Hello,
I am hoping someone could shed some light on the following for me please.
I purchased my SO house in 2010 for 232,000 euro. In 2011 I lost my job and fell into arrears of 21k (was paying a few hundred each month). I have since returned to work and have been repaying full mortgage with a little extra each month for the last 12 months but not enough to make a real dent in arrears.
On Friday I received a letter from DCC asking if I would be interested in switching to 100% mortgage. Not sure if this a generic letter sent out to all SO mortgage holders or if there actually is a real chance for me to switch to 100% mortgage and perhaps capitalize the debt.
Maybe it's a pipedream that the council would make such a gesture and help me remove this 21k noose around my neck by adding debt to "new mortgage".
Has anybody any experience in this? Or could someone give me an educated guess as to what my options are regards 21k debt and rising annual rent that effectively makes it even harder to repay the debt portions.
Thanks in advance,
S.
I am hoping someone could shed some light on the following for me please.
I purchased my SO house in 2010 for 232,000 euro. In 2011 I lost my job and fell into arrears of 21k (was paying a few hundred each month). I have since returned to work and have been repaying full mortgage with a little extra each month for the last 12 months but not enough to make a real dent in arrears.
On Friday I received a letter from DCC asking if I would be interested in switching to 100% mortgage. Not sure if this a generic letter sent out to all SO mortgage holders or if there actually is a real chance for me to switch to 100% mortgage and perhaps capitalize the debt.
Maybe it's a pipedream that the council would make such a gesture and help me remove this 21k noose around my neck by adding debt to "new mortgage".
Has anybody any experience in this? Or could someone give me an educated guess as to what my options are regards 21k debt and rising annual rent that effectively makes it even harder to repay the debt portions.
Thanks in advance,
S.