You have €7,000 of net income
The Reasonable Living Expenses for a family of 4 with one car are €1,800 per month.
This leaves you with €5,000 to pay your creditors.
Knock off €2,000 for your home loan and you have around €3,000 a month to contribute to your investment properties as well as the rent of €2,400
You say that the full capital and interest repayments would be €4,400 - is that for both investment mortgages?
So you would still have around €1,000 a month, but that will go to paying the costs and tax on your rental profits.
Given the income you are on and the profits you have been making from the investment properties to date, it's would be tough for you to cut back to the Reasonable Living Expenses. You would have to get rid of a car.
But you have very profitable investment properties and a very cheap tracker on your home, so it's worth cutting right back to retain these.
Bank of Ireland will extend the interest only period but only if you change to SVR. That will destroy you.
So what are your options?
1) Try to do a deal with Bank of Ireland - but refuse any deal which involves surrendering the tracker.
2) If they refuse a deal, cut right back and try to pay as much as possible. You will go into arrears but they probably won't take any action, as they have more urgent priorities. But it's hard to tell.
3) Bankruptcy or a Personal Insolvency Arrangment. I don't think that this would be a good idea for you as your trackers make your home cheap and your investment properties profitable.
The best way for you to recover is if house prices rise significantly. I am not forecasting this, but it's the only way out for you. So you need to stretch this out as long as possible. If house prices increase and if you make capital payments, you could get out of the negative equity.
What to propose to Bank of Ireland
Bank of Ireland will do what they can to get rid of three cheap trackers, so it will be hard to do a deal with them.
Ask for the home loan to be rescheduled to interest only under MARP.
Offer to sell the smaller investment property and ask them to write off the shortfall in exchange for early repayment of the tracker. They will refuse but might allow you to add the deficit to your home loan and warehouse it. Interest would continue to apply but you would not have to make any payments on it. That would ease the pressure a bit.
Maybe agree to sell the other investment property after 5 years and hope that capital repayments and price increases eliminate the negative equity.