Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
  • 26-06-2013 4:05pm
    #1
    Queen-Mise
    Registered Users Posts: 7,461 ✭✭✭


    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).


Comments

  • Options
    #2
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭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.


  • Options
    #3
    Queen-Mise
    Registered Users Posts: 7,461 ✭✭✭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.


  • Options
    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭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 ?


  • Options
    #5
    Queen-Mise
    Registered Users Posts: 7,461 ✭✭✭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.


  • Options
    #6
    nelly17
    Registered Users Posts: 1,210 ✭✭✭nelly17


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


  • Advertisement
  • Options
    #7
    cypressg
    Closed Accounts Posts: 208 ✭✭cypressg


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


  • Options
    #8
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭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?


  • Options
    #9
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭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.


  • Options
    #10
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


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


  • Options
    #11
    username123
    Closed Accounts Posts: 7,484 ✭✭✭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.


  • Advertisement
Advertisement