FoxCatcher
Registered User
- Messages
- 8
Hi,
Just want to see advice in how to proceed with the situation I currently find myself in, just wondering how this will play out and has anybody got similar experiences.
My partner bought a house 10 years ago with her then husband with mortgage of €350k, soon after buying their marriage ended and she was left with a mortgage of €1,800 per month, one child to support and a job whereby her salary was €2,000 per month. She paid the mortgage in full for sometime through the help of her parents but it was unsustainable in the long run and ran into arrears approx 8 years ago, the mortgage arrears continued to grow until 4 years ago when we met and I moved into the home, and started paying €900 in lieu of rent directly to the bank, this amount was based on rental rates in the area for a similar sized house. By this time the arrears were roughly €90k with €310k outstanding on the principal.
We have continued to pay this for the last 4 years and have continued to send EBS Standard Financial Statements outlining my partners income and my rent. EBS sent a letter approximately 6 months ago saying that the arrangement was not viable there were 3 possible options, cant remember exactly from memory but I think it was voluntary surrender, voluntary sale or repossesion.
Last year we had the property valued at €275k through an auctioneer, a simlar sized property has been up on the market at that price for the last 2 years and is still unsold, we have had several phone conversations outlining that the house is in negative equity in excess of €100k and could we come to an arrangement where by we remove the other party to the mortgage (partners ex-husband) from the mortgage and have a new mortgage put in place with terms that are more favourable, we have no problem paying the mortgage amount if there was no negative equity but my partner doesn't want to knowingly sign up to a mortgage when we are €125k in arrears and stuck there.
We have recently been advised that the case was now being taken over by a third party who have wrote us a couple of letters looking for full payment or surrender of the property, the last letter a month ago advised that they were filling for repossession of the property and this week we have received a court date for the circuit court appearance for March. In the meantime for the last 18 months the ex-husband has been going through the motions (albeit slowly) to go bankrupt. He is hoping for a court appearance in January and has said all documents are with the courts, he has several debts and the mortgage being part of that debt.
We have engaged a PIP to advise us and he has said we are best waiting until the bankruptcy goes through and the OA washes his hands of the property due to the massive negative equity and says it would be easier to do a deal with EBS directly then, our concern that we now have a court date and that process seams to have momentum will it be too late in the game at that stage to do a deal.
So my questions are, what are our options here:
Should we wait for bankruptcy to go through from the other party?
What will be the outcome if/when the Official Assignee agrees there is no equity in the home?
Has anybody got experience of dealing with EBS? Is this an extremly slow process and are we silly being hopeful of a positive outcome?
Should we continue to pay the €900 per month? Worried that we cannot save much in case we have to surrender the home we will have no savings to purchase a home
Is there any other similar cases out there and what was the outcome?
Should my partner look at a PIA, our PIP advised that she isnt a candidate and bankruptcy would be her likely route, if we have to go this route how does this impact court proceedings and what happens the home during this time?
Apologies for the long winded thread just wanted to outline the scenario and cover it fully, any advice would be greatly appreciated.
Thanks
Just want to see advice in how to proceed with the situation I currently find myself in, just wondering how this will play out and has anybody got similar experiences.
My partner bought a house 10 years ago with her then husband with mortgage of €350k, soon after buying their marriage ended and she was left with a mortgage of €1,800 per month, one child to support and a job whereby her salary was €2,000 per month. She paid the mortgage in full for sometime through the help of her parents but it was unsustainable in the long run and ran into arrears approx 8 years ago, the mortgage arrears continued to grow until 4 years ago when we met and I moved into the home, and started paying €900 in lieu of rent directly to the bank, this amount was based on rental rates in the area for a similar sized house. By this time the arrears were roughly €90k with €310k outstanding on the principal.
We have continued to pay this for the last 4 years and have continued to send EBS Standard Financial Statements outlining my partners income and my rent. EBS sent a letter approximately 6 months ago saying that the arrangement was not viable there were 3 possible options, cant remember exactly from memory but I think it was voluntary surrender, voluntary sale or repossesion.
Last year we had the property valued at €275k through an auctioneer, a simlar sized property has been up on the market at that price for the last 2 years and is still unsold, we have had several phone conversations outlining that the house is in negative equity in excess of €100k and could we come to an arrangement where by we remove the other party to the mortgage (partners ex-husband) from the mortgage and have a new mortgage put in place with terms that are more favourable, we have no problem paying the mortgage amount if there was no negative equity but my partner doesn't want to knowingly sign up to a mortgage when we are €125k in arrears and stuck there.
We have recently been advised that the case was now being taken over by a third party who have wrote us a couple of letters looking for full payment or surrender of the property, the last letter a month ago advised that they were filling for repossession of the property and this week we have received a court date for the circuit court appearance for March. In the meantime for the last 18 months the ex-husband has been going through the motions (albeit slowly) to go bankrupt. He is hoping for a court appearance in January and has said all documents are with the courts, he has several debts and the mortgage being part of that debt.
We have engaged a PIP to advise us and he has said we are best waiting until the bankruptcy goes through and the OA washes his hands of the property due to the massive negative equity and says it would be easier to do a deal with EBS directly then, our concern that we now have a court date and that process seams to have momentum will it be too late in the game at that stage to do a deal.
So my questions are, what are our options here:
Should we wait for bankruptcy to go through from the other party?
What will be the outcome if/when the Official Assignee agrees there is no equity in the home?
Has anybody got experience of dealing with EBS? Is this an extremly slow process and are we silly being hopeful of a positive outcome?
Should we continue to pay the €900 per month? Worried that we cannot save much in case we have to surrender the home we will have no savings to purchase a home
Is there any other similar cases out there and what was the outcome?
Should my partner look at a PIA, our PIP advised that she isnt a candidate and bankruptcy would be her likely route, if we have to go this route how does this impact court proceedings and what happens the home during this time?
Apologies for the long winded thread just wanted to outline the scenario and cover it fully, any advice would be greatly appreciated.
Thanks