Had to move from apt and want to walk away

We bought an apartment in 2005, before I found out I was pregnant with my little one, it was never a home as we had serious problems with parties etc...

My little one is now six, last year there was a fire which caused major upset in the building (not too much damage but was enought to cause distress)

Since then my little girl couldn't sleep, was awoken with any noise at night, we sent her to councilling who said we should move as the apartment was the problem (there was no talking to neighbours as they were transient) Since moving here she has been brilliant, no sleepless nights and is content in her environment!

We rented a house near her school and now even if we rent the apartment we will never be able to cover the mortgage and the management fees (management fee's alone are more than €150 per month, we are in arrears with them, but just can't afford it) We bring in €2000 a month, our rent is nearly €1000 the best we could expect to rent out at is €750 at most, so when we take away food gas electric bins etc we are left with nothing....

I am umemployed, when we bought I was in a good job, he is still working but I honestly feel so sick of it.. I just want to walk away there is nothing I can see to remedy it!!!!!!!!!!!

Should we just hand in the keys and hope for the best?

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Brendan
Administrator

In truth, you should stop paying the mortgage. Pay off the management fees as that will allow a sale. Explain the situation to the bank and offer them the keys. Don't take any threats seriously but engage with the bank. If/when they ask for you to pay something towards the morgage just keep explaining you cant. Stop worrying about it. Do not bury your head in the sand, just keep it and engage by letter at all times. Respond at all times. They may well ask you to appear in court and just do so and explain the facts and evidence to the judge. Good luck.

Have you engaged with the Bank at all? Have you attempted to rent out the apartment at all?

Ask to go Interest only and discuss things with the bank about where you go from here.