Our house is currently sale agreed and our lender is looking for us to do an SFS based on us renting elsewhere.
Even with us getting rent allowance, there will not be enough left over to pay all of our debts each month in full.
Lender is suggesting that whether we hand keys back or voluntarily sell, we will still have to pay the balance at the tracker rate over the remaining term.
I have told them that if we could agree to do that, then we wouldnt be losing our home right now.
At this point it does not appear to be of much benefit to us whether we sell it ourselves or vol surrender. We will probably owe alot more but for now whether we owe €60k to lender or €100k to lender, neither amount is something we can afford to pay back for the forseeable.
To go down the vol sale route, there is no guarantee the lender will consent to sale either because of offer we have (which we think is pretty good considering the market here) or because we have little if anything to offer to pay back shortfall.
We also have a large credit union loan that we need to sort out.
Should we engage with a PIP now or after sale? I feel like we need to get good advice. We have tried all the state agencies and charities and at this point of the journey, none of these know what to do.
We are probably facing having to go bankrupt however I know we need to have dealt with a PIP before we can do that.
Any advice and any recommendations of a PIP that charges a reasonable first consult fee? We really are on our knees and I know their advice will probably be the best €5k I will ever spend. I just dont have €5k. I'd still be in my home if I did.
Thanks anyone.
Even with us getting rent allowance, there will not be enough left over to pay all of our debts each month in full.
Lender is suggesting that whether we hand keys back or voluntarily sell, we will still have to pay the balance at the tracker rate over the remaining term.
I have told them that if we could agree to do that, then we wouldnt be losing our home right now.
At this point it does not appear to be of much benefit to us whether we sell it ourselves or vol surrender. We will probably owe alot more but for now whether we owe €60k to lender or €100k to lender, neither amount is something we can afford to pay back for the forseeable.
To go down the vol sale route, there is no guarantee the lender will consent to sale either because of offer we have (which we think is pretty good considering the market here) or because we have little if anything to offer to pay back shortfall.
We also have a large credit union loan that we need to sort out.
Should we engage with a PIP now or after sale? I feel like we need to get good advice. We have tried all the state agencies and charities and at this point of the journey, none of these know what to do.
We are probably facing having to go bankrupt however I know we need to have dealt with a PIP before we can do that.
Any advice and any recommendations of a PIP that charges a reasonable first consult fee? We really are on our knees and I know their advice will probably be the best €5k I will ever spend. I just dont have €5k. I'd still be in my home if I did.
Thanks anyone.