Personal and income details
Net (i.e. after tax) Income self: EUR2300 per month
nature of income: temporary job in construction since Oct2012
Income history: e.g. "50yr old Construction worker - I was unemployed for 3 years prior to Oct12. Am Separated. We were debt-free but unfortunately I had to take out mortgage in 2007 to pay settlement to ex. "
number of children: 4, youngest 2 in education, the two oldest have fled the nest
Amount of Mortgage Interest Supplement received : n/a
Home loan
Lender: National Irish Bank / Danske
Amount outstanding: 245,000
Value of home: 160,000
Interest rate: 1.15% tracker , ECB +0.65%
Monthly repayment : EUR1215
Amount in arrears
Summary of discussions and agreements with the bank : Was paying the mortgage fine when I was in work, then bank agreed to interest only for period when unemployed (6 monthly reviews), got some Mortgage Interest Supplement , supplemented with some savings. Have been paying full mortgage for last 5 months mostly from savings but now not sustainable as savings now gone, family loans no longer an option
Other loans or creditors : loan from brother 11,000, no interest, repay when I can
Other savings and investments : savings all gone. have small separate parcel of land value approx 45,000 worth less than I paid for it.
How important is retaining the family home to you?
I want to keep the family home as I built it on my own site got from parents
Any other relevant information
What is your preferred realistic outcome?
I will never be in a position to repay the full home loan. I will sell the land which still leaves NE of 40K and loan of 11K. What are my options?
This is going on over 3 years now and stressing me out. Cant afford this mortgage and still pay bills.
I want bank to work out a sustainable mortgage for 15 years and write off remainder of debt. What should I ask for when I meet with bank next week? Advice please!
Net (i.e. after tax) Income self: EUR2300 per month
nature of income: temporary job in construction since Oct2012
Income history: e.g. "50yr old Construction worker - I was unemployed for 3 years prior to Oct12. Am Separated. We were debt-free but unfortunately I had to take out mortgage in 2007 to pay settlement to ex. "
number of children: 4, youngest 2 in education, the two oldest have fled the nest
Amount of Mortgage Interest Supplement received : n/a
Home loan
Lender: National Irish Bank / Danske
Amount outstanding: 245,000
Value of home: 160,000
Interest rate: 1.15% tracker , ECB +0.65%
Monthly repayment : EUR1215
Amount in arrears
Summary of discussions and agreements with the bank : Was paying the mortgage fine when I was in work, then bank agreed to interest only for period when unemployed (6 monthly reviews), got some Mortgage Interest Supplement , supplemented with some savings. Have been paying full mortgage for last 5 months mostly from savings but now not sustainable as savings now gone, family loans no longer an option
Other loans or creditors : loan from brother 11,000, no interest, repay when I can
Other savings and investments : savings all gone. have small separate parcel of land value approx 45,000 worth less than I paid for it.
How important is retaining the family home to you?
I want to keep the family home as I built it on my own site got from parents
Any other relevant information
What is your preferred realistic outcome?
I will never be in a position to repay the full home loan. I will sell the land which still leaves NE of 40K and loan of 11K. What are my options?
This is going on over 3 years now and stressing me out. Cant afford this mortgage and still pay bills.
I want bank to work out a sustainable mortgage for 15 years and write off remainder of debt. What should I ask for when I meet with bank next week? Advice please!