C
ceramic
Guest
Hi everybody
First of all I would like to introduce myself and say that some of the advice offered on this forum is excellent and those who run the site should be applauded.
And this leads me onto my issue. My wife and I have a mortgage amount of 160k on a property worth about 100k. We moved abroad about 3 years ago because we could not find work. We have rented the house out for most of the 3 yr period but have had periods where we could not rent the house and have thus fallen 4 months into arrears. We are on reduced payments until August but our tennant has moved out and we cannot afford to pay anything to the bank while the house in unoccupied. In short we just do not have any money. We work for very little money where we live now and have no real hope as things stand of ever paying off this debt. We are happy to be working though and we are never going back to Ireland to live. Ever.
We want to just sell up but we know that the market is non existent at the moment and that we will come up very short on the sale price. We have heard rudimentary evidence of banks doing deals and as we are fully no longer in Ireland, ie no savings, credit cards, bank accounts in our names bar the mortgage account, would they be likely to sanction a sale to at least get a potential 100k back on an otherwise non performing loan?
We really have nothing to give them except the house. Also if they say no, then what?
Any and all advice appreciated
ceramic
First of all I would like to introduce myself and say that some of the advice offered on this forum is excellent and those who run the site should be applauded.
And this leads me onto my issue. My wife and I have a mortgage amount of 160k on a property worth about 100k. We moved abroad about 3 years ago because we could not find work. We have rented the house out for most of the 3 yr period but have had periods where we could not rent the house and have thus fallen 4 months into arrears. We are on reduced payments until August but our tennant has moved out and we cannot afford to pay anything to the bank while the house in unoccupied. In short we just do not have any money. We work for very little money where we live now and have no real hope as things stand of ever paying off this debt. We are happy to be working though and we are never going back to Ireland to live. Ever.
We want to just sell up but we know that the market is non existent at the moment and that we will come up very short on the sale price. We have heard rudimentary evidence of banks doing deals and as we are fully no longer in Ireland, ie no savings, credit cards, bank accounts in our names bar the mortgage account, would they be likely to sanction a sale to at least get a potential 100k back on an otherwise non performing loan?
We really have nothing to give them except the house. Also if they say no, then what?
Any and all advice appreciated
ceramic