Sorry if this is not the correct place to post this . My first time on here so unsure of procedure. Firstly thanks for all the posts on'what So is' very valuable information.
my dilemma is that i purchased under the so scheme back in 2006 and like many more I find it impossible to maintain agreed mortgage payments due to economy downturn and personal circumstance.I got seriously sick three years ago and up until I returned to work last year my MPI paid the mortgage. Unfortunately by going back to work for 3 days i invalidated my MPI.Initially my Dr. thought 3 days would be rehabilitative and I could see how it went.in order to do this I could no longer retain illness benefit and my income now is such that I cant pay mortgage. I find since my illness that 3 days is about what I can manage or as my Dr. puts it I am no longer able to work in my previous capacity. Even if I worked the other 2 days I would still fall short.
I am due to start MARP with council tomorrow and I am pretty scared about this. I am at the wrong side of 55, and it looks like future income will not improve enough, I dont fear surrendering the house,but i do worry if its the right decision, if indeed this is even an option, what are my options? initially I had hoped to sell after 10/15 years for at least the amount I paid and move back into town.The house is in the countryside but as i get older rural isolation is going to be a major problem,as is the cost of driving into work. at the moment My pensioner partner is helping me out and we are managing to pay €500 per month but cant come near the €1,200.it is not a joint ownership btw. sorry this is so garbled, i suppose i am asking for some guidence re options?
my dilemma is that i purchased under the so scheme back in 2006 and like many more I find it impossible to maintain agreed mortgage payments due to economy downturn and personal circumstance.I got seriously sick three years ago and up until I returned to work last year my MPI paid the mortgage. Unfortunately by going back to work for 3 days i invalidated my MPI.Initially my Dr. thought 3 days would be rehabilitative and I could see how it went.in order to do this I could no longer retain illness benefit and my income now is such that I cant pay mortgage. I find since my illness that 3 days is about what I can manage or as my Dr. puts it I am no longer able to work in my previous capacity. Even if I worked the other 2 days I would still fall short.
I am due to start MARP with council tomorrow and I am pretty scared about this. I am at the wrong side of 55, and it looks like future income will not improve enough, I dont fear surrendering the house,but i do worry if its the right decision, if indeed this is even an option, what are my options? initially I had hoped to sell after 10/15 years for at least the amount I paid and move back into town.The house is in the countryside but as i get older rural isolation is going to be a major problem,as is the cost of driving into work. at the moment My pensioner partner is helping me out and we are managing to pay €500 per month but cant come near the €1,200.it is not a joint ownership btw. sorry this is so garbled, i suppose i am asking for some guidence re options?
