I have a BTL that a vulture fund is selling through a Receiver. My loan balance is €180k and the property is up for sale for €75k. There will be costs of sale to come from this too, so it will leave a balance of over €110k which I'll still owe.
I took out this mortgage in 2005 with UB and have only ever been able to afford interest only repayments. Even though I was receiving rent, which was less than interest, I needed the money to live on.
Im married but the property is in my sold name. My husband and I have a family home (balance €200k value €370k). We have 3 kids and I work 30 hrs a week. We have no surplus income at the end of the month and are not big spenders either. We have no savings and live month to month. I have no other debt.
I have 3 questions:
1. After the vulture fund sells the property what likely action will they take? I take it that it wouldn't be worth their while obtaining a judgement against and then a judgement mortgage on my family home? (ie the cost of obtaining a judgement against unlikely to receive anything)
2. If after they sell the property I was able to get a loan of €5k from my parents do you think they might accept this as full settlement?
3. Should I consider personal insolvency options?
I took out this mortgage in 2005 with UB and have only ever been able to afford interest only repayments. Even though I was receiving rent, which was less than interest, I needed the money to live on.
Im married but the property is in my sold name. My husband and I have a family home (balance €200k value €370k). We have 3 kids and I work 30 hrs a week. We have no surplus income at the end of the month and are not big spenders either. We have no savings and live month to month. I have no other debt.
I have 3 questions:
1. After the vulture fund sells the property what likely action will they take? I take it that it wouldn't be worth their while obtaining a judgement against and then a judgement mortgage on my family home? (ie the cost of obtaining a judgement against unlikely to receive anything)
2. If after they sell the property I was able to get a loan of €5k from my parents do you think they might accept this as full settlement?
3. Should I consider personal insolvency options?