I fear one scenario, today another posted have posted similar story where the 2nd borrower has not engaged and non-cooperating, the bank gave an offer and due the absence of the 2nd signature the bank has decided to make move and repossess.
I fear that the bank have made an urgent call to meet me to fulfill it's obligation to present me with an offer...
they know well that I won't receive 2nd signature as the 2nd borrower is gone ...
post I read here:
Old Today, 07:20 PM
Posts: 1
Default Any opinions re mortgages and arrears please.
Hi,
Like lots of people I made some very bad choices in 2006. I owed a small cottage in Dublin at the time with a mortgage of €166,000. It was one bed very small and my partner and I decided to buy outside the city in Kildare as it was closer to work for him and would cut his commute in half and we couldnt afford a bigger place in Dublin anyway.
The mistake made was to remortgage the cottage with INBS as interest only mortgage for 230000 to help pay and furnish our new home in Kildare for which we also got a mortgage of €250000. At first things seemed fine. The rent on the cottage covered the mortgage and we planned once we got sorted to convert that interest only to a proper capital one and foolishly thought it would be an investment for old age.
Fast forward to today. My partner walked out in 2009 and refused paying any further on either mortgage. I needed to supplement the rental property in dublin plus now cover all payments on ppr myself. IBRC gave interest only for a year then refused anything further. I then went into arrears on both as a tenant left and I prioitised paying my home.
My ex's only engagement has been to demand the house is sold but one is in €100000 neg and the other €130000 neg equity. Neither I nor he have any way to pay the shortfall as my credit history and savings are both toast. I have rented rooms in my house and when I finally paid my car loan this February I could just about make the payments again. I have about 5000 in arrears between the 2.
IBRC have now written saying they are moving to repossess the rental cottage. I have asked for any other solution to which the reply was "yes just pay it". I would love nothing more then see that house disappear from my life as it has truly ruined it and has made these last years a mental hell. I have engaged with them since before I hit problems , if I sneezed I wrote and told them. I just would love some opinions on what to do for the best. I have tried to meet all obligations but in the end I know in 7 years that interest only buy to let mortgage will fall due and the house will never be close to covering whats owed. Its an old cottage and I live in fear of a call about repairs or replacement cookers etc being needed as there is no money to fund that.
I should mention the bank did offer to capitialise the arrears about 6 weeks ago but as they couldnt get engagement or agreement from my ex that could not proceed and the repossession letter was issued.
Am I better to surrender it now or keep on trying to pay?
Thanks
L