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Walking away from dept

  • 22-10-2009 1:39pm
    Registered Users Posts: 497 ✭✭

    Hi there ,
    My friend is married and has kids and has lost his job .He has a family home with mortgage of 120K house value now 320K,
    he bought an investment house for 355K which is now worth 250K.
    He rents this house out and pay's interest only far ok.
    His wife is from another EU Country.
    But with the 100 K plus debt on the investment house they are thinking of moving to her Country.they lived there before for 2 years in 2002-2004.
    So they are thinking of selling their family home and moving to her Country and set up new life there.
    What would happen to their debt and how would they find them to pay it back.
    Legally what can happen to them if they never came back


  • Registered Users Posts: 68,317 ✭✭✭✭seamus

    If they move to another EU country, it may be possible to enforce the debt across the EU. If not now, it may be possible to enforce this debt in future if fiscal changes in the EU permit it.

    He has circa 200k equity in the family home and is in negative equity to circa 150k. Why not sell both homes, pay off the debt and leave?