giving back house to bank????

flatpack

hi guys,
i have quick question, i have house purchased last year now i want to sell it but i dont think so i can get as much as i spend now what if i just leave house and call to bank that i can not afford it.
what is worts case scenario here?

who_ru

what is your situation?

have you lost your job? if so you need to discuss this with your bank.

banks generally don't want to take a house from a customer - they will only do this when the customer can't pay the mortgage. but you should have some insurance with your mortgage which will pay the mortgage payments for a while, but don't know how long for.

talk to your bank - in person - things will be ok, a lot of people are in a similar position to you.

have you thought about renting some rooms out to help with your finances?

unclebill98

Ok,

Only Mortgage repayment protector will pay you mortgage for you, and then they'll only pay it if you are claiming. Claims for "I simple don't want the house anymore cause i can't sell it for the right amount", I would assume does not fall under any policy.

As mentioned, banks do not like taking houses off people. You'll end up causing your mortgage to go into default and you'll more or likely end up being listed onto the ICB as a bad debt.

This will haunt you for the rest of your life every time you go for credit of any sort. Either you'll just get turned down with no explanation or they'll mention your ICB.

If your having problems paying your mortgage then talk to your back and see what they can do. Maybe a payment break would suit you.

If you simple walk away, the bank will not simple allow that.

flatpack

well i lost my job in march and i already spend all my saving in these two months so i have only few hundereds in my account and i can not afford to pay even one payment untill i get some job but what should i say to bank i have mortgage with tsb do u think they can give me break for a while? and what i simpley say i can not afford? and would they take home and sell it and if it goes for less then i have to pay balance?

Random

Holy christ man. Don't use an internet forum for advice on such a massive thing. Contact your bank or get proper financial advice ASAP.

flatpack

thanks m8 i better go to bank and talk to them and let c what they say,
and i'll update here to get ur guys openion

unclebill98

flatpack wrote: »

well i lost my job in march and i already spend all my saving in these two months so i have only few hundereds in my account and i can not afford to pay even one payment untill i get some job but what should i say to bank i have mortgage with tsb do u think they can give me break for a while? and what i simpley say i can not afford? and would they take home and sell it and if it goes for less then i have to pay balance?

Well from your 1st post I'd not imagine it was that bad.

As said go to your bank and explain. A payment break might help and in the end of the day if the bank wants you to pay off your mortgage then they will try help you out now.

Best policy is to be very honest and explain everything to them. They give you the best solution.

stepbar

This ain't America. Banks don't simply let you walk away from your commitments and declare bankruptcy. The worst case scenario is that they will take the house from you and leave you with a black mark on your ICB. Best case scenario is that they may allow you to go interest only for a while. Maybe time to get the house rented out and move back home (if feasibly possible).

On a related note it's shocking the amount of people I see everyday who take loans etc and don't have adequate protection in place for the worst case scenario e.g. loosing your job / adequate savings

miju

do contact your bank but I'd strongly recommend you MABS www.mabs.ie who will help you with advice and dealing with the bank

best of luck

BuffyBot

Go to the bank.

Honestly, the internet? For advice on a matter like this?

As Miley from Glenroe might have said "Well, Holy God!".