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No, the broker who started our remortgage on 02 APR and by July still hadnt anything done, we were in trouble with all of our loans & bills. The new guy sent us there because I had just changed my job and didnt have enough payslips and said I was self employed (LIE) !!!!
Well then go to all the main lenders and see if they will give you a mortgage. Then you will only be paying around 5% instead of 8% interest. As you are in a hurry, it might be better to approach a broker (a good one). As for your last broker, I would question why exactly he was sending you to a sub prime lender on the basis of missing pay slips. These places should only ever be approched once all the traditional lenders have refused you the mortgage. I would certainly give some serious consideration to putting in a complaint about the broker for that advice.
We have been to MABS & EAP and have also seeked advice from Eddie Hobbes. ...
What was their advice?
We put our house on the market but Start Mortgages said that if we don't sell within the next 2 and a half months they will start legal proceedings against us and take the house from us - leaving us with all of our bills etc and having most likely to rent for the next 5 yrs.
I wouldn't dismiss renting at all in your case. On a place worth 320-350k, you must be able to rent a similar house for half your current mortgage repayments, if not less. You're paying a massive premium for owning your own home when all that you actually need is a roof over your head. If you do sell this house, I'd seriously consider renting if I were you.
Thanks
We have a house currently on hold for rent and its lovely at a bargain of 900euro a month. Renting even for the next 5 years doesnt make us feel bad - loosing our home does. Our house is spotless but I am starting to feel that its not being marketed right !! Its a beautiful home, clean and in showhouse condition. We will just have to wait and see.
We are due to speak with the Financial Regulator Legal Aid next wednesday
Thanks
We have a house currently on hold for rent and its lovely at a bargain of 900euro a month. Renting even for the next 5 years doesnt make us feel bad - loosing our home does. Our house is spotless but I am starting to feel that its not being marketed right !! Its a beautiful home, clean and in showhouse condition. We will just have to wait and see.
We are due to speak with the Financial Regulator Legal Aid next wednesday
I don't understand. What has this situation got to do with your local elected representatives?I have started to send emails to my local td etc.
No offence but obviously you are living beyond you means and so MABS are totally correct in saying that something's gotta give. Hopefully it won't be the house but if you don't do something then it will be.MABS told us to cut out our Childminder who looks after our daughter while we are at work, (as if) they told us that if we continue to operate our account in the red (overdraft) the bank will close our account and will not let us bank with them anymore, they said we WILL loose our home, and to look at what we are spending, but if you count, petrol and nappies and food above and beyond what we should be purchasing then we should be alive !!!
What sort of legal bill could the home owner face in this sort of situation? And presumably if there is no equity left then they could be further out of pocket?As Conor mc said it would take several months for a re-possession order to be obtained.
I do some similar work for one of the other financial institutions and it takes at least that long. The courts are very forgiving and will give the borrower every opportunity.
They will sell the house and pay off the mortgage, if there is any equity left(after paying arrears and legal costs) that is yours.
A normal mortgage of 320K should only be around 1,400K give or take - that wouldnt be a problem !!
How does the price compare to similar houses in the locality? Bearing in mind that the market is very soft at the moment, you may need to undercut the current crop of houses in order to get your sale. How many other houses are for sale on daft.ie or myhome.ie in your area? Have you had any viewings yet?
Thanks, but we remortgaged because of my husbands bills but had the original broker processed our remortgage at the regular rate we wouldn't have been paying out nearly 3K a month
Our house is priced very well in comparision to other houses in the area, they are asking for a lot more for what they have on offer. We only have the house on the market just over a week and have already had a viewing.
What sort of legal bill could the home owner face in this sort of situation? And presumably if there is no equity left then they could be further out of pocket?
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