Mortgage arrears, unwanted property

Claire

Registered User
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4
I own a property which I used to live in but it's now rented out. I'm living at home with parents and my son with very little hope of being able to afford to rent. What is the best approach to getting rid of the property so that I can qualify for social housing?
 
Assisted voluntary sale (sell the house on behalf of the bank) or voluntary surrender (handing back the keys).
 
The property is in negative equity. Could I declare bankruptcy in order to have the negative equity written off?
 
Yes. However, A Personal Insolvency Practitioner may be able to get the bank to write off the shortfall (neg. equity) in exchange for selling the house on behalf of the bank, thus saving you the stress and the implications of bankruptcy.
 
Thank you for that...so your advice would be to contact a PIP directly myself and cut out the New Beginnings type people who are looking for €4000 up front to start any proceedings?!
 
cut out the New Beginnings type people who are looking for €4000 up front to start any proceedings?!

Please clarify.

Have you spoken to New Beginnings or to some other organisation like them?
What did they quote you the €4,000 for?
 
Please clarify.

Have you spoken to New Beginnings or to some other organisation like them?
What did they quote you the €4,000 for?

They quoted €4000 for the entire process, start to finish including pip, court costs, etc! They wouldn't even accept splitting the payment as I couldn't come up with €4000! I'm no longer dealing with them, they charged a €100 initial consultation fee also...
 
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