"Throwing" the keys back to the bank is not a legal option

amdublin

Can this be posted as a sticky or something??

Victor

Has there been many thread on the topic?

tHE vAGGABOND

It does come up over and over again in countless threads...

I dont know where it got into folks heads that it was an option.

Mr. Loverman

tHE vAGGABOND wrote: »

I dont know where it got into folks heads that it was an option.

I would guess too much US TV, and failing to understand Ireland and the US are different countries with different laws...

MuffinsDa

As in, it is "illegal"?!

I don't think there's anything stopping people doing that legally at all actually. Whether it's a good option and it's in their best interest or not is a different questions.

(I'm assuming in Ireland's case it means telling the bank that you are not paying towards your mortgage anymore and they are welcome to repossess it.)

Maybe a better sticky would be "What exactly would happen if you hand over your keys to the bank" to highlight the consequences (positive or negative) of doing that.

the_syco

MuffinsDa wrote: »

I'm assuming in Ireland's case it means telling the bank that you are not paying towards your mortgage anymore and they are welcome to repossess it.

You owe the bank €300,000

The bank sells it for €80,000

You still owe the bank the remainder (€220,000)

And as a financial institution that you owe €220,000 to, I'd say they would come after you if you moved countries.

amdublin

MuffinsDa wrote: »

As in, it is "illegal"?!

I don't think there's anything stopping people doing that legally at all actually. Whether it's a good option and it's in their best interest or not is a different questions.

(I'm assuming in Ireland's case it means telling the bank that you are not paying towards your mortgage anymore and they are welcome to repossess it.)

Maybe a better sticky would be "What exactly would happen if you hand over your keys to the bank" to highlight the consequences (positive or negative) of doing that.

You borrow money to buy a house and sign a contract to pay back the money.

You keep the keys, you have to pay back the loan/money.
You give the keys back, you have to pay the loan/money.

I don't know why people think there is an option there

testicle

amdublin wrote: »

You borrow money to buy a house and sign a contract to pay back the money.

You keep the keys, you have to pay back the loan/money.
You give the keys back, you have to pay the loan/money, and you've nowhere to live.

I don't know why people think there is an option there

Fixed that.

amdublin

testicle wrote: »

Fixed that.

Cheers thanks, eh, testicle.