Hi
My wife and I are both working and both earn decent money, we have two small children in creche and are paying for two houses, both houses are in huge negative equity.
We had been paying interest only on both houses for two years and even with this we have accumilated huge personal debt, around 20,000 euro of it. ( personal loans and credit cards.)
The main reason for all of this is the huge mistake we made when deciding to keep our old home and rent it out, this has been the biggest mistakes of our lives.
At the time we took the mortages I was earning less than half what I am earning now, ( which is still not a lot ). Yet the bank not only gave us both mortgages but actually advised us to do it as a wise investment decision, of course we were poorly informed and took their advice. Now its four years later and we are totally screwed, it is like the bank took no risk in giving us these huge mortgages and we took it all.
At this stage we can barely afford to live, no nights out, no holidays basic food supplies and we are both working.
I am posting here looking for options. I could probably relocate any where in the world with my job and take the family with me, but dont really want to run away, I would ideally like to sell the investment property for a loss and put the difference onto my primary mortgage and just pay that, it would be a hell of a lot less than what i am paying at the moment.
If you need more information please ask. thanks for your help.