E
emma09
Guest
First Income - 46K
Spouse - Currently Unemployed (was self employed) - No entitlement to soc. welfare! - Earned approx 3000 last year.. and expecting same this year. Roughly 1400 so far!!!
Other Income
Rental Prop 1 - 800 p/month
Rental Prop 2 - 1000 p/month
Estimated Value of Investment Property
Property 1 Value - 180000 - Mortgage - 260000
Property 2 Value - 210000 - Mortgage - 245000
Residential Property
Property Value - 250000 - Mortgage 370000
Total Approx Negative Equity - 235000
Other borrowings
Cr Card 1 - 20,000
Cr Card 2 - 9,000
Cr Card 3 - 9,000
Cr Union - 30,000
A lot of these loans to pay off mortgage / each other - spouse unemployed for almost 2 years -
Currently Paying
Invest Prop 1 - 800 ea month ( arranged with bank)
Invest Prop 2 - 420 ea month ( tracker - interest only)
Residential - 1400 ea month ( trying to get them to interest only - should be appox 800 - still waiting to hear from them)
Other loan Payments
Cr Card 1 - 500 ea month
Cr Card 2 - 50 ( arranged with bank)
Cr Card 3 - MBNA paying minimum 20euros - as they won't agree on payment reduction plan
Cr Union - 1100 - ( trying to get them to reduce payment to 700 euros - still waiting )
Savings - NONE
Children - 2 under 10 years
Life / Health Insurance /home insurance
Approx 500-600 ea month
Approx expenses each month
Food300
Petrol200
Kids/Leisure200
Misc100
School100
Utility180including cable/internet/2 mobiles
NPPR 400 Each Year
2 Cars -
2 Insurances - approx 900 each
2 car tax - approx 300 each
Need the car - No direct buses to my work. Spouse Gets work randomly for few days - usually needs to travel far. 1 baby and 1 child . school trips etc - not an option to sell cars - old .. wont get much out of them anyway!
I have asked 2 cr cards to be cancelled - 1 has agreed - still fighting with MBNA and they keep charging me interest/late fees/
Have been to MABS and they advised to make very small pymt to MBNA 10/20Euros - but they still keep on adding more interest .. !
What I want to know is -
If I do not make Full Payment towards my Investment Property - can they - will they take the property ? I am in 1 month arrears and because they have reduced payment of 800 for me for 3 months - they are telling me until I get back to "normal" payments - I will be in arrears for next 3 months? I had asked them to put me on Interest Only but my int. only period has expired? What will happen if I am in arrears for more than 12 months?
I would sell the property - but like many others, mine is in negative equity?
Only 1 investment property is in arrears. The other one is on good tracker rate so, dont want to mess that one up!
Currently living in 2bed apt - very small with young kids. Need to plan for future - Already bad credit rating because missed few cr card payments .. and now in mortgage arrears... Not sure if will ever be able to afford a bigger place ...
Any ideas.. please... I am sure there is a way out..Currently spouse minding the kids - as creche costs nearly 2000 for kids! checked already - few different places
Spouse - Currently Unemployed (was self employed) - No entitlement to soc. welfare! - Earned approx 3000 last year.. and expecting same this year. Roughly 1400 so far!!!
Other Income
Rental Prop 1 - 800 p/month
Rental Prop 2 - 1000 p/month
Estimated Value of Investment Property
Property 1 Value - 180000 - Mortgage - 260000
Property 2 Value - 210000 - Mortgage - 245000
Residential Property
Property Value - 250000 - Mortgage 370000
Total Approx Negative Equity - 235000
Other borrowings
Cr Card 1 - 20,000
Cr Card 2 - 9,000
Cr Card 3 - 9,000
Cr Union - 30,000
A lot of these loans to pay off mortgage / each other - spouse unemployed for almost 2 years -
Currently Paying
Invest Prop 1 - 800 ea month ( arranged with bank)
Invest Prop 2 - 420 ea month ( tracker - interest only)
Residential - 1400 ea month ( trying to get them to interest only - should be appox 800 - still waiting to hear from them)
Other loan Payments
Cr Card 1 - 500 ea month
Cr Card 2 - 50 ( arranged with bank)
Cr Card 3 - MBNA paying minimum 20euros - as they won't agree on payment reduction plan
Cr Union - 1100 - ( trying to get them to reduce payment to 700 euros - still waiting )
Savings - NONE
Children - 2 under 10 years
Life / Health Insurance /home insurance
Approx 500-600 ea month
Approx expenses each month
Food300
Petrol200
Kids/Leisure200
Misc100
School100
Utility180including cable/internet/2 mobiles
NPPR 400 Each Year
2 Cars -
2 Insurances - approx 900 each
2 car tax - approx 300 each
Need the car - No direct buses to my work. Spouse Gets work randomly for few days - usually needs to travel far. 1 baby and 1 child . school trips etc - not an option to sell cars - old .. wont get much out of them anyway!
I have asked 2 cr cards to be cancelled - 1 has agreed - still fighting with MBNA and they keep charging me interest/late fees/
Have been to MABS and they advised to make very small pymt to MBNA 10/20Euros - but they still keep on adding more interest .. !
What I want to know is -
If I do not make Full Payment towards my Investment Property - can they - will they take the property ? I am in 1 month arrears and because they have reduced payment of 800 for me for 3 months - they are telling me until I get back to "normal" payments - I will be in arrears for next 3 months? I had asked them to put me on Interest Only but my int. only period has expired? What will happen if I am in arrears for more than 12 months?
I would sell the property - but like many others, mine is in negative equity?
Only 1 investment property is in arrears. The other one is on good tracker rate so, dont want to mess that one up!
Currently living in 2bed apt - very small with young kids. Need to plan for future - Already bad credit rating because missed few cr card payments .. and now in mortgage arrears... Not sure if will ever be able to afford a bigger place ...
Any ideas.. please... I am sure there is a way out..Currently spouse minding the kids - as creche costs nearly 2000 for kids! checked already - few different places