Hello there.
Myself and the Mrs have 4 properties, one which we live in, 2 rentals (which we used to live in) and one place in Bulgaria (don't judge!)
The debts are circa €660k broken down as follows:
Home; €290k with BOS (tracker) currently on interest only [worth €150k]
Rental 1: €140k with BOS (tracker) currently on cap & int. [worth €50k]
Rental 2: €196k with AIB (tracker), always on interest only [worth €120k]
Foreign: €35k with BOS (tracker), cap & interest. [worth €30k]
The two rentals are rented but the income barely covers the mortgages on same. We had to go interest only on the home in the last year cos the Mrs lost her job (again!).
In the past our combined income was easily €150k (excluding rent) but now it is more like €60k.
I have made contact with a crowd about doing the PIA scheme as we feel we have no choice because we can't pay these loans off long term, especially allowing for potential rises in interest rates. It is too early to go down that path so we will have to wait.
We have two kids, one on the way.
In the meantime, AIB contacted the MRS to say that she had two weeks to pay capital and interest or appoint an agent to sell the house or they will take action. Worth nothing that no repayments were ever missed or even late for this loan although I am aware the 5 years interest only which she had wasn't as originally intended (the house is in her name).
If it was sold now there would be €80k owed to the bank and they won't tell her what they will do with same. Her income is only €200 per week and her wages are never going to get back to what they were 'cos can't get full time job and even if she did she would lose 80% of it in creche fees!
I believe if she appoints the agent she will be liable to the legal fees and auctioneers fees on the sale - we cant pay them as we are skint. On that basis should we write to them and look for more time or make the bank enforce the sale. I know the price will be less but isn't it is better to owe the bank €100k and nothing to the solicitor and auctioneer than owing the bank €80k and €2k to both the auctioneer and solicitor as we will never be able to pay the bank anyway!
I am wondering what we can do given that we are going down the PIA route when possible.
Many thanks.
Myself and the Mrs have 4 properties, one which we live in, 2 rentals (which we used to live in) and one place in Bulgaria (don't judge!)
The debts are circa €660k broken down as follows:
Home; €290k with BOS (tracker) currently on interest only [worth €150k]
Rental 1: €140k with BOS (tracker) currently on cap & int. [worth €50k]
Rental 2: €196k with AIB (tracker), always on interest only [worth €120k]
Foreign: €35k with BOS (tracker), cap & interest. [worth €30k]
The two rentals are rented but the income barely covers the mortgages on same. We had to go interest only on the home in the last year cos the Mrs lost her job (again!).
In the past our combined income was easily €150k (excluding rent) but now it is more like €60k.
I have made contact with a crowd about doing the PIA scheme as we feel we have no choice because we can't pay these loans off long term, especially allowing for potential rises in interest rates. It is too early to go down that path so we will have to wait.
We have two kids, one on the way.
In the meantime, AIB contacted the MRS to say that she had two weeks to pay capital and interest or appoint an agent to sell the house or they will take action. Worth nothing that no repayments were ever missed or even late for this loan although I am aware the 5 years interest only which she had wasn't as originally intended (the house is in her name).
If it was sold now there would be €80k owed to the bank and they won't tell her what they will do with same. Her income is only €200 per week and her wages are never going to get back to what they were 'cos can't get full time job and even if she did she would lose 80% of it in creche fees!
I believe if she appoints the agent she will be liable to the legal fees and auctioneers fees on the sale - we cant pay them as we are skint. On that basis should we write to them and look for more time or make the bank enforce the sale. I know the price will be less but isn't it is better to owe the bank €100k and nothing to the solicitor and auctioneer than owing the bank €80k and €2k to both the auctioneer and solicitor as we will never be able to pay the bank anyway!
I am wondering what we can do given that we are going down the PIA route when possible.
Many thanks.