Sure here is the story.
The mortgage was with KBC. Originally taken out for €252k house cost €275k. Drawn down in December 2006. We separated in 2007 (This was our 2nd home). I left the home in September 2007 and moved back to where i'm from. I wanted to sell but my ex wanted to keep the house. He had a decent job and was going to take in a lodger. Basically everything was going fine until December 2008 when he literally stopped paying. We had tried to take my name off the mortgage but KBC were not willing at the time without longer term proof of his capacity to repay. Anyway basically I tried to repay as much as I could from Jan - Sept 08 but I lost my job in May and I couldnt manage it. There were a few sporadic payments made over the next year but not the mortgage amount or anything near it.
We went through meetings etc with KBC reps but things became less amicable between myself and my ex. At one point I took it back to try to rent it and pay the mortgage but my ex removed the tenants and moved back in with his new girlfriend and proceeded to pay almost nothing for an entire year.
In the interim I was pleading with the bank to repossess it because it was becoming a complete farce and I couldn't do a thing about it. It was such a powerless helpless stressful period in my life. I was literally losing sleep over it.
Eventually after years of free riding, he and his girlfriend moved out. I was not granted access to the house at all. I hadn't had a key for years and as far as I know it became unoccupied around easter 2012 but with their possessions still inside for a time after. I did try to look in the windows etc but it was difficult to assess the condition although the exterior was a complete and utter mess. At this point I didn't even consider trying to rent it out. I had no access to funds to get it prepare for rental, the rental income would have been a third of the mortgage and I would have been tied to it forever with no help. I had had enough.
Anyway, my ex contacted me shortly after easter to say he had found a buyer (I don't know how as I couldn't even get into it with an estate agent). He contacted the bank. At this point I'd say it was in arrears for the guts of 3 years and over €30k. The bank weren't getting a penny off either of us at this stage. Needless to say i'd stopped paying for him to live there for free with his girlfriend. I consented to it being sold. The offer of €120k was made and a valuation confirmed this.
I was in college with no income and he was in a low paid job at this stage after periods on the dole. The bank tried to coerce us into signing an agreement to repay the balance and threatened to call off the sale unless we did. I had to get quite firm with them and say that if they didn't take this they'd end up with nothing. So basically it was sold without us making any agreement to repay the balance.
Now I know that we are still liable for the balance. And as the sale closed last week I'm sure they will be back on the phone to me soon. It has been a blissful 6+ months without them hounding me I must say.
Sorry for the long winded tale. I said i'd better tell it all. It might not be helpful to everyone as there is no doubt about it that we were headed for repossession. A repossession that we both wanted, and the bank knew this. Which inevitably is the reason why the consented to the sale. I will let ye know when they are back on to me over the balance...any day now i suspect. They absolutely refused a write down or debt write off. I am waiting patiently for the personal insolvency legislation.
The mortgage was with KBC. Originally taken out for €252k house cost €275k. Drawn down in December 2006. We separated in 2007 (This was our 2nd home). I left the home in September 2007 and moved back to where i'm from. I wanted to sell but my ex wanted to keep the house. He had a decent job and was going to take in a lodger. Basically everything was going fine until December 2008 when he literally stopped paying. We had tried to take my name off the mortgage but KBC were not willing at the time without longer term proof of his capacity to repay. Anyway basically I tried to repay as much as I could from Jan - Sept 08 but I lost my job in May and I couldnt manage it. There were a few sporadic payments made over the next year but not the mortgage amount or anything near it.
We went through meetings etc with KBC reps but things became less amicable between myself and my ex. At one point I took it back to try to rent it and pay the mortgage but my ex removed the tenants and moved back in with his new girlfriend and proceeded to pay almost nothing for an entire year.
In the interim I was pleading with the bank to repossess it because it was becoming a complete farce and I couldn't do a thing about it. It was such a powerless helpless stressful period in my life. I was literally losing sleep over it.
Eventually after years of free riding, he and his girlfriend moved out. I was not granted access to the house at all. I hadn't had a key for years and as far as I know it became unoccupied around easter 2012 but with their possessions still inside for a time after. I did try to look in the windows etc but it was difficult to assess the condition although the exterior was a complete and utter mess. At this point I didn't even consider trying to rent it out. I had no access to funds to get it prepare for rental, the rental income would have been a third of the mortgage and I would have been tied to it forever with no help. I had had enough.
Anyway, my ex contacted me shortly after easter to say he had found a buyer (I don't know how as I couldn't even get into it with an estate agent). He contacted the bank. At this point I'd say it was in arrears for the guts of 3 years and over €30k. The bank weren't getting a penny off either of us at this stage. Needless to say i'd stopped paying for him to live there for free with his girlfriend. I consented to it being sold. The offer of €120k was made and a valuation confirmed this.
I was in college with no income and he was in a low paid job at this stage after periods on the dole. The bank tried to coerce us into signing an agreement to repay the balance and threatened to call off the sale unless we did. I had to get quite firm with them and say that if they didn't take this they'd end up with nothing. So basically it was sold without us making any agreement to repay the balance.
Now I know that we are still liable for the balance. And as the sale closed last week I'm sure they will be back on the phone to me soon. It has been a blissful 6+ months without them hounding me I must say.
Sorry for the long winded tale. I said i'd better tell it all. It might not be helpful to everyone as there is no doubt about it that we were headed for repossession. A repossession that we both wanted, and the bank knew this. Which inevitably is the reason why the consented to the sale. I will let ye know when they are back on to me over the balance...any day now i suspect. They absolutely refused a write down or debt write off. I am waiting patiently for the personal insolvency legislation.
