Need Advice on Mortgage

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BIZWIZ

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I bought a house 1.5 yrs ago and was residing until Jan this year. But I had to move out of the house and renting in a different town due to the job relocation.

I had to let the house last 6 months.And the tenants vacated house with out any notice and damaged/ruined the house. I will have spend at least couple of thousands to get that back into LET conditon.
House is in big Negative equity.

I can not afford to pay mortgage amount without letting it...I can't spent money too to get the house back in good condition.

If I do not pay mortgage repayments what happens next ? Wil the bank take house take directly or what do they do ?

Any experience ? Need some answers on what happens ?

Appreciate in advance.
 
Really sorry to hear about your dilemma. The banks will not take back the house. If you stop paying the mortgage, at some point they will repossess the house and sell it. The difference between the mortgage amount and the selling price plus all costs involved with the repossession etc you will have to pay.

Is there any way you can get the damage paid for by your ex renters ? Do you know where they are now ?

Can you borrow the money to put the house back on the rental market ? And will the rent cover your mortgage repayment ?

Could you find a job in your old town and move back into your house ?

Not to add to your troubles but did you buy the house as FTB and got stamp duty relief ? If so you are liable for the stamp duty now as well.
 
Can I ask what damage the tenents did? Thousands of euros is not acceptable.

Firstly you should immediately contact your solicitor, take lot and lots of photos and try to find out where the tenents have moved to and/or work. This is not your fault, why should you have to pay?

The legal process could take quite a while though so it might be worth calling your mortage provider and explaining to them what has happened. Maybe your solicitor could draft a letter to them explaining what has happened, it might add some extra weight to your plee.

Your mortage provider may be willing to "help" you in some way by perhaps reducing your monthly payment (interest only for a few months) or taking a payment break.

Another option could be to ask them for a top-up to cover the cost of the repairs. This is far from ideal, but its better than having your house reposessed. Hopefully, if you suceed on the legal route you could pay the top-up back.

I'm sure others with more experience in this kind of thing will have other suggestions for you. Best of luck!
 
Thanks for it.

My solicitor already looking in to it. Lots of photos taken but the process would take lot of time.

My repayment and rent would not be same. Also difficult to get a job and move to that town again.

Expecting more solid answers on how that would impact me by stopping repayments.
 
You seem resigned to the fact that the best way out is for the bank to repossess your house. The stress, cost of legal fees and damage to your credit rating etc is worse than grabing the bull by the horns and getting on with finding a way to solve this issue.

Just because the house is in negative equity today doesn't mean it won't be in a few years. For most it's a long-term investment and you ride the rough and the smooth out.

Could you rent the house in it's present state at say 50% of it's normal monthly rent and top-up the rest with your wages? Somebody out there might just snap it up.

What about a family member who could pay for the repairs in exchange for lets say 5% or 10% of the house. That way they could get a return in a few years.

Do you have any builder or carpenter friends who could do a patch-up job to make it look more presentable?

Repossession will have you blacklisted for at least five years and I'm sure it's a horrible costly process.
 
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