Where to start on NE & Emigration!

[unsustainble]

Hi everybody..

I'm so confused about what to do. I have received differing advice depending on who I ask. Here is my situation.

Started 4 years ago. I was a first year student (have just this year completed an hons degree). In that time my marriage broke down and as a result we sold our family home and although we lost our pants on it we broke even to the tune of having literally ten euros left after all was done & dusted.

We have a buy to let worth 85k with a mortgage of 240k on it. Ex husband emigrated, leaving me to deal with that. I went into arrears 2 years ago. I decided to continue with my studies so I had no claim to entitlements. Family have been supporting me since. I graduated in May and have self employed myself having unsuccessfully looked for employment. I'm not making much, I managed to make 1500 in July, and while I hope to improve on that my business does not guarantee that as an income. HOW do I explain this on the SFS I have here in front of me??

I am now 27k in arrears and to this point the bank have refused any negotiation attempts I've made, including re structuring and VS. Last contact they made with me was Feb. I attempted in March and April to communicate but 'couldn't be facilitated until I start making payments'. I had a tenant in there for some of the period but there was work to be done which I couldn't afford and I used rent to fix all the problems with the apt. Subsequently lost tenant in Feb but have secured another with RAS, starting Aug for 795pm x 4 years.

My repayments are 1,200 pm.

So.. I'm renting myself at the moment and with that and bills etc, I can barely pay my way but can't subsidize mortgage, never mind save or progress. 200pm on management co fees means 595pm available to service a 240k mortgage plus 27k arrears. Madness.

Now I'm looking into emigrating with my partner.. so what do I do now that I'm about to approach the bank again.

I'm weary of a spilt mortgage offer as I feel I would be pinned to the collar, but maybe that would work? Doing the math I'm not sure. I doubt they'll be open to VS or sale as they rejected that before. Ex husband out of the picture and there'll be no co-operation there so how can I reach any agreement with them on my own? Can I?

Sorry bout the length of this.

P.S.. this is the only debt I have.

 

[Renter7]

Where to start? Fill in the template first.

http://www.askaboutmoney.com/showthread.php?t=170704

 

[unsustainble]

Thanks Renter, apologies

Personal and income details
Net (i.e. after tax) Income self: 1,200
nature of income: Sole trader Self employed
Income history: Recent grad (Mature student) Family have been supporting me for the past few years
Net income partner/spouse: Ex husband gone, no contributions. Current partner 1400pm
Income history: Ex emigrated in 2010 due to unemployment
number of children: None
Amount of child benefit received: N/a
Amount of Mortgage Interest Supplement received: None
Home loan
Lender: KBC
Amount outstanding: 240k & @8k Arrears
Value of home: 85-95k
Interest rate: specify whether tracker or SVR or fixed rate: Tracker 2.25
Monthly repayment: 1150
Amount in arrears 28k

Summary of discussions and agreements with the banke.g. in Marp since Sept 2012. All negotiations have failed so far. Have not been making payments. Was rented out for 8 months and all monies were going back into apt as everything possible went wrong. Oven fire, broken door, washing machine & boiler & general maintenance in order to have it rentable.


Other loans and creditors - None

Other savings and investments: None


How important is retaining the family home to you? It's a buy to let (Originally my home before marriage and we remortgaged)

Which of the following best describes your situation

I don't care about keeping the family home.

What is your preferred realistic outcome?
I will never be in a position to repay the home loan. I don't know what to do.

 

[unsustainble]

My current partner is not part of this picture. He has his own financial pressures.