# Circumstances have changed & I don't want my (unfinished) home anymore



## Potatohead (4 Sep 2012)

Hi everyone,

I need some help please, so here is my story.

Bought a house in the boom, out in the country, for €260,000.  Was later contacted by another mortgage provider to re-mortgage, thought this was a brilliant idea, so we consolidated all our loans and remortgaged for €310,000. We both had fulltime jobs, husband was getting shift allowance, but no more.  I am currently not working and my hubby is just on basic wages.  We have been on "Less than interest" repayments for the past 12 months and I will be sending off the MARP forms again for another 6 months.

We used to love our home, decided to do everything ourselves (was a new build).  We did all the tiling, laying lawns, converting upstairs, etc.  Loved every minute of it and loved our home so much.  We poured our haerts and souls into the place.

But then something terrible happened in our home and now we hate it.  We can't stand to be here anymore, everywhere we look is just horrible memories.  We desperately need to move out of this house, but we don't know what to do.  I fear that it might not be good for our mental well being to stay in this house.  I don't want to say what happened here, but it was the most horrible thing anyone could ever imagine.

Here is my problem, the house is not finished yet, ie. skirting boards not up, not finished converting upstairs, burst pipes led to us having to dig up bedrooms and some floors are not replaced yet.  So I cannot rent it out, we will definately not be able to clear the mortgage if we try to sell it (I do not think we will be able to sell it in it's current state)

Please can anyone tell me how to go about this?

Thank you so much for taking the time to read this


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## Brendan Burgess (4 Sep 2012)

There is no easy financial solution. You could just hand back the keys to the lender but you would end up with a shortfall which could hang over you for years.  If this resolves your emotional issues, then it might be the best thing to do.  Talk to your lender first.

Have you sought counselling for the horrible thing which happened? Presumably the house had not changed? Just the horrible memories.


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## Potatohead (4 Sep 2012)

Got it in one Cashier, it is known to the locality, but also the repair work that needs doing, which we can't due to financial pressures.

I am considering handing back the keyes, but what happens then?  Will New Beginnings be any use to me?

Yes Brendan, we are in couselling

Thanks for your replies guys


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## Bronte (5 Sep 2012)

If you hand back the keys you will be liable for the shortfall. The bank will probably come after you for an instalment order, where the judge decides how much you can repay out of your income after reasonable living expenses. It also means you will have a bad credit rating. If you can live with that then that is what you need to do. 

You have to hope that the new insolvency system may be of benefit.

I think New beginnings have split up. Not sure how they are of help, there was only one case and it was very odd. (the one with the nurse)


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## bugler (5 Sep 2012)

New Beginnings are still around, albeit they have gone very low profile since the peculiar Laura White case, and the departure of David Hall. They would primarily be focused on those facing legal proceedings over non-payment of debts or those facing difficulties repaying their mortgage(s). Not quite the OP's situation. 

However the OP is more worthy of sympathy than a struggling speculator, or indeed someone who bought poorly and subsequently wanted rid of the place as a lifestyle decision (both types have been represented by NB), so I would say there is no harm contacting them. I find NB a strange entity, but if they could help in this case even I might be inclined to toast them.


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## Potatohead (5 Sep 2012)

Thank you guys for your replies, I am going to contact new beginnings I think, I will let you know how I get on


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## Bronte (6 Sep 2012)

Also try Mabs.  I think if they still exist that New Beginnings are charging now.  So far I've seen no track record of them solving anything but I'm open to correction on this.  They cannot circumvent the law.  So if you owe money you owe money.


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## bugler (6 Sep 2012)

Bronte said:


> Also try Mabs.  I think if they still exist that New Beginnings are charging now.  So far I've seen no track record of them solving anything but I'm open to correction on this.  They cannot circumvent the law.  So if you owe money you owe money.



They got Laura White off the hook in a big way, and on the facts presented for that case she wasn't particularly deserving. 

IIRC, NB now charge €250 as a fee.


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## Bronte (6 Sep 2012)

The Laura case makes no sense on any level.  I have my own theory as to why that was settled but time will tell.  

Can anyone cite one case other than that one that was solved successfully.


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## Potatohead (17 Sep 2012)

Well, just to let you know, not a whisper from New Beginnings yet


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## Bronte (18 Sep 2012)

Potatohead said:


> Well, just to let you know, not a whisper from New Beginnings yet


 
As already pointed out New Beginnings have not demonstrated any solutions to people's indebtedness.  They got a lot of media coverage, which may have led people to have false hope.  

If you want out of the house it will be you who has to make the decision.  Do you want to post up figures etc and get some advice that way.


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## Wishes (18 Sep 2012)

Potatohead said:


> Well, just to let you know, not a whisper from New Beginnings yet


 
Almost one year later and still not a whisper on my end also.


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