I have posted previously re my family's situation and to quote one reply we are "hopelessly insolvent". We have two choices to consider now and was looking for opinion please.
Our house is located in "back of beyond". Only reasonable job prospects are in Dublin a 200 mile round trip. Tried commute and staying on friends couches but wage just didnt come close. We are unable to pay our bills let alone service any debts, 198K mortgage and 30K credit union loan.
1. Agent for bank has suggested he will look for a 3 year interest only payment for us. I asked implications long term and he wouldnt really get into it as nothing has been confirmed as yet. However it sounded like an extension might be an option, this would being my hubby up to age 70 to 75 and me 63 to 68. This will be paid for by MIS. Not sure if we will be eligible but say even if we are, we feel very uncomfortable about this possible "deal" and circumstances are unlikely to change in that time period or if we did get work it would be low wage 20k perhaps and MIS would stop, what happens then? We'd be afraid to take work. But you never know.... However the main problem is that we can't afford all the bills, so even if we were happy to stay put, the house is big and we can't cut things any further. House falling into disrepair as we can't afford to fix problems.
2. We have had house for sale a while and have an offer in of 110K which would leave a shortfall of approx 90k. House prices only going one way here at the moment, in section 23 land where some houses are going for silly money.
Ultimately we want out at this stage. We want to move to Dublin and find work and possibly for me to go back to education to retrain. I have a hearing disability and impossible to do job I had previously.
Rental income wouldn't cover us to rent elsewhere so that's out.
We are both unemployed, have been in marp for 3 years and going through this nightmare for almost 5 years. We can't pay all the bills, stressed and worried. Bank have said they won't issue letter of unsustainability either but they did say they would let us sell.
we'd be able to stay with family in Dublin for short term until we get sorted.
We have not yet advised of offer as still to apply for MIS and only happened a few days ago. Agent is applying for a 3 month moratorium until we get MIS then hopes to apply for 3 yr interest only deal.
Other reasons for wanting to move but we want to make a decision based on above only.
So, what would you do?
Our house is located in "back of beyond". Only reasonable job prospects are in Dublin a 200 mile round trip. Tried commute and staying on friends couches but wage just didnt come close. We are unable to pay our bills let alone service any debts, 198K mortgage and 30K credit union loan.
1. Agent for bank has suggested he will look for a 3 year interest only payment for us. I asked implications long term and he wouldnt really get into it as nothing has been confirmed as yet. However it sounded like an extension might be an option, this would being my hubby up to age 70 to 75 and me 63 to 68. This will be paid for by MIS. Not sure if we will be eligible but say even if we are, we feel very uncomfortable about this possible "deal" and circumstances are unlikely to change in that time period or if we did get work it would be low wage 20k perhaps and MIS would stop, what happens then? We'd be afraid to take work. But you never know.... However the main problem is that we can't afford all the bills, so even if we were happy to stay put, the house is big and we can't cut things any further. House falling into disrepair as we can't afford to fix problems.
2. We have had house for sale a while and have an offer in of 110K which would leave a shortfall of approx 90k. House prices only going one way here at the moment, in section 23 land where some houses are going for silly money.
Ultimately we want out at this stage. We want to move to Dublin and find work and possibly for me to go back to education to retrain. I have a hearing disability and impossible to do job I had previously.
Rental income wouldn't cover us to rent elsewhere so that's out.
We are both unemployed, have been in marp for 3 years and going through this nightmare for almost 5 years. We can't pay all the bills, stressed and worried. Bank have said they won't issue letter of unsustainability either but they did say they would let us sell.
we'd be able to stay with family in Dublin for short term until we get sorted.
We have not yet advised of offer as still to apply for MIS and only happened a few days ago. Agent is applying for a 3 month moratorium until we get MIS then hopes to apply for 3 yr interest only deal.
Other reasons for wanting to move but we want to make a decision based on above only.
So, what would you do?