kodachrome
Registered User
- Messages
- 3
Im not hopeful about the outcome of this question having spoke to a Solicitor already, but its been suggested I have nothing to loose by posting it here anyway by well-wishers appalled by my situation, so why not and if nothing else might serve as some schadenfreude.
In a short, bullet point, timeline:
- 2 Mortgages, 200k outstanding in Dublin House as "investment property" and 400k in Meath House as family home. Values today maybe 150k Dublin and 200k Meath.
- Myself and now former partner named on both mortgages. Partner has left the country and will not be contributing to mortgage payments.
- Bought Dublin house in 2000 (lived in as home till 2007) and then Meath house in late 2007. Dublin house became "investment property" for what was meant to be short term only.
- Mortgages are cross charged, house in Dublin is the security for house in Meath
- Originally never planned on having 2 properties for more than 3mths, Bank agreed to this (had verbal commitment from Bank Manager TSB would never block sale of house, this was just a bridging scenario) however Bank wrote into terms that sale (of Dublin house) wouldn't be allowed if LTV was under 95% on Meath house
- We were both made redundant 2years ago and out of work for a year. Both employed now, but with so much debt built up in that period has crippled us long term.
- Had offer of EUR255k 2.5years ago on Dublin house which PTSB blocked as LTV (as proposed from their Surveyor) was 88% on Meath house. Outstanding Mortgage on Dublin house was only 210k at the time, sale would have cleared Mortgage and cleared all my out of work personal (credit) debt as per the plan I had with PTSB.
When they blocked it I had told them at the time mid to long term financially we would not be able to meet mortgage (or any other) payments if sale didn't go through, they escalated to Board internally and still blocked.
- Both properties are in some amount of arrears and Credit debt has dropped to about 14k from 28k, but at this point Im crippled being lumbered with two properties (rental is hit and miss with Dublin house, cost to fix and keep running extremely high) on my own as partner has emigrated.
When I relay this story people cannot accept PTSB could or would block the sale of a property (which would have cleared Mortgage and also enabled their customer to maintain other mortgage payments) on a house that later would have some of its neighbours sold for EUR99k in fire sales (noting the offer I had was for 255k!). The bank on the other hand told me:
- I agreed to the terms, which is true
- Its better risk management to spread me across 2 properties than one
Obviously moral obligations to repay debt have to take a back seat to the reality that this is now an unsustainable situation financially, despite having a good job I will continue to be living on the breadline for the next 15-20years with no hope of a family or real future, I feel I have no recourse but to emigrate. Before (or as as well as) doing this however I want to approach the bank with a token payment per month to see if I can at least buy about 10years of hobbling along before repossession orders etc kick in to give the market time to recover to allow me to sell both properties and clear the mortgages. I dont know if this is really an option.
Thoughts.. is there any grounds for mis-conduct from PTSB?
In a short, bullet point, timeline:
- 2 Mortgages, 200k outstanding in Dublin House as "investment property" and 400k in Meath House as family home. Values today maybe 150k Dublin and 200k Meath.
- Myself and now former partner named on both mortgages. Partner has left the country and will not be contributing to mortgage payments.
- Bought Dublin house in 2000 (lived in as home till 2007) and then Meath house in late 2007. Dublin house became "investment property" for what was meant to be short term only.
- Mortgages are cross charged, house in Dublin is the security for house in Meath
- Originally never planned on having 2 properties for more than 3mths, Bank agreed to this (had verbal commitment from Bank Manager TSB would never block sale of house, this was just a bridging scenario) however Bank wrote into terms that sale (of Dublin house) wouldn't be allowed if LTV was under 95% on Meath house
- We were both made redundant 2years ago and out of work for a year. Both employed now, but with so much debt built up in that period has crippled us long term.
- Had offer of EUR255k 2.5years ago on Dublin house which PTSB blocked as LTV (as proposed from their Surveyor) was 88% on Meath house. Outstanding Mortgage on Dublin house was only 210k at the time, sale would have cleared Mortgage and cleared all my out of work personal (credit) debt as per the plan I had with PTSB.
When they blocked it I had told them at the time mid to long term financially we would not be able to meet mortgage (or any other) payments if sale didn't go through, they escalated to Board internally and still blocked.
- Both properties are in some amount of arrears and Credit debt has dropped to about 14k from 28k, but at this point Im crippled being lumbered with two properties (rental is hit and miss with Dublin house, cost to fix and keep running extremely high) on my own as partner has emigrated.
When I relay this story people cannot accept PTSB could or would block the sale of a property (which would have cleared Mortgage and also enabled their customer to maintain other mortgage payments) on a house that later would have some of its neighbours sold for EUR99k in fire sales (noting the offer I had was for 255k!). The bank on the other hand told me:
- I agreed to the terms, which is true
- Its better risk management to spread me across 2 properties than one
Obviously moral obligations to repay debt have to take a back seat to the reality that this is now an unsustainable situation financially, despite having a good job I will continue to be living on the breadline for the next 15-20years with no hope of a family or real future, I feel I have no recourse but to emigrate. Before (or as as well as) doing this however I want to approach the bank with a token payment per month to see if I can at least buy about 10years of hobbling along before repossession orders etc kick in to give the market time to recover to allow me to sell both properties and clear the mortgages. I dont know if this is really an option.
Thoughts.. is there any grounds for mis-conduct from PTSB?