Thank you Brendan. Unfortunatly I am prohibited from doing so until I have 15 posts or more. I will edit the above to add more detail if that helps.
Remaining Mortgage: €380,000.00
Current Value: €220,000.00
My problems lies, in the fact, that I have 60k in arrears on my mortgage
I would like to honour my debt and stay in my home but I am not one of these people who expect to stay in situ while not contributing.
all discussions with the bank have been by written corrospondence. I offset the extra income each month against my arrears.
...................It is cases like this that drive me to tears.
With a surplus of €800.00 a month and a willingness to pay the debt owed. Why, oh why should the TAX payer pick up the tab?
This debt is clearly heavy but it seems quite affordable.
The arrears should simply be recapitialised.
Nope not the practise in any bank I've worked for. There is no segregation of arrears in an account. The amount of the arrears only reduces when monthly lodgements exceed the amount of agreed monthly repayments.It is my understanding that all payments go toward the arrears first. I would imagine that all your monthly mortgage repayment is going against all monies owed. Do you have two separate statements. One showing original mortgage and the second showing the arrears with separate payments going to each?
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