OP, my first reaction to what I read, is that the rental property must be in a fairly crappy area as the rental income remains at 500 per month. Is this the market rent or is the property under let ?
I feel that if you could sort this out, you will avoid damaging your credit rating. Nobody said that owning property was going to be easy so you're on the correct side with your PPR been paid.
? The banks already took the hit. They went bust and the state bought them. Shareholders wiped out.TommyB
Greedy irresponsible lending by the bank, they deserve to take a hit
Hi All. I have two rental properties with morgages of 80k and 100k in both my wife and my own name. We have no mortgage on our own family home (worth 150k).
If im forced to sell the rental property I lose my ability to pay anything at all to bos, so that s the nub of my problem - can they force me to sell my home (im the sole occupier of my home as well)?
Before the bank forces you to sell the family home how about you putting an offer to them.
Sell the investment, leaving NE of 75K, add this to your home loan of 108K, bringing it to about 185K. Can you service a mortgage of 185K if you didn't have maintenance, and can you go back to court and get the maintenance order changed downward to reflect your new situation?
I'm presuming there may be children here, as it's normally the case with maintenance and that the kids visit you on occasion and that you therefore need somewhere for them for those visits.
Alternatively sell everything and you'll have little or no debt, but you'd have to rent.
Are the rentals secured on the family home?
To answer your question, yes i could service a mortgage of €185k
As regards the maintenance arrangements, i never went to court but am paying €900pm as is the going rate (per solicitor) for someone in my situation. Id certainly have to go to court to get the payments reduced.
Any advice is huge to me at this stage as im at my wits end and under real pressure,
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