Hi all,
I have a friend in a bit of financial difficulty.
Here are the details;
Owes 340k on an appartment in Rathfarnham he bought with an x about 7 years ago - the value of which is now probably 220k tops.
Mortgage repayment 1700 per month.
He gets 400 rent pm from a tenant and another €450 from an x..he pays c.850 pm.
His x wants off the mortgage either by selling or by any other way such as declaring herself bankrupt even..
he also owes 65k on the site in Louth(now sold but with a debt overhang as proceeds from sale didn't cover the mortgage outstanding) with 7/8 years remaining as well as having c.30k in personal debt.
Said he has only missed 1 payment in the last 12 months.
Got a call from EBS recently saying that he has 6k in arrears so more payments must have been missed.
He is currently paying capital and interest…
His primary concern is that she stops paying her share of the mortgage - although she should probably be paying more than 450 as it stands - and he will have to pay the whole mortgage on the Rathfarnham unit, minus the rent he gets, all by himself.
Has anyone else come across this kind of situation where 2 people buy a property together and then split up with one party, unusually the one that moved out I'd imagine, unwilling to continue with the mortgage repayments??
any advice appreciated.
cheers
I have a friend in a bit of financial difficulty.
Here are the details;
Owes 340k on an appartment in Rathfarnham he bought with an x about 7 years ago - the value of which is now probably 220k tops.
Mortgage repayment 1700 per month.
He gets 400 rent pm from a tenant and another €450 from an x..he pays c.850 pm.
His x wants off the mortgage either by selling or by any other way such as declaring herself bankrupt even..
he also owes 65k on the site in Louth(now sold but with a debt overhang as proceeds from sale didn't cover the mortgage outstanding) with 7/8 years remaining as well as having c.30k in personal debt.
Said he has only missed 1 payment in the last 12 months.
Got a call from EBS recently saying that he has 6k in arrears so more payments must have been missed.
He is currently paying capital and interest…
His primary concern is that she stops paying her share of the mortgage - although she should probably be paying more than 450 as it stands - and he will have to pay the whole mortgage on the Rathfarnham unit, minus the rent he gets, all by himself.
Has anyone else come across this kind of situation where 2 people buy a property together and then split up with one party, unusually the one that moved out I'd imagine, unwilling to continue with the mortgage repayments??
any advice appreciated.
cheers