I have 2 mortgages and 1 is in arrears due to tenant not paying.
I emigrated about 2 years ago for greener pasture.I am doing ok abroad presently and I was sending money monthly to pay the mortgages in my first year abroad.This year I decided against that as it was creating hardship for me here.As a result one of the mortgages is now in arrears about 10,000 Euros.
The bank just sent me a letter that I foreclose voluntarily or they will start proceedings.The mortgage is about 320,000 while the hose valued at less than 200,000.
My problem is if I decided to find money to pay up the arrears,will I be able to sustain sending money every month to pay because the rent is even about 500euro short for even interest only not to talk of capital + rent.
Will it be advisable for me to hand over the 2 mortgages as I believe the negative equity will be added on the second mortgage after sale and I will end up with same problem.
What will also be the implication after voluntary foreclosure considering shortfall expected after sale?
I emigrated about 2 years ago for greener pasture.I am doing ok abroad presently and I was sending money monthly to pay the mortgages in my first year abroad.This year I decided against that as it was creating hardship for me here.As a result one of the mortgages is now in arrears about 10,000 Euros.
The bank just sent me a letter that I foreclose voluntarily or they will start proceedings.The mortgage is about 320,000 while the hose valued at less than 200,000.
My problem is if I decided to find money to pay up the arrears,will I be able to sustain sending money every month to pay because the rent is even about 500euro short for even interest only not to talk of capital + rent.
Will it be advisable for me to hand over the 2 mortgages as I believe the negative equity will be added on the second mortgage after sale and I will end up with same problem.
What will also be the implication after voluntary foreclosure considering shortfall expected after sale?