Q
Quintessential
Guest
Hi
I just need advice if anyone can help. I am a single man with a 10 year old mortgage. The last few years I simply couldnt make the payments and ended up renting it out and moving home with parents to live still subsidising to the tune of 500 per month. Work got slower and slower to the point I started having to live on the rental income. I know its wrong but I hoped it was a temporary thing.
Long story short in January I left Ireland. Moved abroad to Asia to work. Work has been ok and enough to survive but I am still getting things off the ground and still need the rental income to live. I don't know how long this will last. KBC said they would accept 700 per month on 1200 mortgage but the debt is rising. I was getting 700 in rent but have tax liabilities on that. I know now I won't be coming home for a long time and know that for my future I need to sell this house or hand it back and alleviate this debt in some way. The house is in 150000 negative equity. I just don't know how to do it. I am trying to keep everything together where I am and there are huge challenges here meeting monthly rent etc even though it is cheaper than living back home.
I'm asking an honest question. Would most people simply tell the bank they have left and to take the house back? It seems strange to me but maybe I am just too guilty to do it? But I cannot continue to pay. How do I even do this if I chose to? Do I need a solicitor?
any advice is appreciated. thank you
I just need advice if anyone can help. I am a single man with a 10 year old mortgage. The last few years I simply couldnt make the payments and ended up renting it out and moving home with parents to live still subsidising to the tune of 500 per month. Work got slower and slower to the point I started having to live on the rental income. I know its wrong but I hoped it was a temporary thing.
Long story short in January I left Ireland. Moved abroad to Asia to work. Work has been ok and enough to survive but I am still getting things off the ground and still need the rental income to live. I don't know how long this will last. KBC said they would accept 700 per month on 1200 mortgage but the debt is rising. I was getting 700 in rent but have tax liabilities on that. I know now I won't be coming home for a long time and know that for my future I need to sell this house or hand it back and alleviate this debt in some way. The house is in 150000 negative equity. I just don't know how to do it. I am trying to keep everything together where I am and there are huge challenges here meeting monthly rent etc even though it is cheaper than living back home.
I'm asking an honest question. Would most people simply tell the bank they have left and to take the house back? It seems strange to me but maybe I am just too guilty to do it? But I cannot continue to pay. How do I even do this if I chose to? Do I need a solicitor?
any advice is appreciated. thank you