2 houses, can I keep the one I want, or will I have a choice

J

JayPee

Registered User
Messages
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We have 2 houses, both in NE and both in arreas, I know I will lose one, maybe both, but if have the change to keep one, would I have a choice. If the chance is I will lose both I will stop paying now and face the music

Personal details
Net (i.e. after tax) Income self: nil income, un-employed construction
Income history: work has finally dried up completely after a slow death
Net income partner/spouse: E3100 works in advertising
Income history:
Steady employment
number of children 2
Amount of Mortgage Interest Supplement received
. none
Home loan
Lender: Ulster Bank
Amount outstanding: 370k
Value of home:250k
Interest rate: Home has 3 sub accounts, 1 svr,1 (main part) 4.95 fixed, and 1 tracker
Monthly repayment Have offered E1800
Amount in arrears 22k arrears on home.

Summary of discussions and agreements with the bank.In Marp since Dec 2011 . Have been on interest only for the most part since then on both properties.

Investment property - Lender: Ulster Bank
Amount outstanding:350k
Value of home: 250k
Interest rate: fixed @ 4.68 Monthly repayment
Monthly repayment E540
Amount in arrears 9k
Monthly rent received E1300

Other loans and creditors -
Overdraft E1500
Credit Card 7k
Credit Union e.g. Loan of €3,000
Tax dept 55k
Loan from BOI 35k


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?
I know I will lose one house but I feel we could keep the family home even in NE for years ahead
 
Typo on the value of the investment property?
Repayment is interest only I presume? What would the capital repayment be? What are you doing with the €760 a month surplus from rent? You could clear the 9 arrears in a year with that.

You're in arrears on both (despite a suplus from rent) so I don't see any circumstance where the bank would accept you keeping one of the properties.
 
Hi gaius, yes sorry 250k is the value of the investment.It's intersest only, capital and interest works out at 2600 pm
Afterging through a sfs with an ulster bank adviser he took into consideration the surplus on the rental going towards the home repayments
 
Yes, I sot of guessed that MrDerp and to be honest I don't know which way to go, that's why I'm on here
 
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