I am seeking help in how to deal with Ulster Bank in relation to arrears on a small industrial property as I cannot think of a way forward. We were in deep financial distress until my partner got a good job 18 month ago. We purchased the unit in 2002 and made full payments up until 2009 when we made interest only payments. We have a tenant in the unit currently paying rent which serves the mortgage repayment of €400 per month. (total rental €550 incl. rates etc) Despite this Ulster Bank have informed us that we now owe them the full amount of €54,000 and are putting pressure on us to sell the unit.
The unit was valued in the region of €50 - €60,000 last year. My question is this: Can Ulster Bank force us to sell the unit? It is secured on our home which is currently valued at about €350,000 with a mortgage outstanding of €40,000. I am 55 and my partner is 62. I think it would make financial sense to try hold onto it as the rental income will be useful in our old age, or I'm wondering should we just sell it and be done with it.
Currently, our tenant has informed us they are leaving. I know it will be snapped up again quite soon. It is a good solid unit with 2 floors. I have sent UB a detailed SFA, offered them €500 per month, but I keep getting letters asking when the unit will be put up for sale in addition to asking for bank account statements,a copy of the lease, the name and address of the tenant etc etc. I just dont know my rights and would be grateful for any insight.
Incoming Salary
Monthly Salary Partner:2,500
Monthly salary me: 200
Rent from Unit: €550 (€400 pays the mortgage)
Outgoings
House Mortgage: 430
After the horrible crash I have managed to pay off a lot of debt associated with a small business I still have that generates a small salary of 200 per month. Perhaps I need to see an accountant or a solicitor, thanks for any advice and if it appears that I do not know which end of me is up, well that is true...the financial fear from the past still haunts me. Thanks.
The unit was valued in the region of €50 - €60,000 last year. My question is this: Can Ulster Bank force us to sell the unit? It is secured on our home which is currently valued at about €350,000 with a mortgage outstanding of €40,000. I am 55 and my partner is 62. I think it would make financial sense to try hold onto it as the rental income will be useful in our old age, or I'm wondering should we just sell it and be done with it.
Currently, our tenant has informed us they are leaving. I know it will be snapped up again quite soon. It is a good solid unit with 2 floors. I have sent UB a detailed SFA, offered them €500 per month, but I keep getting letters asking when the unit will be put up for sale in addition to asking for bank account statements,a copy of the lease, the name and address of the tenant etc etc. I just dont know my rights and would be grateful for any insight.
Incoming Salary
Monthly Salary Partner:2,500
Monthly salary me: 200
Rent from Unit: €550 (€400 pays the mortgage)
Outgoings
House Mortgage: 430
After the horrible crash I have managed to pay off a lot of debt associated with a small business I still have that generates a small salary of 200 per month. Perhaps I need to see an accountant or a solicitor, thanks for any advice and if it appears that I do not know which end of me is up, well that is true...the financial fear from the past still haunts me. Thanks.
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