# Double Redundancy - What to do mortgage wise???



## Ms2011 (23 Mar 2011)

So myself and my partner just got the devasting news that we will both be made redundant by June ( we work for the same company ).
We took out a 32 year, 3 year fixed rate mortgage which ends in January and continues on into a variable rate.
Currently we owe 250K on our mortgage with IIB and our house is worth about 170K at best guess leaving us in 90K NE.
Our bit of redundanacy money will buy us a month or two but what is the best option for us after that if no jobs appear on the horizon and we have to live on social welfare?
I've heard of short selling and refinancing the shortfall, or selling our home and incorporating the NE on a new mortgage on a smaller proper, is this even possible or just pipe dreams???
I'm not sure what to do next, I'm frightened I will end up losing everything!!!


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## oldnick (23 Mar 2011)

read the "key posts" on this thread where you can find links to various organisations that give up-to-date helpful advice  and information.

People in your position -even if they do not find work - are not in danger of losing their homes as long as you pay the interest on the loan. And there is even help available on paying the interest.

Start reading now and you will soon learn that with the various helps available you have loads of time - even years - before there is any threat to your home. This gives you ample time to work out long term strategy and hopefully by then one or both of you may find a job.

Yes, there are various provisos like properly informing your lender of your position ,working out and showing a financial plan/budget etc etc  - but the situation is far far better than you think at this moment.


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## kildon (24 Mar 2011)

speak to MABS and the lender.

banks don't want to respossess houses in negative equity so they will want to work with you

as above, read as much as possible


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## Ms2011 (25 Mar 2011)

Thanks for all of the advise.  I have looked at the links suggested and they were quite useful.
Do you think I should email my mortgage company now and give them a heads up on my situation or wait and see if we do end up getting new jobs?


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## iscritto (25 Mar 2011)

I would call them rather than email, explain what has happened. 
Before you call work out a budget and know how much you will you be able to pay from June on.


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## Ms2011 (25 Mar 2011)

iscritto said:


> I would call them rather than email, explain what has happened.
> Before you call work out a budget and know how much you will you be able to pay from June on.


 
Ok I will call instead.
I'm quite good with money, I've always done a budget for my money from the day I left school and had my first job.  I have a budget done up for the worst case senario ie. no new jobs, spending some time on social welfare so I will give them the figure for what we will be able to afford.  We are lucky in the sense that we don't have any other bills ie. car loans, credit card bills, credit union loans etc. our mortgage is our only loan, then just utilities so hopefully we will muddle through this!


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## KDC (21 Apr 2011)

Ms 2011 

How did you get on ?


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## Guest105 (21 Apr 2011)

KDC said:


> Ms 2011
> 
> How did you get on ?


 

http://www.askaboutmoney.com/showthread.php?t=154329


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## Ms2011 (22 Apr 2011)

KDC said:


> Ms 2011
> 
> How did you get on ?


 
I rang them and they sent me out an income and expenditure form to fill out and send back which I did last week.  I'm just waiting now on a reply.
I don't suppose I'll be on top of their list of priorities at the moment as I am not going to be in arrears until August so they will probably deal with more urgent cases first.


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## v21075 (23 Apr 2011)

First thing you should do once you are officially finished with work is go to your local community welfare officer and discuss applying for the mortgage interest supplement, it is short term aid but invaluable in buying you some time to get things in order


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## Ms2011 (23 Apr 2011)

Thanks for that!! Will check that out


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