Hi,
My wife and I are separated almost two years and have fallen heavily into arrears on an EBS mortgage with a current balance of €500k and negative equity of €100k. Where possible we have made repayments and over the last 3 months these have been consistent but we never ignored EBS, always stayed in contact and submitted numerous SFS's as they requested. Throughout last year I made numerous phone calls to EBS looking to meet with them to discuss our situation and to primarily get some sort of structured arrangement in place - piece of mind I guess. On one phone call I actually had to ask them why they weren't calling us about our arrears. I was repeatedly told by them that they would not meet with us until 6 months full capital and interest payments were made (approx €2200pm) which I found crazy.
Neither my ex-wife or I live in the house anymore and are renting it out. The rent now goes straight to the mortgage account each month but is well short of what the actual repayment should be and doesn't cover the full interest payment but it's all we can afford (3 kids under 6). EBS sent the account to Pepper who are dealing with us on their behalf. Initially I welcomed this as we finally got to speak and meet with someone. This involved submitting yet another SFS and coming up with a proposal to resolving the issue. My proposal was that we would pay the rental income of €1350 direct to the mortgage each month up until the end of the current tenants lease (Dec15) at which point we would sell the house and clear the debt. If we couldn't clear the debt I asked that they would consider writing off the residual balance. That was over a month ago and in the meantime Repossession process has kicked in with letters from a solicitor.
Today Pepper rang me to advise that the Decision Team has come back with a longterm sustainable solution where we pay just over €2500 per month and if we don't agree to it then repossession proceedings would go ahead. I had made it clear from the outset that we don't want a longterm sustainable solution...neither of us actually want the house. We just want to sell it and be done with it. Why would they offer a longterm sustainable solution when I've made it clear that we want to get rid of the house anyway?
Could anyone give some advice as to the next steps we should take please? Don't want the repossession as this will ultimately cost us more and leave us with an unsecured loan that we can't repay. Surely EBS should see the benefit to us and them in what we were offering as opposed to repossession.
Any advice is much appreciated or if you need more info let me know.
Thanks
JRD
My wife and I are separated almost two years and have fallen heavily into arrears on an EBS mortgage with a current balance of €500k and negative equity of €100k. Where possible we have made repayments and over the last 3 months these have been consistent but we never ignored EBS, always stayed in contact and submitted numerous SFS's as they requested. Throughout last year I made numerous phone calls to EBS looking to meet with them to discuss our situation and to primarily get some sort of structured arrangement in place - piece of mind I guess. On one phone call I actually had to ask them why they weren't calling us about our arrears. I was repeatedly told by them that they would not meet with us until 6 months full capital and interest payments were made (approx €2200pm) which I found crazy.
Neither my ex-wife or I live in the house anymore and are renting it out. The rent now goes straight to the mortgage account each month but is well short of what the actual repayment should be and doesn't cover the full interest payment but it's all we can afford (3 kids under 6). EBS sent the account to Pepper who are dealing with us on their behalf. Initially I welcomed this as we finally got to speak and meet with someone. This involved submitting yet another SFS and coming up with a proposal to resolving the issue. My proposal was that we would pay the rental income of €1350 direct to the mortgage each month up until the end of the current tenants lease (Dec15) at which point we would sell the house and clear the debt. If we couldn't clear the debt I asked that they would consider writing off the residual balance. That was over a month ago and in the meantime Repossession process has kicked in with letters from a solicitor.
Today Pepper rang me to advise that the Decision Team has come back with a longterm sustainable solution where we pay just over €2500 per month and if we don't agree to it then repossession proceedings would go ahead. I had made it clear from the outset that we don't want a longterm sustainable solution...neither of us actually want the house. We just want to sell it and be done with it. Why would they offer a longterm sustainable solution when I've made it clear that we want to get rid of the house anyway?
Could anyone give some advice as to the next steps we should take please? Don't want the repossession as this will ultimately cost us more and leave us with an unsecured loan that we can't repay. Surely EBS should see the benefit to us and them in what we were offering as opposed to repossession.
Any advice is much appreciated or if you need more info let me know.
Thanks
JRD