Solicitors letter on behalf of BOI

U

unsurediy

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I have been on interest only for nearly 4 years and through out this time I have struggled to pay the interest only also, I appreciate that BOI have been very patient with me. 6/7 weeks ago I received a letter asking me to pay the arrears and mortgage within 10 working days to which I replied would be impossible.
Today I received a letter form their solicitor advising me to contact BOI within 2 weeks to negotiate an orderly handover of the property, if I do not they reserve the right to proceed with an application seeking an order of possession.

I have buried my head in the sand over the last few years and now I just dont know what to do, any comments/advice would be most welcome.

Kind regards
Unsure diy
 
You need to immediately contact MABs-IMHA or some other reliable organisation to discuss your financial position and put a proposal to the bank. Contact the bank and advise them of your inability to pay the arrears and let them know what you are doing. Advise them of a time scale within which you will revert to them. Be seen to be co-operative as this is the criteria they use for whether or not to progress with posession proceedings. If you feel unable to talk to them yourself appoint someone to negotiate on your behalf. You have time to avoid the posession proceedings but you do need to be pro-active know and deal with the issue.
 
thanks for the swift reply Brendan, I will write to the bank today and keep this thread updated.

Regards
Unsurediy
 
Is the house in negative equity? Could you sell and be left with anything? Or is the house not worth enough to pay off the mortgage?
What do you want in the long term? If you have struggled over four years to pay interest only, is it realistic to keep struggling with this property? Would you actually be better off cutting your loses on this?
 
Hi Butter, the house is currently worth approx 1 third of what I paid for it, I will be ringing the bank on Monday and if I can cut my losses and make a fresh start then I will, the chances are that to find work I will have to bite the bullet and head to the UK.
 
Then I agree with Brendan above - you need some help to deal with the bank. The bank won't just let you off the hook easily so you need to have someone advising you on the best way to proceed.
 
Hi just a quick update on my situation though I am still quite confused! The bank have asked me to consider the mortgage to rent scheme and get back to them with my thoughts. Having researched the MTR scheme it would seem that very few are actually approved though I must ring the local council on Monday for more info.
 
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