Hi, I am looking for some advice. I earn apex €60k pa. I have aprox €3k in savings.
I am separated and have 2 houses in negative equity that I cannot afford to pay.
Both houses were rented out however have now become vacant and they are in the North West where the rental market is saturated.
1. Tracker Mortgage with BOI - Investment Property
Mtg balance €178,000
Value €130,000
Arrears €10,000
Repayment €550 pmth
BOI will not grant int only on the tracker mtg- they are offering to recapitalise arrears but will move me off my tracker. They have advised that they will not release the deeds for me to sell the house.
2. ACC- family home
Mtg balance €220,000
Value €150,000
Arrears €12,000
Repayment €1200 pmth
I have written in to ACC to advise them that my intentions are to sell and asking them to write off the balance.
I have unsecured debt of aprox €50k that are in arrangement with the lenders
I gave moved last Sept in order to get a new job to increase my earnings and because of that I am renting in the city that I am living in.
My ex husband is not on any of the mortgages as were bought prior to us getting together and does not contribute to any of these loans.
I really dont know what to do.
Even if it get the two house rented out I still will have to top both of them up and pay rent here in a Dublin also and I just can't manage it.
What really are my options?
I'd really appreciate any advice.... Thanks
I am separated and have 2 houses in negative equity that I cannot afford to pay.
Both houses were rented out however have now become vacant and they are in the North West where the rental market is saturated.
1. Tracker Mortgage with BOI - Investment Property
Mtg balance €178,000
Value €130,000
Arrears €10,000
Repayment €550 pmth
BOI will not grant int only on the tracker mtg- they are offering to recapitalise arrears but will move me off my tracker. They have advised that they will not release the deeds for me to sell the house.
2. ACC- family home
Mtg balance €220,000
Value €150,000
Arrears €12,000
Repayment €1200 pmth
I have written in to ACC to advise them that my intentions are to sell and asking them to write off the balance.
I have unsecured debt of aprox €50k that are in arrangement with the lenders
I gave moved last Sept in order to get a new job to increase my earnings and because of that I am renting in the city that I am living in.
My ex husband is not on any of the mortgages as were bought prior to us getting together and does not contribute to any of these loans.
I really dont know what to do.
Even if it get the two house rented out I still will have to top both of them up and pay rent here in a Dublin also and I just can't manage it.
What really are my options?
I'd really appreciate any advice.... Thanks