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What Happens if my Friend Legs it?

  • 26-01-2011 11:17pm
    #1
    Laois_Man
    Registered Users, Registered Users 2 Posts: 5,758 ✭✭✭


    I have a non Irish friend who desperately wants to go back home for good. But he's tied into a €210,000 or so mortgage on a house in Kildare that probably would sell for about €160,000 if he could sell it. Which he can't.

    He's considering just going. What can happen to him if he just legs it? Seriously?


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,764 ✭✭✭✭Atlantic Dawn
    M


    Depends where he is from, if another EU state he would likely be pursued but anywhere else it's unlikely any other action will be taken. He will still be liable for whatever is outstanding.


  • #3
    partyatmygaff
    Registered Users, Registered Users 2 Posts: 10,992 ✭✭✭✭partyatmygaff


    Nothing he can do, just like the hundreds of others across the country.


    If he flees to anywhere in the EU he can be pursued. If he flees to a country outside of the EU then the bank more than likely won't pursue it. Either way, he's still liable and likely to be prosecuted if he ever returns to the EU.


  • #4
    msg11
    Closed Accounts Posts: 3,572 ✭✭✭msg11


    Laois_Man wrote: »
    I have a non Irish friend who desperately wants to go back home for good. But he's tied into a €210,000 or so mortgage on a house in Kildare that probably would sell for about €160,000 if he could sell it. Which he can't.

    He's considering just going. What can happen to him if he just legs it? Seriously?

    Would he not talk to the bank ? Or maybe go home and rent it from over seas ..


  • #5
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    The popular line in these discussions used to be "dont do it as you'll only cause further financial burden on the banks & therefore the tax payer ".
    This hardline has changed since we've seen how easily the large defaulters can avoid their obligations.
    If renting is not an option then get your friend to talk to the bank about selling the house or having a voluntary repossession.
    If he/she are harassed in the future for the amount outstanding then look into bankruptcy proceedings in their home country, if they live in an EU state then it's binding across the whole of community.


  • #6
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    The popular line in these discussions used to be "dont do it as you'll only cause further financial burden on the banks & therefore the tax payer ".
    This hardline has changed since we've seen how easily the large defaulters can avoid their obligations.
    Its funny how making people pay their debts and their obligations is now called "hard line"

    TBH we the tax payer will have to give money to the bank for this bad debt, amongst the billions we have given them.

    So I hope he does not leg it, but if he does, I hope he is caught and dealt with very harshly [to be polite!].


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  • #7
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    As alluded to above- if your friend is from the EU, the EEA or the US- his mortgage lender will chase him for any arrears along with the cost of selling the house (at any price).

    He can leg it to his hearts content- however it would be most surprising if the mortgage isn't securitised internationally- which would mean he could potentially be chased in most countries.......

    I personally don't give a damn for the bank that issued the loan- however the simple fact of the matter is they lent your friend the money with funds they borrowed elsewhere- and the folk who lent them the money, are perfectly within their rights to chase your friend in most instances.


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