Mortgage Supplement Query

A

Ally2004

Registered User
Messages
22
Hi,

Just wondering if you somebody could give me a bit of advise regarding the situation im in now at the mo, i bought and apartment with my ex partner 2 years ago, and rented it out we re-mortgaged it last year to purchase a house as we had a 3 year old and i was pregnant again so we thought this would be best. Unfortunatley I had the baby at 27 weeks and he had numerous health problems, he now has chronic lung disease and is basically sick from October to March while he gets synagis injections, he came home on 24 hour oxygen and only recently got taken off this. While the baby was sick myself and my partner split, and me and the two kids moved into the new house as there was no room in my mams. While i have been trying to pay the mortgage myself I am finding it so difficult the hse won't give mortgage supplement as we still have the apartment which is now in 60k negative equity, the house where i am living is now in 65K negative equity, I receive loan parents and a half rate carers payment, and also get domicillary care allowance. My mortgage is now two months in arrears and the aprtment is a month behind, i get no financial assistance from their dad, who was self employed but is now doing odd jobs. Can anybody see a way out of this trap.

Many thanks for reading this far.
 
How much of a shortfall is there between the rent and the mortgage repayments on the apt? You may have no option but to sell it but there will still be 60K outstanding to the lender?

Is your partner contributing to make up the shortfall? Is your partner on both mortgages? If so he is jointly liable for both mortgages and you can't really do much without his agreement. You need to get legal advice.

In the meantime, ring the lender (s) and explain your circumstances and come to some agreement re payments.
 
Hi,

thanks for getting back to me, if i could sell the apartment i would, the mortgage is 364k and they are now selling brand new ones for 299K, where will i come up with 65K to pay back the lender??? He is named on both mortgages and he had a very high income at the time. The rent is 1400 per month and the mortgage is 1895, i have just sent in a letter to change this to interest only bringing it down to 1600 per month. I have been trying to calculate how much money I can pay per month and the most at a stretch is 1000 on the family home, do you think lenders would be okay with this? as ii really dont see any other options available at the moment. His plan now is the whole australia thing were he is sorting out his visas, it just seems so unfair that this is all being left to me. I rang MABS this morning and they are sending me out an appointment.

Thanks again for your help.
 
As PM1234 was saying its crucial you talk to your bank regarding repayment schedules. Perhaps you could take a mortgage payment holiday for 6 months - I know my bank allows a holiday of 6 months.

Or perhaps extend the term of the mortgage, this will reduce your monthly payments.

Only pitfall with these options is you will pay more interest in the long term - but it might ease the pressure in the short term.
 
Hi,

I am going to ring the lender now and see if we can come up with some repayment plan, hopefully that will work out. I have an appointment on the 6th oct with a family law solicitor regarding maintenance and access. Its just really annoying having to go through this to probably get 20 euro a week, while he says he is not working but i know he is and has a lot of money built up in the revenue on c45's that he is planning on using to fund his new life in oz.
 
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