eyesgreen_1
Registered User
- Messages
- 95
Hi everyone, any advice would be much appreciated.
I agreed a voluntary sale of a buy to let property with Ulster bank (sale went through in April 2015) which left a shortfall of around €120,000. My family home is worth around €70,000 and the mortgage is €69000. My mortgage repayment is €491 per month which I am paying. I am on a very low and intermittent income and am just about getting by each month I am a single dad to two girls, (22 and 20 years old). My 22 year old daughter and her baby boy live with me. The Ulster bank have begun ringing and chasing the shortfall which I haven't a hope of paying. I have arranged a meeting with a PIP to gain advice on my options. There is a possibility myself and my daughter could temporarily move to my parents house and rent out my home for the period of a PIA which could create an offer of around €400 per month to the bank for the PIA term of 6 years (but due to her baby boy ect this wouldn't be entirely ideal but is still a possibility if it meant I could hold on to the family home). So just wondering if the bank will accept a low income offer or would I be better to go bankrupt (my only fear in bankruptcy is that I would lose the family home). Could anyone give me their thoughts on what may be the best option in my case and the likelihood of losing my PPR (family home).
Many thanks
I agreed a voluntary sale of a buy to let property with Ulster bank (sale went through in April 2015) which left a shortfall of around €120,000. My family home is worth around €70,000 and the mortgage is €69000. My mortgage repayment is €491 per month which I am paying. I am on a very low and intermittent income and am just about getting by each month I am a single dad to two girls, (22 and 20 years old). My 22 year old daughter and her baby boy live with me. The Ulster bank have begun ringing and chasing the shortfall which I haven't a hope of paying. I have arranged a meeting with a PIP to gain advice on my options. There is a possibility myself and my daughter could temporarily move to my parents house and rent out my home for the period of a PIA which could create an offer of around €400 per month to the bank for the PIA term of 6 years (but due to her baby boy ect this wouldn't be entirely ideal but is still a possibility if it meant I could hold on to the family home). So just wondering if the bank will accept a low income offer or would I be better to go bankrupt (my only fear in bankruptcy is that I would lose the family home). Could anyone give me their thoughts on what may be the best option in my case and the likelihood of losing my PPR (family home).
Many thanks