The possible issues with a repo order hanging over us for the remaining 25 year term of the mortgage?
That is not the issue. The main issue is that as of now with the 3 months stay expired, they can repossess your home at any time.
I am always astonished at people who want to keep their home, but yet pay university fees and other personal loans as a priority. That is absolute madness.
You were paying €950 out of €1,090 so a shortfall of €140 a month. Really? €25,000 arrears would represent 15 years of underpayments at this level.
€25,000 represents the equivalent of 2 years arrears at €1,090 per month.
That is an awful lot of arrears for a house on which you were getting rent.
Having said that, some of your story must be true. You must have been paying something and making some effort.
So you should be able to keep your house. Many repossession orders are not enforced.
Which lender is it?
What is amount of the mortgage outstanding?
What is the interest rate?
What is the value of the house?
During calendar 2015, how much exactly did you repay in total on your mortgage?
Which county do you live in?
Brendan