What will bank do with my house?

Gingernuts31

Hey folks,

I might be moving overseas in the near future but have a mortgaged house here in Ireland. Have mortgage on it since 2006 so still alot of the mortgage left to pay. My question is with it being in negative equity does anyone know if the bank will let me do this?

The option being they take the house, try to sell it off and leave me responsible for the remainder of the mortgage 100k+ to pay off over the remaining term of the mortgage?

Obsivously it will leave me with a huge debt for a house ill no longer own plus rent overseas where im working.

Anyone else been in this situation?

chris85

Can you rent it out while abroad?

djh2009

I was just going to suggest same.No matter how much neg equity hold on to that house if you can.Things will turn around here at some stage.We've been here before....and worse.

Gingernuts31

Id love to be able to do that but unfortunatly it needs work doing to it and in its current state will cost a fair bit to fix up. Need rising damp sorted and insulation on walls. I was on a thread similar to this and I think it might cause friction with the bank as we're not allowed to rent it out as it our main residence and also issues there with revenue too with regard to TRS. Now of course I could say nothing and hope for the best but not sure about that, I think things like that will always come back to you eventually.

[Jackass]

The bank will do everything in their power to prevent you from doing this. Essentially, they would like to keep you contracted to the house and have the asset secured on it and have you pay it off whilst the asset is still in your possession.

Essentially, what you're talking about here is handing the keys back to the bank and saying you sort it out.

In terms of what they can do, not a whole lot really. They wont make an agreement to the terms you suggest under any circumstances and if you don't pay and give them back the keys, they will more than likely sue for repossession and get a court order making you responsible for the remainder of the debt (as apposed to "agreeing" to it).

You'd need to talk to a solicitor about it, but once it's in the court, they can look to sieze any other assets you may have, or have any number of court orders made against you. They are playing very hard ball.

My advice would be that you are opening a can of worms for yourself here and I'd strongly advise against it, but if you do plan on going ahead with it, I'd definitely get legal advice first, just so you don't go past the point of no return and get yourself in some unexpected trouble.

Gingernuts31

Good advice, I know the bank won't want me to leave the house but its im not saying I won't pay it. Was hoping to have an agreed repayment of lets say 300 per month and keep that up till its cleared off and hope the house sells for more than 100k so my amount to pay back will be less and obsivously less time to pay it back. If its a choice between a ****ty job or a career and the house i'll see what a solicitor and the bank say then il have to choose. Obsivously don't want to land myself in hot water.