Cross charged mortages

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Sully 12

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We have two properties one in Cork and one in Dublin both of which are rented but rents not nearly meeting mortgages plus expenses and both are in negative equity. The mortgages are cross charged. UB had been working with us on a reduced payment for past 2 years but are now refusing too. We can only afford to make the full payment on one now or continue to send them the reduced payment on both and allow the arrears to build up. What is our best option? Being that they are cross charged does it make sense to keep paying one in full and will that stop the bank from foreclosing on both? The Cork property was originally built as our home when we moved back from USA but were unable to find stable employment so were forced to re-emigrate after 2 years. UB is treating this one as an investment mortgage even though that was not the intention. We have no intention of ever moving back there but would like to be able to hold on to these properties until the values rebound and can sell them and pay off our debts and recoup some of the equity we have in them however I don't know how to get this across to UB. Any advice is greatly appreciated.
 
If they are both in negative equity then it isn't really possible for you to have equity to recoup. It will be difficult to maintain that one of them is your PPR when you don't live in the same country. Would you not be better to call it quits at this stage rather than chase losses when you can't afford to keep payments up on these investments? Anything else is just speculating on the house prices rising which is fine if you have the money to do that.
 
Sully 12 said:
We have no intention of ever moving back there but would like to be able to hold on to these properties until the values rebound and can sell them and pay off our debts and recoup some of the equity we have in them however I don't know how to get this across to UB.
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Well everybody including the bank would love that. But while everybody is waiting for that what happens the arrears and the mortgage not getting fully paid?
 
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