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Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 8416
Experience:  Barrister 17 years experience
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I have mortgage on rental property of 140000 & would be lucky

Customer Question

I have mortgage on rental property of 140000 & would be lucky to get sixty for it .and cannot meet repayments .bank said they would place charge against family home also mortgaged 250000 would possibly get that much for it on market .we are aged 60 .husband currently working in Middle East to meet mortgage on family home. I don't know if insolvency would do it for us as we have just one creditor.only recently gone into arrears on rental property. Do I hand back the keys now
Submitted: 11 months ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 11 months ago.
1. At the outset there is no such thing as handing the keys back in Ireland, as there is in America. Under Irish law you simply own these properties, not the bank. So even if you cannot pay your loan in full after the sale of the property, you will still remain liable for any outstanding indebtedness which remains with you. Just because the property is sold does not remove any further liability for monies borrowed. You remain liable until every final penny is paid.
2. Accordingly, if you can continue to live in the house you live in you should continue to do so. As regards XXXXX XXXXX property, you should enter into some repayment agreement with the bank whereby you simply hand over the rental monies on the property but do not have to pay additional sums out of your own pocket. Most banks are happy if the interest on any mortgage is being paid. So aim to cut a deal here.
3. Bankruptcy is an option, but you really don't owe enough money for going into bankruptcy. Bankruptcy is generally taken where there is no other way out. Here, as you only have on creditor, you simply have to hardball the bank to get an agreement reached. Banks such as AIB are already offering discounts on residential mortgages of 30% where there is an excessive loan to value ratio. However, to get these deals you need to be in default for a period and have the bank concerned as to whether they will get their money at all. My guess is you don't feature on the bank's "discount" list because you have paid everything to date. So consider this option before you press the bankruptcy button.
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Buachaill, Lawyer
Satisfied Customers: 8416
Experience: Barrister 17 years experience
Buachaill and other Republic of Ireland Law Specialists are ready to help you
Customer: replied 11 months ago.
Does not look like I have much hope of getting a tenant .i am paying nothing now .will have to start paying full amount on main house soon and am afraid boi will just keep taking for as long as my husband is abroad and then foreclose on us for the lot.so what's the point .ithis debt has my head done in .
Expert:  Buachaill replied 11 months ago.
1. Remember that Bank of Ireland are not in the property holding business. So the bank has no desire to foreclose on your property. That is why there have been so few repossessions in Ireland even though one in five of all mortgages are in arrears. so realise that the way out which will have to be found for you from this mess is a mortgage discount. AIB are already offering 30% off all residential mortgages where there are substantial unpayable arrears. So even if your husband is in the Middle East seek to put yourselves into a position where you will be able to get some discount. This may mean being in default for up to a year before negotiating some discount.
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