Hi. Not sure best way to go about my warehoused portion of mortgage. 10 yrs ago I had an insolvency agreement . I completed this agreement. Unfortunately at the time a lage portion of my mortgage was warehoused. Just over €92000. . My problem is iam on disability so have a fixed income. The vulture fund my mortgage is now with have just agreed another 2 year alternative agreement plan. But they keep asking how iam going to pay the warehosed portion in 8 years time. If I sold the house I wouldn't have enough to buy anything else. What options do I have?
How do I clear warehoused debt at the end of the mortgage term?
- Thread starter mags1964
- Start date
Brendan Burgess
Founder
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- 58,359
If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results.
Income details
Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc
Income history: e.g. "I was made redundant in June 2011 and have not had any work since..."
Net monthly income partner/spouse: nature of income
Income history:
Amount of child benefit received (Should be €130 per child)
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family
Do you need a car for work or do you use public transport?
Number of children 0- 2 years old:
Number of 3 years old children:
Number of 4 - 11 years old:
Number of 12 - 18 years old:
Monthly childcare costs:
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender:
Amount outstanding:
Value of home:
Interest rate: specify whether tracker or SVR or fixed rate
Monthly repayment
Amount in arrears
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then.
Investment property - Delete if not applicable
Lender:
Amount outstanding:
Value of home:
Interest rate:
Monthly repayment
Amount in arrears
Monthly rent received
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment
Term left
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding:
Credit Card - amount outstanding
Credit Card - monthly amount you are paying
Term loan Amount outstanding
Term loan term left
Term loan - monthly repayment
Term loan - interest rate
Family loan - amount outstanding
Family loan - monthly repayment
Other savings and investments
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home.
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
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?
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"
Income details
Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc
Income history: e.g. "I was made redundant in June 2011 and have not had any work since..."
Net monthly income partner/spouse: nature of income
Income history:
Amount of child benefit received (Should be €130 per child)
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family
Do you need a car for work or do you use public transport?
Number of children 0- 2 years old:
Number of 3 years old children:
Number of 4 - 11 years old:
Number of 12 - 18 years old:
Monthly childcare costs:
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender:
Amount outstanding:
Value of home:
Interest rate: specify whether tracker or SVR or fixed rate
Monthly repayment
Amount in arrears
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then.
Investment property - Delete if not applicable
Lender:
Amount outstanding:
Value of home:
Interest rate:
Monthly repayment
Amount in arrears
Monthly rent received
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment
Term left
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding:
Credit Card - amount outstanding
Credit Card - monthly amount you are paying
Term loan Amount outstanding
Term loan term left
Term loan - monthly repayment
Term loan - interest rate
Family loan - amount outstanding
Family loan - monthly repayment
Other savings and investments
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home.
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
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?
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"
Taking a guess you are 62? (mags1964), 8 years time you are 70 and the vulture looking for a plan on repayment.
You mentioned if you sold the home, you would be concerned you would not have enough money to buy a new property. Consider Nua Freedom Mortgage to refinance, or possibly a Credit Union (if you are a member of one that does mortgages) and if affordability was an issue consider a home equity lifetime mortgage from Spry, is an option. How much they will lend, will depend on your age and value of your home.
Nua Freedom
Spry Calculator
You mentioned if you sold the home, you would be concerned you would not have enough money to buy a new property. Consider Nua Freedom Mortgage to refinance, or possibly a Credit Union (if you are a member of one that does mortgages) and if affordability was an issue consider a home equity lifetime mortgage from Spry, is an option. How much they will lend, will depend on your age and value of your home.
Nua Freedom
Spry Calculator
Hi. .I am on invalidity. I also recieve a small pension from work. My total income is 1200 a month . I pay 635 a month to mortgage .its at 4.4% they gave me reduced rate for 2 yrs. Yes I have a car .I need it to get to appointments and shopping etc as I can't walk long distances or carry items . My house is worth around 245000 I owe 47k on remaining mortgage and 92k on warehoused. I don't have credit cards. . Not expecting any extra money. Yes I love my home but can't see how selling will help me. Even apartments in my area are over 200000. My problem is my house is small terraced home built in 30s .
Brendan Burgess
Founder
- Messages
- 58,359
It's very difficult to answer if you drip feed the information.
What age are you? It's important.
Brendan
That's a very low income to pay 635 mortgage on. It leaves you with 130 a week for everything else. Are you sure that your total income is 1200? Could you get in a lodger to boost your income.
It's clear you're not going to be able to pay the warehoused amount. That's a 'they' problem, not a 'you' problem. Just continue to pay what's agreed and don't worry about paying it off right now, you're on invalidity and just do your best. The bank in 2 years time will have to come up with another solution.
She mentioned a small pension as well, so it's a bit confusing, probably someone in dire straits and not used to websites.
In one sense she's probably better off with no pension pot. I think wait it out, because three is no way to pay it off. She's now got an extra two years.
Mags you must be living very frugally? Are the letters making you worried about losing your home? Are you entitled to be housed ? I guess not as you have a house. Whatever you do you must not vacate the house voluntarily or the Council might deem you 'deliberately homeless' or some such rule. The council have no houses, and there's no where to rent.
So just stay put, ignore the letters unless they get very serious. They are an added strain, but you're all set now for 2 years. How often are they sending a letter to you?
Think it would be a good idea for you to go see someone in Citizen's advice, they'll tell you your rights. And maybe Mabs can advice too. All free.
Edit: just realised, Mags is new, so probably can only post one post a day or something.
Mags you must be living very frugally? Are the letters making you worried about losing your home? Are you entitled to be housed ? I guess not as you have a house. Whatever you do you must not vacate the house voluntarily or the Council might deem you 'deliberately homeless' or some such rule. The council have no houses, and there's no where to rent.
So just stay put, ignore the letters unless they get very serious. They are an added strain, but you're all set now for 2 years. How often are they sending a letter to you?
Think it would be a good idea for you to go see someone in Citizen's advice, they'll tell you your rights. And maybe Mabs can advice too. All free.
Edit: just realised, Mags is new, so probably can only post one post a day or something.
Once an hour.
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Hi iam sorry brendan . I can't find your previous reply. What more information did you ask for? Iam 62. . House worth around 245. 47k plus 92k warehoused. I have a car. No credit cards . I do. Live very carefully . .
Can't remember what else you asked as can't find reply sorry
Can't remember what else you asked as can't find reply sorry
How do I clear warehoused debt at the end of the mortgage term?
Hi. Not sure best way to go about my warehoused portion of mortgage. 10 yrs ago I had an insolvency agreement . I completed this agreement. Unfortunately at the time a lage portion of my mortgage was warehoused. Just over €92000. . My problem is iam on disability so have a fixed income. The...
www.askaboutmoney.com
We don't know that it's Invalidity Pension. It could be some other welfare payment or even an occupational insurance payment.
Will they lend to her on a social welfare income? I don’t even know how she’s paying her mortgage monthly out of what’s coming in. Must be pretty difficult.
In any case, life loans don't require any repayments as they're redeemed via sale of the house after death.
While reading about Mags struggling, over in the Indo is this:
www.independent.ie
Can she go insolvent or just wait it out …
Father of one has €5.8m property debt written off in return for €45,000
A man has had around €5.8m in property debt written off in return for payments of just €45,000 to creditors under a deal approved by the High Court.
www.independent.ie
Can she go insolvent or just wait it out …