mortgage with negative equity personal loans and emigrating

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bfbooty

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Hi there,

Can someone advise us what the best thing to do is, a long story short! My husband is not irosh, we are having stupid immigration issues even though we are married 9 years with 3 kids born here, we are currently appealing immigration decision to make him leave the country.

We are wanting to prepare for worst case scenario which involves us having no choice but to emigrate to north America where we have family.

friends are telling us to just send back keys to the house and forget our personal loans (mabs deal with our personal creditors) , we are not the arrears on our mortgage and have a tracker mortgage we d not WANT to just up and leave and to stop paying our mortgage and debts BUT we need to get the funds together so we can make the move If we end up needing to (our solicitor said they are likely to refuse him residency again cos I am a sahm not working etc)

I want to contact the bank be honest explain the situation and ask for either a years break or interest only same with mabs try get a total payment break, this will allow us to get the funds together to make the move and to set up in the new country then once we BOTH get work we will try sort an affordable payment plan with our creditors, rent our house up and top up mortgage as we won't get enough rent to cover the mortgage.

I would be terrified to just up and leave it all behind but if they don't agree to my proposal . Don't know what else I could do any ideas???

Tia
 
So you honestly think that a bank is going to let you take a break to build up funds to potentially run away from your debts??? I'm guessing this is probably why no one has posted a response to you since you wrote it.
 
You're trying to do the honourable thing but my guess is the bank will not agree. If they know you are emigrating they will try and speed up repossession. I suggest you go to an expert and not rely on friends for advice. There are some experts on this website, or ask Mabs or your solicitor for a recommondation.
 
peteb said:
So you honestly think that a bank is going to let you take a break to build up funds to potentially run away from your debts??? I'm guessing this is probably why no one has posted a response to you since you wrote it.
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We don't want to run away from our debts but we are practically being forced out the country what exactly do you suggest we do, we are likely to find ourselves in a situation where we are separated as a family my husband is sent home I he's deported he can't come back we won't be able to pay our debts full stop if this happens, we will have no money to move as a family, we want to keep our home we want to do the right thing and I was just looking for advice . How best to do that your tone and attitude is neither helpful or appreciated!!!
 
Bronte said:
You're trying to do the honourable thing but my guess is the bank will not agree. If they know you are emigrating they will try and speed up repossession. I suggest you go to an expert and not rely on friends for advice. There are some experts on this website, or ask Mabs or your solicitor for a recommondation.
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they can't repossession I we are not in arrears we don't want to lose the house, I contacted mabs asked for advise on what we can do they're looking into our best options
 
I agree with Bronte and can't see the bank agreeing to your proposal. You could stop paying the mortgage, save the money, see what the outcome is with your husband's residency application and then, if granted, clear the arrears or just start paying the mortgage again and the bank might capitalize the arrears. If not you have some funds to head to America. The downside is your credit rating will be in tatters and you will be getting lots of phone calls from arrears support !!
 
demoivre said:
I agree with Bronte and can't see the bank agreeing to your proposal. You could stop paying the mortgage, save the money, see what the outcome is with your husband's residency application and then, if granted, clear the arrears or just start paying the mortgage again and the bank might capitalize the arrears. If not you have some funds to head to America. The downside is your credit rating will be in tatters and you will be getting lots of phone calls from arrears support !!
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Thanks but don't want to go down that road either I'll wait and see what mabs suggest we do under our unusual circumstances it's very stressful we haven't done anything wrong and they are treating us like criminals cos I'm at home with my kids and my husband is working to support us
 
I'm just going with the scenario that you have to go to the USA. (how come you can go there if you cannot stay in Ireland)

There is no way I can see someone who is already with MABS, doesn't have the money to move to America, that they could have the financial wherewithall to move there, set up there, find work, pay taxes and pay off a mortgage in Ireland while letting a property to part pay mortgage. This is not going to work.

Based on that, my advice is as follows;

Work out how much you need and add a little bit. Flights, passports, visas, deposit, rent in advance, furniture, living for a few months, medical insurance (VERY important for the USA).

This is the figure you need, the only way it seems you can accumulate this is by not paying some of your debts. You then leave and inform the bank that you've left and post them back they keys.
 
bfbooty; Am with sentiments fromDemoivreandBronte;

You seem sure husband will not get residency , so you are now in a horribly unwanted situation.
If YOU stay, you cannot afford mortgage ie you end up with no house , messed up family etc and bank end up with property.

If YOU all go to America , you end up with no house Bank get property and you end up ALL together as a family.

Suggest; Stop paying Mortgage NOW build up an escape fund. By all means approach the Bank , even if they want to evict you ,it will take quite awhile. You might find they are more pragmatic than you fear. From their view it would be better to have an organised (leaving) so that Bank can cleanly sell the property rather than Keys left back.
If you find Bank cannot accept that reality , you have lost nothing and at least you have honestly tried to sort a poor situation to the best of your resources.

Do NOT split family over this.
Good luck.
 
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