Hello everyone,
I would appreciate it hugely if someone could give me advice on how to deal with a really difficult situation my wife and I now find ourselves in. It is getting to the stage for us that it is hopeless, futureless. I don't know what to do.
The situation is this:
We bought in 2006 in South Dublin for €760,000 with a mortgage of €660,000. The value of the house is now €300,000-ish.
I also bought an apartment in 2004 for €230,000. It's now worth about €120,000. It's rented out, but the rent is not covering the mortgage.
I was earning €100k from 2002 until 2007, when I was made redundant. My wife was earning €40,000 in that period, and she was also made redundant. We were both in the motor industry. I set up my own business, but business has gradually become more difficult since 2007, and I am now only taking a salary that is enough to put food on the table for my wife and our 2 young children. We do not go out, I can barely put petrol in the car (which I need for my business), I am lucky that my parents are slipping me a few Euro now and again to keep me above water. It is a real struggle to pay any bills.
I am paying interest only on both mortgages, but that has now become a huge struggle. I think I'm going to have to miss the payment on the apartment this month, as business is just too slow. I think our house payments will be next to go. We simply cannot afford it. I cannot get any social welfare if I close the business. We are desperate. My wife is on anti-depressants.
Is there anything people would recommend? Will the bank do any sort of a deal? It's Certus who I am dealing with (and they are very nice people, not their fault for the difficulties I am in). Am I looking at bankruptcy?
Thank you in advance.
I would appreciate it hugely if someone could give me advice on how to deal with a really difficult situation my wife and I now find ourselves in. It is getting to the stage for us that it is hopeless, futureless. I don't know what to do.
The situation is this:
We bought in 2006 in South Dublin for €760,000 with a mortgage of €660,000. The value of the house is now €300,000-ish.
I also bought an apartment in 2004 for €230,000. It's now worth about €120,000. It's rented out, but the rent is not covering the mortgage.
I was earning €100k from 2002 until 2007, when I was made redundant. My wife was earning €40,000 in that period, and she was also made redundant. We were both in the motor industry. I set up my own business, but business has gradually become more difficult since 2007, and I am now only taking a salary that is enough to put food on the table for my wife and our 2 young children. We do not go out, I can barely put petrol in the car (which I need for my business), I am lucky that my parents are slipping me a few Euro now and again to keep me above water. It is a real struggle to pay any bills.
I am paying interest only on both mortgages, but that has now become a huge struggle. I think I'm going to have to miss the payment on the apartment this month, as business is just too slow. I think our house payments will be next to go. We simply cannot afford it. I cannot get any social welfare if I close the business. We are desperate. My wife is on anti-depressants.
Is there anything people would recommend? Will the bank do any sort of a deal? It's Certus who I am dealing with (and they are very nice people, not their fault for the difficulties I am in). Am I looking at bankruptcy?
Thank you in advance.