Hi all, have been a long term reader of the forum, have read around the Mortgage arrears, personal debt & negative equity forum for some time now and every case seems to be different.
In 2008 my wife and I purchased our current home for €305,000 builders finish ,(272,000 outstanding on mortgage) in an area just outside Charleville, Co. Cork,we moved because of where i am based with work, not far outside Cork City and sold our house in Limerick and both of us were working away ,My wife in Limerick and me in Cork.
My wife was made redundant 2 weeks after we found out she was pregnant in October 2010 and since finishing maternity benefit in October 2011 hasnt been able to get work. She has been extremely unhappy where we live since about the end of 2009 and would love to move back to Limerck, Nearly all of our family and friends are based in Limerick.
We are currently on our 2nd year of interest only and tbh things dont seem to be getting any better, we have been to Mabs to try and sort out our financial situation and they said they cant really help us in relation to our house but they could help us sort out our secondary debt etc and maybe we should wait and see the outcome of the new laws that will be coming into place.
We are seriously struggling at the min paying just interest only of €933 ( capital and interest would be 1410 pm),I have a credit card and credit union loans and my wife has a Car loan.
So far everything we havent missed any interest only payments and are up to date, other bills gets paid might be a bit late,but they get it,things cant continue like this though as any savings we had are long gone.
The house next to ours is up for sale at 210,000 it has dropped down from 305,000 in 2008, and is still up for sale so god only knows what price our house would actually sell at?
Realisticly what options do we have?
Even if we could sell our house lets say for 200,000 then we are short 72,000 so we would need Kcb to allow us to sell at that.
I have read that it may be possible to take the NE on to the next mortgage but seeing as im the only one working and have no savings we wouldnt even get a mortgage based on our current financial standings, and we would have a deposit either. We want to downsize but i cant see how?
Any advice welcomed as we are sick to death worrying about the bills,the mortgage, we never go out,we never go anywhere as we cant afford to ,we are just existing as it stands.
In 2008 my wife and I purchased our current home for €305,000 builders finish ,(272,000 outstanding on mortgage) in an area just outside Charleville, Co. Cork,we moved because of where i am based with work, not far outside Cork City and sold our house in Limerick and both of us were working away ,My wife in Limerick and me in Cork.
My wife was made redundant 2 weeks after we found out she was pregnant in October 2010 and since finishing maternity benefit in October 2011 hasnt been able to get work. She has been extremely unhappy where we live since about the end of 2009 and would love to move back to Limerck, Nearly all of our family and friends are based in Limerick.
We are currently on our 2nd year of interest only and tbh things dont seem to be getting any better, we have been to Mabs to try and sort out our financial situation and they said they cant really help us in relation to our house but they could help us sort out our secondary debt etc and maybe we should wait and see the outcome of the new laws that will be coming into place.
We are seriously struggling at the min paying just interest only of €933 ( capital and interest would be 1410 pm),I have a credit card and credit union loans and my wife has a Car loan.
So far everything we havent missed any interest only payments and are up to date, other bills gets paid might be a bit late,but they get it,things cant continue like this though as any savings we had are long gone.
The house next to ours is up for sale at 210,000 it has dropped down from 305,000 in 2008, and is still up for sale so god only knows what price our house would actually sell at?
Realisticly what options do we have?
Even if we could sell our house lets say for 200,000 then we are short 72,000 so we would need Kcb to allow us to sell at that.
I have read that it may be possible to take the NE on to the next mortgage but seeing as im the only one working and have no savings we wouldnt even get a mortgage based on our current financial standings, and we would have a deposit either. We want to downsize but i cant see how?
Any advice welcomed as we are sick to death worrying about the bills,the mortgage, we never go out,we never go anywhere as we cant afford to ,we are just existing as it stands.