hi
Just looking for advice in May 2012 i lost my partner and unfortunately we let the mortgage protection lapse so my mortgage of 350,000 was not covered with bank of scotland... I am now a single parent to a 3 year old. My partner died in a car accident so it was very sudden and at the time my baby was only 3 months old. I pai d the mortgage for the 1st 3 months but then stopped paying it in sept 2012 (got 3 months wages from his employer) and havent paid it since as couldnt afford to as now only 1 income.. I dealt with a mortgage broker and from memory i got around 2 years grace of not having to pay the mortgage... With everything that has happened i think im only starting think clearly plus on friday i got a letter to say my mortgage has been transfere to start mortgages.. QWhen we originally took out the mortgage he was the main earner and the mortgage was roughly about 1100-1200 a month which i definitley cant no afford now as a single parent.. i am self employed and earn around 12000 a year after expenses (1000 a month) and get €640 a month single parents allowance.. Not a great income and i cant afford to geta a full time jobb as i cant afford creche fees... I am now worried start mortgages will start issuing repossesion so i feel my only solution would be to volantarily surrender the house?? I would think they would get about 22000 so leaving a balance of 130,000 could be 150,000 if it only sells for 200,000.... I obviousily want to ask them for a debt write down for the reamianing balance.. I am not the type of person to not pay bills but i simply cant afford this mortgage... Just looking for advise?? And if they say no which i presume they will what are my options?? bankrupcy or personal insolvency?? I ouwould really appreciate the advise as i really dont know what to do.. if i agree to volantarily surrenser/sale would they give me 6 months to get out and find somewhere new??
Just looking for advice in May 2012 i lost my partner and unfortunately we let the mortgage protection lapse so my mortgage of 350,000 was not covered with bank of scotland... I am now a single parent to a 3 year old. My partner died in a car accident so it was very sudden and at the time my baby was only 3 months old. I pai d the mortgage for the 1st 3 months but then stopped paying it in sept 2012 (got 3 months wages from his employer) and havent paid it since as couldnt afford to as now only 1 income.. I dealt with a mortgage broker and from memory i got around 2 years grace of not having to pay the mortgage... With everything that has happened i think im only starting think clearly plus on friday i got a letter to say my mortgage has been transfere to start mortgages.. QWhen we originally took out the mortgage he was the main earner and the mortgage was roughly about 1100-1200 a month which i definitley cant no afford now as a single parent.. i am self employed and earn around 12000 a year after expenses (1000 a month) and get €640 a month single parents allowance.. Not a great income and i cant afford to geta a full time jobb as i cant afford creche fees... I am now worried start mortgages will start issuing repossesion so i feel my only solution would be to volantarily surrender the house?? I would think they would get about 22000 so leaving a balance of 130,000 could be 150,000 if it only sells for 200,000.... I obviousily want to ask them for a debt write down for the reamianing balance.. I am not the type of person to not pay bills but i simply cant afford this mortgage... Just looking for advise?? And if they say no which i presume they will what are my options?? bankrupcy or personal insolvency?? I ouwould really appreciate the advise as i really dont know what to do.. if i agree to volantarily surrenser/sale would they give me 6 months to get out and find somewhere new??