negative equity up north

hello everyone,
I noticed that this forum is dealing with very specific cases of personal debt and bankruptcy. We have been looking for information on our case but are finding it difficult to get straight answers from banks, mabs, and citizens advice. any information would be helpful. we have a house up north in a large amount of negative equity. it is proving impossible to rent out long term and requires a lot of maintenance. we are now both working in the south and would like to buy here. our problem is that we would like to get rid of the property with negative equity but its proving impossible.
We approached the bank for some ideas, for example sell the property and pay the shortfall as a long loan style agreement this was rejected because its un-secure debt. We are now considering taking an IVA but are mindful that this might jeopardise our chances to buy a house down south. We are unable to rent this negative equity property out on a long term basis because of location - its not really viable as a buy to let + we cant live in it as we both have jobs down south. Does anyone have any idea of north south law in regards to residency for example we are resident here can we apply for an IVA up north and will this be seen on cross border checks for forthcoming mortgages etc. Apart from IVA is there any other ways we could proceed with this problem? Sorry for long winded saga but any advice would be appreciated.

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Standard Format for mortgage arrears and negative equity case studies

From the brief details you have given, you seem to be able to pay this mortgage. But you don't want to do so, because you would like a fresh start so that you can buy a new house in the south.

You don't seem to be insolvent, so you should continue to pay your mortgage. When it emerges from negative equity, you can sell it.

Did you not consider this before moving down south? Perhaps you should look for jobs within commuting distance of the house?

Hi Brendan,

Thanks for the reply. Without going into specifics here are some more details which will hopefully help narrow down options.

We bought in Jan 2008 at peak then I was made redundant in May. It took a long time to get another job, only managed one in the south after a lot of trying up north. So living there is a dim possibility due to a number of factors including lack of jobs.

We're struggling with the mortgage payments/other debts/empty tenancies/repairs etc. The house is very unlikely to go near 100% LTV / get out of negative equity due to remote location. We are just about getting by mainly caused by this burden so wondering what we can do with this property?

As I have said, without proper information, it's not possible to answer your question properly.

pepper said:

Without going into specifics

Click to expand...

Why not go into specifics, how do you expect a financial question to be answered without figures. Nobody on here is going to be able to identify you. Look at all the other people that give all the details to see what is required.