & the bank will be dealing with two mortgages in distress rather than one.

"Those people" would be saying "tough, took a gamble & it didn't work out" but what do they want? The family on the streets, relying on council support for a house & two distressed mortgages that the bank will be looking to have bailed out, or one ?

(Hint: writing off one will allow him to get his family back on track & start spending in the economy again)

"Those People" are a little self serving. Although they might be of the opinion "why should my taxes go to children's allowance" when they don't have kids, I've yet to hear of anyone who refused it.

But you're right. It's only money. It'll come and go like it always has.

Anynama141

OU812 wrote: »

"Those people" would be saying "tough, took a gamble & it didn't work out" but what do they want? The family on the streets, relying on council support for a house & two distressed mortgages that the bank will be looking to have bailed out, or one ?

Family on the streets my arse. Ever hear of renting? :rolleyes:

Emotive nonsense.

OU812 wrote: »

(Hint: writing off one will allow him to get his family back on track & start spending in the economy again)

Hint: the money for writing off the debt comes out of the pockets of other people who are even more likely to spend it...

OU812 wrote: »

"Those People" are a little self serving. Although they might be of the opinion "why should my taxes go to children's allowance" when they don't have kids, I've yet to hear of anyone who refused it.

Every child gets children's allowance. Not just irresponsible children who made bad investments.

OU812

Yeah, the last one was a bad example, I was just comparing the types of begrudgers.

He could rent I suppose. I'm not familiar with renting, so I don't know if credit records are checked etc.

The banks have already made an allowance for mortgage write downs as part of their bailout. So it's already being paid for.

Anyway. This is all off topic of the op's issue

Anynama141

OU812 wrote: »

The banks have already made an allowance for mortgage write downs as part of their bailout. So it's already being paid for.

Yes - and you know where that money came from, right? And you know who continues to own it?

The taxpayer. If the banks are run properly, we might see some of it back. If the banks share the debts of the non-payers, guess who they come back to looking for more cash?

D3PO

OU812 wrote: »

A guy I worked with has his family home and an apartment which they bought as an investment. The wife is no longer working ( not for the want of trying), the rent covers about 65% of the mortgage (interest only). He's kept up payments on the house, spent almost all their savings on keeping up the apartment. He has no more to give them.

His priority is rightly his family.

He's given all he can. As far as he's concerned if he does what the bank tell him (go on interest only on the house & put the additional money toward the apartment), he & the bank will be dealing with two mortgages in distress rather than one.

"Those people" would be saying "tough, took a gamble & it didn't work out" but what do they want? The family on the streets, relying on council support for a house & two distressed mortgages that the bank will be looking to have bailed out, or one ?

(Hint: writing off one will allow him to get his family back on track & start spending in the economy again)

"Those People" are a little self serving. Although they might be of the opinion "why should my taxes go to children's allowance" when they don't have kids, I've yet to hear of anyone who refused it.

But you're right. It's only money. It'll come and go like it always has.

this guy you worked with was greedy. I have no sympathy with him its nothing like the OP's case. He didn't have to buy a second house he did hoping to cash in. Tough.

I have no sympathy for somebody like him its not being a begrudger he is one of the core demographics that has caused this economy to crumble. How you can even compare his "hardship" with that of the OP is disgusting.

Let him sell off his investment, tack the outstanding balance onto his home mortgage and pay his debts, or sell both pay his debts and rent.

This guy is greedy and expecting a get out of jail free card. the OP is just looking to get out of a horrible stressful situation and provide some level of basic living for her family.