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Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 8454
Experience:  Barrister 17 years experience
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I would like to know what would be the best form of action

Customer Question

I would like to know what would be the best form of action to take with regard to our home. -House bought in 2006 for €169,000 and we fixed for 3 years. Both my partner and I worked fulltime. -In 2008 my wife was diagnosed with Bipolar Type 2 after three seperate hospital stays and was signed off work. She still has two episodes a year and as such is not even mentally capable of dealing with stress or handling money. Hence, this is (most of the time) on my shoulders. -From moving in the house (a new area from where we came from) our daughter was bullied at school (aged 11) and on the estate we bought our house. We went to social services in the end to get help as the school and the parents of the kids who bullied her did not step in. -In 2010 she was sexually assualted aged 13 and the perpetrator lived on the next estate (50m away). We reported it to the Guards and the case was passed to the DPP. The guy STILL lives in the area and had a baby with a 15 year old girl the following year. The house is a small rural town. We then decided to leave the house due to what had happended to her and fell into arrears in 2011. We have since been making payments of Interest Only, and have had no luck renting out our home due to oversupply and under demand for the area the house is. Our daughter has been self-harming since the bullying and recently came out of a mental health facility (spending 10 weeks) after undergoing intense therapy. She is now 16. We can't go back to that house purely for the welfare and safety of our eldest daughter. The bank have been kept fully informed and we have offered to give them letters from our GP, Garda report from the assualt, social services etc to support our plight should they think we are lying simply to get out of paying the mortgage. We would like to sell the house ourselves with the banks permission and pay back a percentage of the shortfall of the negative equity. Can this be agreed from the bank? They say they don't "do debt-forgiveness". However, our situation is a unique one and whilst I know we are ultimately responsible for the debt, do/can banks ever look at an individual case and come to an agreement? We have been asking them but they have said we can sell but will have to pay back ALL the NE (which would be approx €80k) Please help, I don't know who to turn to and do not have the finances to pay back the NE and cannot live in that house if I want to keep my daughter well. Kindest Regards

Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.
1. At the outset you need to realise that banks do Do debt forgiveness but they won't offer it at the outset. AIB for example are offering 30% off mortgages offered at the height of the boom where the people involved are in negative equity to a serious extent. However, I regret to say that the banks will not take your personal story into account in determining what they will do with the mortgage. it will be a purely commercial decision. The more you stress your personal story the less likely they will be to write off money. The better course of action would simply be not to pay for an appreciable period of time to soften up the bank and to make clear that this is going to be a problem loan. do that for 2/3 years and then see where you stand. But pleading tragedy never works with (hard-hearted) banks!
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Buachaill, Lawyer
Satisfied Customers: 8454
Experience: Barrister 17 years experience
Buachaill and other Republic of Ireland Law Specialists are ready to help you
Customer: replied 1 year ago.


Can you just clarify when you say 'The better course of action would simply be not to pay for an appreciable period of time to soften up the bank'...Do you mean not even pay interest only? I have just set up another 12 month ending March 2014.I will of been paying interest only for 3 years by then.

Expert:  Buachaill replied 1 year ago.
2. So long as you pay interest only on your mortgage loan then this is classified as a "performing loan" in the bank's own books. You need to realise that absolutely no bank gives a write off in relation to a performing loan. That is like looking for Father Christmas. So you need to effectively default on your loan if you want a write off. This will not guarantee a write-off but at least you put yourself in the category where a write off is possible.
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