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If you default on a loan...

  • 17-03-2009 2:55pm
    #1
    nobodythere
    Closed Accounts Posts: 2,349 ✭✭✭


    Sorry I had no idea where to post this. If I have a mortgage, and the house is kind of collateral on the loan, and I default on that loan... If the house has gone down in value do I still have to pay the rest of the loan?


Comments

  • #2
    Shelflife
    Registered Users, Registered Users 2 Posts: 3,077 ✭✭✭Shelflife


    yes and if the bank take the house and sell it cheap you are liable for the balance.


  • #3
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Yes.


  • #4
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    jesus, i didn't know that..

    bad buzz


  • #5
    BaconZombie
    Registered Users, Registered Users 2 Posts: 8,813 ✭✭✭BaconZombie


    Welcome to the real world.

    Not stop messing around on the internet and start paying off your loan.
    grasshopa wrote: »
    Sorry I had no idea where to post this. If I have a mortgage, and the house is kind of collateral on the loan, and I default on that loan... If the house has gone down in value do I still have to pay the rest of the loan?
    Shelflife wrote: »
    yes and if the bank take the house and sell it cheap you are liable for the balance.


  • #6
    galwayrush
    Registered Users, Registered Users 2 Posts: 12,815 ✭✭✭✭galwayrush


    It's all in the small print.;)


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  • #7
    SoupyNorman
    Registered Users, Registered Users 2 Posts: 4,257 ✭✭✭SoupyNorman


    BOFH_139 wrote: »
    Welcome to the real world.

    Not stop messing around on the internet and start paying off your loan.


    Thats not very helpful now is.....wait,


    *checks forum*- "After Hours" *wry smile*


    You're probably in Negative Feckwity.


  • #8
    ejmaztec
    Registered Users, Registered Users 2 Posts: 24,230 ✭✭✭✭ejmaztec


    This is one of those "Disappear in the middle of the night with your stuff'n do a runner" scenarios.


  • #9
    big b
    Registered Users, Registered Users 2 Posts: 1,432 ✭✭✭big b


    galwayrush wrote: »
    It's all in the small print.;)

    Indeed. Should've gone to Specsavers.


    OP, in the current climate not many companies, and very few banks, will force the sale of your home. On the assumption that you can show you're doing everything you can to pay your debts. The last 2 sentences were to try & help you avoid sleepless nights. It's only fair to add that there will be exceptions - some businesses will be ruthless, heartless bastards. Get a 2nd job.


  • #10
    enda1
    Registered Users, Registered Users 2 Posts: 5,166 ✭✭✭enda1


    galwayrush wrote: »
    It's all in the small print.;)

    Small print??

    Its in the big fat print, LOAN!!

    Why do people think its called a loan if they don't have to pay it back?


  • #11
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    galwayrush wrote: »
    It's all in the small print.;)

    It sure is



    the bank are gonna get you


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  • #12
    shamblertine
    Closed Accounts Posts: 888 ✭✭✭shamblertine


    big b wrote: »
    Indeed. Should've gone to Specsavers.


    OP, in the current climate not many companies, and very few banks, will force the sale of your home. On the assumption that you can show you're doing everything you can to pay your debts.

    Yep, its all part of the big bailout bonanza to everyone who took stupid risks during the boom years. You can default for a year and you'll still be grand.


  • #13
    K-9
    Registered Users, Registered Users 2 Posts: 43,311 ✭✭✭✭K-9


    You went with the wrong bank:

    http://www.livevideo.com/video/EddieD/55470E35757440288F22DD24ACF9C147/carlsberg-bank.aspx

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



  • #14
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    Accommodation & Property forum if you require any precise info.


  • #15
    CreepingDeath
    Closed Accounts Posts: 8,015 ✭✭✭CreepingDeath


    grasshopa wrote: »
    Sorry I had no idea where to post this. If I have a mortgage, and the house is kind of collateral on the loan, and I default on that loan... If the house has gone down in value do I still have to pay the rest of the loan?

    Yes, and your credit rating will go to hell.
    You'll be lucky to get another mortgage in later life.


  • #16
    galwayrush
    Registered Users, Registered Users 2 Posts: 12,815 ✭✭✭✭galwayrush


    CreepingDeath wrote: »
    Yes, and your credit rating will go to hell.
    You'll be lucky to get another mortgage in later life.

    Unless you're a part of the golden circle or a large developer, you can do what you like then.:rolleyes:


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