# Voluntary surrender of a property!



## SarahSmyth32 (1 Feb 2011)

Hiya thanks for taking the time to read our problem!
Ok we are a young couple (34 & 33) with one child he is aged (2)
We have been struggling for the past 2 years with our mortgage and short term debt, so far mabs  have helped with the short term debts and I think we are coping with that but we keep falling behind with our mortgage, we have had it interest only for past 4 years (extended as much as they could and restructured once already and are now €3k + in arrears (we actually owe more now to bank than we did at start) the house like all houses these days is in negative equity but by a lot its  (-€250,000.00)
Think that’s all the background info you will need!
These are the options I think we have, just need some advice to see are we doing the correct thing!

Option 1: Keep things same and hope I get a job, but  where the house is located the jobs are very scarce, I have been trying months to get any kind of job and have not even got a interview and my husband has a job but the salary is not covering our bills. 

Option 2: Voluntary surrender, I know this is a last resort but I honestly think this is where we are, my husband has been offered a very good paying job a few hours from where we live now, (its too far to commute) but if we got out of the house we would definitely have a a better quality of life and be able to afford everything. 

What would you do.......


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## niceoneted (1 Feb 2011)

Is there a possibility that you could rent out your house and move close to the job offer your husband got and in turn rent there. 
Also you could fill out the money makeover section - template here http://www.askaboutmoney.com/showthread.php?t=61289
you may be able to get additional help in relation to managing your money.
What about minding an extra child in your home if that is feasible to bring in some extra cash.


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## SarahSmyth32 (1 Feb 2011)

Hi thanks for quick reply, yeah we thought of renting the house but a house in this area is only getting €500 for a similar house and there are a lot of them to rent. our mortgage is x3 times as much. and again the house is in the middle of nowhere i put a few childcare inn local playschools and shops and once in papper and got nothing. i just dont think we have any other options at this time.


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## SarahSmyth32 (1 Feb 2011)

oo


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## PaddyBloggit (1 Feb 2011)

You need to put your Money Makeover post in this sub-forum:

http://www.askaboutmoney.com/forumdisplay.php?f=62

Cut your last post, open a new thread there, put an appropriate title on your thread and paste your Money Makeover details in there.

This thread is in the Mortgages section and a Money Makeover post here will end up being deleted.


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## SarahSmyth32 (1 Feb 2011)

Thanks, hopefully i have dont it correct now xx


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