PTSB wanting us to sell

K

kroy

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Connected with my other thread (not allowed link)
We got a letter this morning from PTSB saying we had 30 days to agree to sell the property or they'd repossess & sell it anyway. We're liable for any shortfall.

Problem is we can't afford to pay the difference now. If they put another €180k even at our current mortgage rate, it'd be an extra €980 a month for the next 27 years (this puts me at over 70 when the mortgage gets paid off).

Right now we're struggling to pay the €1200 a month that we are paying (in full every month), to increase it by that much will kill us totally for the guts of 30 years.

Honestly, I have no clue what to do.

Should we see a solicitor & if so can anyone recommend one specialising in this in Dublin city centre or north ?
 
Kroy;

1.It is still hard to repossess.
2. Do not readily agree to sell the property.
3. Are you in serious negative equity?
4. Are you in good full time work?
5. You are paying 1,200 per month ,Is there a shortfall in payment.
Suggest phone PIP 0858888531 Ryan Stewart (i have used him) tell him you know me and see what he suggests. Cost you nothing more than a call.You will get good free initial advice.
Whatever else you do , do not ignore.

My inclination is to not use solicitors as they are not skilled in this.
 
Thanks Gerry, Will give him a call.

Tommy, we have a single income in the house (Wife), she is on a decent salary, but it's not enough to sustain the situation. After mortgage, groceries, utilities, & incidentals we have about €80 left over, which is great compared to some, however nowhere near what we'd need.
 
And what is the income Kroy? It would be much better if you gave us all the financial information needed to try and give you some advice.
 
Income is €3000 a month nett.

I've gone back through our figures. Our mortgage is €1300 a month & that's paid in full. The apartment is €1450 a month & they get the rent received which is €850 pm. We also have another €11,500 of other debt. Bills, groceries etc add up to another €1600 or so a month.
 
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