Repossession

Could anybody help me out here.

I have gone into arrears on my mortgage. It is joint names. Currently in middle of separation.
We are with sub-prime lender at an incredulous rate of 9.95% fixed for 3 years. I am making repayments on a monthly basis, but am not able to pay the full amount.

What I need to know is, if it comes to the stage that this goes to court and the court rules in favour of repossession and I am ordered to pay the outstanding debt to the lenders, how do they recover the debt as I do not have any 'means' other than Carers Allowance, Domicilllary Care, Respite Care.

Have applied for Lone Parents and Mortgage Interest Supplement.
Estranged husband has lost job so I do not know what I am entitled to from his unemployement benefit.

I have asked lender to extend term of loan. Not an option due to my age.
Asked could I come out of fixed rate. Penalty E11K!!!
Asked about Voluntary Surrender and I am liable for outstanding debt, plus al their costs involved in selling property.

House is in negative equity so selling not an option (cant get mortgage interest supplement if property is for sale in any case)

Anybody out there with any ideas?????

Sorry to hear the trouble your going through, if you haven't contacted MABS already, i would do so immediately. They will offer the best advice to you, the gov are pushing through plans that will stop any bank (including sub prime lenders) from repossessing till you are at least 12 months in arrears, hopefully this will be extended to 2 years. So dont panic or make any rash decisions.

http://www.mabs.ie/

Thanks for that. Will phone MABS and see what they say.

Thanks for that. I spoke to MABS today and they gave me some really helpful advice.

My situation is pretty dire, but after talking to MABS I dont feel so alone.