Bank forcing us into mortgage to rent scheme

O

onebigmess

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Received a call today from our mortgage holder advising we have a period of 2 payment dates (one payment today and one next month) to put the house up for sale, hand back the keys or opt into the mortgage to rent scheme.

We have both been unemployed for more or less 2 years. I had occasional contract roles for periods of 3 months during which we were able to make full repayments but at all other times we made an agreed lower repayment. These were a mix of moratoriums, interest only periods or just agreed lower repayment periods. We have always maintained these payments at the very least and if there is ever anything extra we make an extra payment.

Now the biggest issue I am having is that I have secured a 2 year contract position but it doesn't begin until I have fully completed my training which will be February next year. This position is well paid and we will be able to make the full mortgage repayment from that point. My partner is also still looking for fulltime work and has taken on additional educational commitments in the interim to facillitate this.

So do we have any option other then full compliance with the bank? We have paid this debt for 10 years now and to hand it over and become renters and see all of our money down the drain makes me feel so sick :(
 
Income details
Net (i.e. after tax) Income self: €188 jobseekers
Income history: I was made redundant in Jan 2011. I have had intermittant contract work since (3 contracts @ 3 months each weekly net income €600)
Net income partner/spouse: €188 jobseekers
Income history: Made redundant in September 2010. No work since.
Amount of child benefit received €130
Amount of Mortgage Interest Supplement received €50 weekly

Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
two adult family
Do you need a car for work or do you use public transport? Need a car for local work, transport only runs to main commuter city not local town.
Number of children 0- 2 years old:
Number of 3 years old children: 1
Number of 4 - 11 years old:
Number of 12 - 18 years old:
Monthly childcare costs: N/A family would help out.
Montly spend on special circumstances: e.g. exceptional healthcare costs



Home loan
Lender: rather not specify
Amount outstanding:
Value of home: 130k
Interest rate: fixed rate
Monthly repayment: 1250
Amount in arrears: around 12k

Summary of discussions and agreements with the bank: Constant contact with bank, not in marp but have had a variance of interest only periods, moratoriums and lower agreed payments

Other loans and creditors - delete those which don't apply to you


Other savings and investments: none


How important is retaining the family home to you?
Which of the following best describes your situation?

I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.


Any other relevant information

What is your preferred realistic outcome?
We will be in a position to make full repayments and sustain the loan in the near future and have done everything possible to maintain our loans. We really don't want to give it all up at this point.
 
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