My point was, as was mentioned, about the 35 years. There were two parties to our mortgage yet we must take the entire burden of the loss.
I am looking for a way forward, like crystallise the loss and share that with the bank. We could then plan for some sort of future beyond this debacle. I am not looking to walk away from the debt but if some sort of way is found what's to stop me from declaring bankruptcy?
We are in that sector of society that can afford their mortgage in the short term but long term we will need some sort of attention as 35 years of paying dead money is utterly depressing and unsustainable.
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Your thinking is way off on this. Everybody who gets a mortgage finds it tough at the beginning, you've a situation of NE and you don't want the bank to share this 'loss', you want the taxpayers to pay it. If your property had doubled in value would you be on here asking us how to share this 'gain' with the bank?
It was you who decided on 35 years, and you who decided to take out such a large mortgage. Are you not happy in the house you live in and with the two good jobs you have? Are you not indeed a lucky man? What is the 'wealthy' that you are looking for, what is in this 'wealthy' that you need or want. And would it make you happy.
There is a lot of talk currently in Irish society from the won't pay brigade, to justify their stance. Are you becomming one of those? Is this influencing you?
I note that you have not told us your actually net salary. Yet you have blamed the cost of the mortgage for the fact that you have no savings. I respectfully sugggest that you have no savings because you have spending issues.
Are you seriously suggesting that you would walk away from two perfectly good jobs to declare bankruptcy, can you expand on that thinking, I mean that's just absolutely crazy.
To help you and give you some concrete suggestions, yes 30 years remaining is a long time, but you can do something about it, by curtailing your spending, by saving and by overpaying your mortgage you can easily bring down that term. But it's a matter of discipline.
Also bear in mind that as each year goes by the NE is getting less, and you never know, inflation or an increase in house prices might literally overnight wipe out a lot of the NE issues.
Cremegg & Negotiation, the OP is not in any trouble and have two good jobs, the NE is irrelevant as they don't need to move and yet you both think something should be done for him. Pray tell who is going to pay for this? There are plenty of people in NE not looking for anything, just doing the right thing, paying back the debt they incurred and not being a burden on other taxpayers.