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I want to hand my home back to the bank

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Comments

  • Closed Accounts Posts: 515 ✭✭✭GigaByte


    Has it not crossed your mind to read my post before making smart comments? I went INTO the bank, suit and tie, figures, everything. Yes, I got my answer. I was told NO deferment, NO interest only, NO mortgage extension. Not an inch.

    I did read you post and I told you the best advice imo is to ring the bank and ask them what happens if you hand the keys back.

    I do hope things work out for you and I apologise for the rudeness of my last post :o


  • Closed Accounts Posts: 757 ✭✭✭milod


    Topical piece from breakingnews...

    http://www.breakingnews.ie/ireland/mhidsnkfojmh/

    The banks are going to have to wake up sooner or later OP. I suggest you get everything in writing from them so that if they do try to repossess or hold you liable for debt, you can prove you tried every available channel. This counts for a lot when faced with bankruptcy court etc.


  • Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    GigaByte wrote: »
    I did read you post and I told you the best advice imo is to ring the bank and ask them what happens if you hand the keys back.

    I do hope things work out for you and I apologise for the rudeness of my last post :o

    * Group Hug *

    Sorry for being shirty, this being in debt business sure gets to you... :)

    All I need is a bit of leeway, the same as lots of people right now. Please God the banks will recognise the human face behind the statistics.


  • Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    Sorry to hear your news, but I'm in exactly the same scenario. Had a fab job etc., etc., but now been made redundant twice in the past 6 months. Can't make my payments either and no help from anywhere. I have contacted a solicitor (who told me to ask parents for money!!)

    Awful situation, with no light at the end of the tunnel. I hope someone comes online to advise us, but wish you well and a lot of good luck for 2009!
    Hey does anyone know what happens if you hand back the keys of your home to the bank? I've missed my last mortgage payment. I missed a few payments a couple of years ago, got a credit rating, but pulled it together and got back on track. Not this time though, as my job is just not paying enough, and I cannot get a job that pays enough. I have no hope of paying the next three mortgages, I asked the bank for a mortgage deferment, and they refused flatly. I don't know where they think I can get the money. I asked for a deferment because the money's not there. Deferment or no deferment, they are getting no mortgage payment. I can't make it appear by magic, and I'm sure there's even less likelihood of a better job after Christmas.

    I share with another, who faces losing their job after Christmas too, so there'll be even less money. I put my property on the market to see if there would be an offer, but there is none. Nobody is buying round here at all. I'd sell tomorrow if there was a buyer, but there isn't. The bank couldn't care less about my situation. I went in, suit and tie and all, and it was a waste of time. So my only option seems to be to hand it back.

    My question is very specific, IF I go into the bank and put my keys on the counter, what happens next? What do they do, are my debts cleared, or will they continue to screw me? What about tax, etc? I'm not in negative equity, there should be €20,000 or €30,000 left over IF I could get a buyer. I can't, so I suppose the bank takes everything?


  • Closed Accounts Posts: 423 ✭✭madmik


    Sorry to hear your news, but I'm in exactly the same scenario. Had a fab job etc., etc., but now been made redundant twice in the past 6 months. Can't make my payments either and no help from anywhere. I have contacted a solicitor (who told me to ask parents for money!!)

    Awful situation, with no light at the end of the tunnel. I hope someone comes online to advise us, but wish you well and a lot of good luck for 2009!


    three pages of good advice and u "hope some comes online to advise us"

    what do u want ,magic?


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  • Registered Users Posts: 1,909 ✭✭✭Agent J


    Unfortunatly there really isnt much to advise on the orignal post.

    You cant simply hand back the keys in this country because they can and probably will chase you for the rest of the balance of the house.

    It sucks but the laws are pretty victorian when it comes to debt.

    There isnt going to be a white knight im afraid.


  • Closed Accounts Posts: 57 ✭✭Longerview


    Hey Guys.....you have been given the ONLY advise you need.

    (1)...go to MABS....go to MABS....go to MABS.These people will help you.They'll make a payment plan that you can afford and will deal with the bank.They know how to approach the bank,experience counts in dealing with the banks !

    (2)The second bit of advise was SELL IT YOURSELF...go to an estate agent ,sell it cheap.Take a loss if necessary,you can live with a small loss now compared with a much bigger one when housing prices are even lower.


  • Closed Accounts Posts: 2,268 ✭✭✭mountainyman


    You should look at all options including emigration combined with bankruptcy. The bank will pin you to the wall for years if they can. You should explore the implications of emigrating to avoid the consequences of bankruptcy.

    MM


  • Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    You cannot emigrate to a first world country as the bank will chase you for the debt. You're better off disappearing to South America/Africa if you want to escape the debt without paying.(not advising this!)


  • Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    im in a similar situation, i was also turned away by the bank. couldnt believe they wouldnt lift a finger to help me out. Only "advice" they gave me was "go 3 months into arrears and credit dept will contact you to work out a payment plan" now my logical argument was that i was there to work out some kind of payment plan BEFORE i got into arrears. They still said no. point blank, no compromise, NO. I plan to contact mabs tomorrow (didnt even know they existed, thanks folks!)


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  • Registered Users Posts: 5,547 ✭✭✭Slutmonkey57b


    If a bank manager told me that, I'd ask him to put it in writing and then forward it on to a newspaper. It's not in the bank's interest to have people defaulting on their mortgages and increasing the numbers on the "bad debt" figures they have to report to the government.

    For those suggesting he "hand back" the keys - they're the bank's keys. It's the bank's house. Leaving them on the counter does nothing. If they want to sell the house because you can't pay, guess what - they can already do that, because it's not your house.


  • Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    im in a similar situation, i was also turned away by the bank. couldnt believe they wouldnt lift a finger to help me out. Only "advice" they gave me was "go 3 months into arrears and credit dept will contact you to work out a payment plan" now my logical argument was that i was there to work out some kind of payment plan BEFORE i got into arrears. They still said no. point blank, compromise, NO.e I plan to contaclt mabs tomorrow (didnt ebven know they existed, thaanks folks!)[d/QUOTE]

    drublin city council shared ownership/affordable housing have the same policy but you have to be 6 months in arrears before they will speak you.

    complete and utter madness


  • Registered Users Posts: 96 ✭✭Willm5499


    Hi, i was just wondering if anyone knew of a way out of the shared ownership scheme with Dublin City Council. My fiancee and i bought an apartment through the shared ownership with d.c.c for €265,000 and lived in it for the past two years. The problem is the property is only worth €175,000 and we want to start a family now so we spotted a beautiful house in the same area for €288,000 :eek:... I would be greatful if somebody had a soloution that would not put us in bad credit rating, Thanks Will :)


  • Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Willm5499 wrote: »
    Hi, i was just wondering if anyone knew of a way out of the shared ownership scheme with Dublin City Council. My fiancee and i bought an apartment through the shared ownership with d.c.c for €265,000 and lived in it for the past two years. The problem is the property is only worth €175,000 and we want to start a family now so we spotted a beautiful house in the same area for €288,000 :eek:... I would be greatful if somebody had a soloution that would not put us in bad credit rating, Thanks Will :)

    I'd hang on in there- saving as much as possible, and generally paying down as much debt as possible. Make sure you have no credit card debt, overdrafts or other debt.

    There are proposals being hurried through the Oireachtas to bring our personal bankruptcy laws into the modern world- however even with this- your credit rating would be ruined for 5 years.......

    Unfortunately there is no simple solution. In the states those who handed their keys back to the bank (something that we can't do here) will have their credit ruined for 6 years- however there is no stigma attached to renting there.

    If you can pay your debts- the best solution is simply to continue to do so. There is no magic reset button :(

    There are several threads over in Accommodation and Property from folk in an identical situation to you- if you have a browse over there you can see how they're faring.


  • Registered Users, Subscribers Posts: 47,247 ✭✭✭✭Zaph


    As this is dragging up an old thread I'm locking it. Willm5499, as smccarrick said, you may want to have a look at the Accommodation & Property forum.


This discussion has been closed.
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