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?