Sword fight
Registered User
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- 1
New to Ask About Money and am open to suggestions on the following:
Sold an Investment Property 2 years ago - shortfall of 120,000.
(Bank were to do a deal. Bank were full of nonsense to get me to sell voluntarily and are now seeking judgement that they say they will then enforce on my family home.)
No other options were considered and arrears of only 2months. They just said SELL IT
In an ARA on family home - it's worth 120,000 and in need of a bit of work
Mortgage is 130,000 13 years left (Tracker) (60,000 of that was a remortgage to fund investment in 2005)
Paying 500 a month (ARA runs out soon)
Full payments about 880
Lone Parent with 1 one year old
Partner scarpered off to Canada while expecting - no maintenance paid
I am sole mortagor
Income 2100 monthly and paying a minuscule pension
Child Benefit 135
Costs Monthly:
Childcare 850
Credit union loan 150 (paying off loan for second hand car and replacement oil boiler and associated child stuff from last year)
Mortgage 500
Leaves 735 a month for bills, clothes, shoes, food, petrol, car maintenance,medical, household and dog etc
Don't drink or smoke (not that you could on the above)
Bank Saying : extend mortgage to 28 years in order to pay 500 a month (I'm reluctant to do this)
The bank want to load the house with the 120,000 shortfall - but above figures show NO affordability!!!!
They won't entertain a split mortgage at moment and are waiting to get judgement - I am strongly contending this and their legal fees are just climbing....makes no sense (unless they have an insurance policy that pays out if they get a judgement?!)
Options:
1. Go Bankrupt - How likely is one to lose family home ?
2. Get another 5000 loan from credit union and offer that to stop legal proceedings in full and final settlement of shortfall debt. Small I know - but it's all credit union will give and I have no other sources. And try negotiate a Split mortgage and a shorter extension.
3. Say to Hell with it and Up sticks and move to Spain, rent a place out there and currently have reasonable job offer.
Pay nothing on PPR, rent it out and keep the income and cut ties with Ireland - reason for this bank shafted me regarding shortfall and put so much pressure on when I was expecting that I was suicidal. Have had enough and life is too blooming short. It will take them 2 years to repossess and cost them 000's
I was too soft and too cooperative for years - but now am hacked off and have had ENOUGH
That's it!!!
Sold an Investment Property 2 years ago - shortfall of 120,000.
(Bank were to do a deal. Bank were full of nonsense to get me to sell voluntarily and are now seeking judgement that they say they will then enforce on my family home.)
No other options were considered and arrears of only 2months. They just said SELL IT
In an ARA on family home - it's worth 120,000 and in need of a bit of work
Mortgage is 130,000 13 years left (Tracker) (60,000 of that was a remortgage to fund investment in 2005)
Paying 500 a month (ARA runs out soon)
Full payments about 880
Lone Parent with 1 one year old
Partner scarpered off to Canada while expecting - no maintenance paid
I am sole mortagor
Income 2100 monthly and paying a minuscule pension
Child Benefit 135
Costs Monthly:
Childcare 850
Credit union loan 150 (paying off loan for second hand car and replacement oil boiler and associated child stuff from last year)
Mortgage 500
Leaves 735 a month for bills, clothes, shoes, food, petrol, car maintenance,medical, household and dog etc
Don't drink or smoke (not that you could on the above)
Bank Saying : extend mortgage to 28 years in order to pay 500 a month (I'm reluctant to do this)
The bank want to load the house with the 120,000 shortfall - but above figures show NO affordability!!!!
They won't entertain a split mortgage at moment and are waiting to get judgement - I am strongly contending this and their legal fees are just climbing....makes no sense (unless they have an insurance policy that pays out if they get a judgement?!)
Options:
1. Go Bankrupt - How likely is one to lose family home ?
2. Get another 5000 loan from credit union and offer that to stop legal proceedings in full and final settlement of shortfall debt. Small I know - but it's all credit union will give and I have no other sources. And try negotiate a Split mortgage and a shorter extension.
3. Say to Hell with it and Up sticks and move to Spain, rent a place out there and currently have reasonable job offer.
Pay nothing on PPR, rent it out and keep the income and cut ties with Ireland - reason for this bank shafted me regarding shortfall and put so much pressure on when I was expecting that I was suicidal. Have had enough and life is too blooming short. It will take them 2 years to repossess and cost them 000's
I was too soft and too cooperative for years - but now am hacked off and have had ENOUGH
That's it!!!
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