Can I had back the keys?

kegzmc

Hi all,

Simple question regarding the implications of handing the keys back on a mortgage.

I dont want to hear about the moral obilgations etc. I'm not being a smart arse nor a troll I just dont want this thread turning into one of those " its your fault you took the mortgage out"

The bottom line is I can't afford it, I dont live in Ireland anymore and my family are suffering as a result of it.

If I hand the keys back can/will the bank pursue me?

Thanks

gosuckonalemon

kegzmc wrote: »

Hi all,

Simple question regarding the implications of handing the keys back on a mortgage.

I dont want to hear about the moral obilgations etc. I'm not being a smart arse nor a troll I just dont want this thread turning into one of those " its your fault you took the mortgage out"

The bottom line is I can't afford it, I dont live in Ireland anymore and my family are suffering as a result of it.

If I hand the keys back can/will the bank pursue me?

Thanks

It's your fault you took the mortgage out.

What if everyone ran away from their debts? What state would the country be in then?

murphaph

kegzmc wrote: »

Hi all,

Simple question regarding the implications of handing the keys back on a mortgage.

I dont want to hear about the moral obilgations etc. I'm not being a smart arse nor a troll I just dont want this thread turning into one of those " its your fault you took the mortgage out"

The bottom line is I can't afford it, I dont live in Ireland anymore and my family are suffering as a result of it.

If I hand the keys back can/will the bank pursue me?

Thanks

Have you talked to your lender about restructuring the debt over a longer time frame? Unfortunately your family suffering isn't grounds for walking away from your obligations.

Don't you own 2 properties? Are they both in NE or could you sell one and clear the outstanding loan on the other?

bbam

murphaph wrote: »

Unfortunately your family suffering isn't grounds for walking away from your obligations.

What?
I think it's more what is "suffering" in this case. If they aren't getting for their second holiday and the merc needs changing then I agree.
If you can't feed, cloth nor afford basic care then ANYTHING is to be considered. This whole families just have to tighten their belts a bit more stuff is overdone.

If your family is really suffering then yes something has to give, Family is NO 1, you'll only have one chance with kids etc, my advice is don't make it a misery. Think long and hard and indeed explore all avenues where you can service your debts. Then do whatever needs to be done.

Gurgle

kegzmc wrote: »

If I hand the keys back can/will the bank pursue me?

Can? Yes.
Will? Maybe.

Depends on lots of things.

Have you been in contact with the bank? That's where you start, not on boards.

StillWaters

Yes they can pursue you. I suppose a lot depends on where you are, they are less likely to pursue you if you are resident in Oz fir example (although I have heard of it happening)

LittleBook

Didn't you get enough information in your last thread on the subject. :rolleyes:

murphaph

Thanks LB, looks like trolling perhaps then. I'm out.

leeomurchu

I'm guessing whether they pursue you or not will be down to how much the mortgage is in comparison to the value the house can be sold at.

If you genuinely can't afford the house and have given up all chance or repaying the debt it's best to contact the bank ASAP before charges start accruing and you end up oweing more on top. Have you looked into personal bankruptcy.

I'm lucky in so far as I have a small mortgage and it's on a tracker rate but if I was in a position where it was starting to impact the quality of my families life then I would have no qualm whatsoever with handing back the keys. It's just a house.

You're goin to get all sorts of people on here giving you stick some of it will be envy at having the balls to confront your issue while others will be straight laced folks who've never made a late payment and have no idea of the pressure that money worries can put on a family and then you'll have the people who's pensions have been wiped out through shares in the banks and will blame people like yourself for ruining our banking sector which simply isn't true.

Anyway I assume your house is an ordinary run f the mi house and not a lavish mansion so when people come on here saying you took out the mortgage you should repay it that drives me mad. Myself I just wanted a house for me and my family i didn't enjoy having to fork out 1/4 million for it what we did though was move further afield as house prices where we lived were extortionate. I can't understand how some people can blame folks for taking out huge mortgages when they had little choice but to pay the prices that were advertised there was no haggling during the boom time I'm sure everyone knows someone who had their dream house stolen from under them by another bidder. lack of regulation on the building sector was the whole issue and banks couldn't see passed their greed handing out loans that they knew would reap in large interest repayments.

I don't envy your position but communication with the bank is the key eventually they will pass over your account to a debt collecting agency and they could come after your assets although unlikely but they can easily play the waiting game and they will make your life very difficult should you return.

Hopefully things work themselves out there's nothing worse than money worries but as long as you family is happy and healthy sod the banks at last until some of the investors get burned on there investments although we'll all be waiting for that. Ireland's banking sector isn't goin to bite the hand that feeds them/

gosuckonalemon

leeomurchu wrote: »

I'm guessing whether they pursue you or not will be down to how much the mortgage is in comparison to the value the house can be sold at.

If you genuinely can't afford the house and have given up all chance or repaying the debt it's best to contact the bank ASAP before charges start accruing and you end up oweing more on top. Have you looked into personal bankruptcy.

I'm lucky in so far as I have a small mortgage and it's on a tracker rate but if I was in a position where it was starting to impact the quality of my families life then I would have no qualm whatsoever with handing back the keys. It's just a house.

You're goin to get all sorts of people on here giving you stick some of it will be envy at having the balls to confront your issue while others will be straight laced folks who've never made a late payment and have no idea of the pressure that money worries can put on a family and then you'll have the people who's pensions have been wiped out through shares in the banks and will blame people like yourself for ruining our banking sector which simply isn't true.

Anyway I assume your house is an ordinary run f the mi house and not a lavish mansion so when people come on here saying you took out the mortgage you should repay it that drives me mad. Myself I just wanted a house for me and my family i didn't enjoy having to fork out 1/4 million for it what we did though was move further afield as house prices where we lived were extortionate. I can't understand how some people can blame folks for taking out huge mortgages when they had little choice but to pay the prices that were advertised there was no haggling during the boom time I'm sure everyone knows someone who had their dream house stolen from under them by another bidder. lack of regulation on the building sector was the whole issue and banks couldn't see passed their greed handing out loans that they knew would reap in large interest repayments.

I don't envy your position but communication with the bank is the key eventually they will pass over your account to a debt collecting agency and they could come after your assets although unlikely but they can easily play the waiting game and they will make your life very difficult should you return.

Hopefully things work themselves out there's nothing worse than money worries but as long as you family is happy and healthy sod the banks at last until some of the investors get burned on there investments although we'll all be waiting for that. Ireland's banking sector isn't goin to bite the hand that feeds them/

This guy set up a thread in June with different pseudonyms to argue his case. I'm afraid you just wasted a portion of your evening replying...

leeomurchu

haha I wouldn't quite call it a portion of my evening but thanks for the heads up

Lantus

LittleBook wrote: »

Didn't you get enough information in your last thread on the subject. :rolleyes:

I thought I was the only who was reading this and thinking.....seen this before....

caught....

OP, this is the common problem of not getting the answer you want and 'retrying' to see if somehow the laws of society have changed. They have not.

We'd all love to restart the monopoly board and try our luck again but it soesn't work like that. You have the options. Engage your lender and talk to them. If your family really are suffering then you shouldn't have a problem. If they are just irate because 'trinny' wants the latest Iphone and Ipad and it makes you feel bad then best of luck to you...

Gurgle

Lantus wrote: »

OP, this is the common problem of not getting the answer you want and 'retrying' to see if somehow the laws of society have changed.

To be fair, I think the OP just wants to know the legal situation. In the previous thread he just got a (perfectly justified) bollocking for his plans.

LittleBook

Gurgle wrote: »

To be fair, I think the OP just wants to know the legal situation. In the previous thread he just got a (perfectly justified) bollocking for his plans.

True I suppose.

I guess he's realised he can't keep one of the two NE properties he owns in Ireland by his plan to strategically default on one of them and keep the other one OR by his plan to pay one off and transfer it into someone else's name and then dump the remaining one on the bank.

So he's planning on dumping both of them and hoping the new property he's purchasing abroad can't be touched.

Either way, as you say, legal advice is what he needs.

Grolschevik

LittleBook wrote: »

So he's planning on dumping both of them and hoping the new property he's purchasing abroad can't be touched.

Either way, as you say, legal advice is what he needs.

Wasn't it the new property abroad that was going to be bought in someone else's name? Sister-in-law, IIRC?

kegzmc

Yes you are correct. We have purchased the new property and would like to default on both properties in Ireland now.

We no longer wish to have any interests in Ireland.

Thanks

Keggles

donalg1

Grolschevik wrote: »

Wasn't it the new property abroad that was going to be bought in someone else's name? Sister-in-law, IIRC?

Yeah I think you are right there I seem to remember him saying the sister-in-law was going to put the property abroad in her name and let him make the repayments so the banks here couldnt chase it. I assume she must have copped on since and realised how bad an idea this was considering she would only be doing it because he walked away from another mortgage, which obviously means he would probably do so again and leave her in the lurch.

Monty Burnz

I quite like the idea that the sis in law will pretend to know nothing about your scam and get herself a free house at some point. Karma, and all that.

Ray Palmer

kegzmc wrote: »

Yes you are correct. We have purchased the new property and would like to default on both properties in Ireland now.

We no longer wish to have any interests in Ireland.

Thanks

Keggles

Excellent hope you are well hidden as the banks can chase you for this debt. Unlikely you never transferred money to foreign bank so easy enough to find you

whomitconcerns

the 23 pages of replies he got last time wasn't clear enough??? time to go to somewhere else for advice OP....you already have all the info that you will get here..

And since you say you want a simple answer. Yes they can...

donalg1

Monty Burnz wrote: »

I quite like the idea that the sis in law will pretend to know nothing about your scam and get herself a free house at some point. Karma, and all that.

Unless of course he decides after a year that he cant be bothered paying that mortgage either and packs up and heads to another country leaving the sis in law paying a mortgage for him that she never wanted. With a bit of luck though he would pay this one off (unlikely I know) then the sis in law would turf em out and have a holiday home abroad for free.


I think in the first thread on this he even admitted he can afford to pay the ones he has in Ireland but just doesnt want to.

maciek87

I think I`m diggin through bull**** when trying to get some info.
All answers were give already.
Whats the point?

This chap is a troll, joker who say that he can`t afford a mortgage while o the other thread he says ''I`ve just come back from holidays'' FFs.

He left all of us living in Ireland (not only Irish) fooked, and left for ''better world''.

Lock it up, and if you want more info - search through other thread.

Link is given on the first page.

LittleBook

Grolschevik wrote: »

Wasn't it the new property abroad that was going to be bought in someone else's name? Sister-in-law, IIRC?

Yes.

The first plan:

We are in process of purchasing a house in new country. It is my intention now to only pay one Irish mortgage and forget about the other and allow it to be repossessed. I know this is not the right thing to do but I dont see the point in paying this anymore as its a burden.

My question is this. When house is repossessed, can they take the other one in Ireland? Can they force me to sell that one or the one in new country?

The second plan:

Can the bank pursue a house in my wifes name if I fail to meet mortgage repayments on a property in Ireland?
...
I spoke to a solicitor today. Yes you are correct in they could persue my wife.

We are going to get my wifes younger sister to take the mortgage out.Just to be on the safe side. Its not huge money we are talking so it shouldnt be a problem.

The last plan before the thread was locked and he was advised to seek legal advice:

If I pay off the remainder of my first mortgage and transfer that property into another persons name would this then be beyond the reach of bank when I default on other mortgage?

If so is the transfer of this property subject to tax for the reciever?

Looks like he's bought the new house (or his sister-in-law has) and it's "face up to it or walk away". It's clear what he's decided to do.

kegzmc

maciek87 wrote: »

I think I`m diggin through bull**** when trying to get some info.
All answers were give already.
Whats the point?

This chap is a troll, joker who say that he can`t afford a mortgage while o the other thread he says ''I`ve just come back from holidays'' FFs.

He left all of us living in Ireland (not only Irish) fooked, and left for ''better world''.

Lock it up, and if you want more info - search through other thread.

Link is given on the first page.

LOL

syklops

whomitconcerns wrote: »

the 23 pages of replies he got last time wasn't clear enough??? time to go to somewhere else for advice OP....you already have all the info that you will get here..

And since you say you want a simple answer. Yes they can...

Thats not true. He could register another username and ask the same question again.

Or he could have a mass said.

https://www.youtube.com/watch?v=Fb93R1O6rCo

The_Conductor

syklops wrote: »

Thats not true. He could register another username and ask the same question again.

Or he could have a mass said.

https://www.youtube.com/watch?v=Fb93R1O6rCo

Register a new username- the mods trace the IP address, and ban you, fullstop. And yes, we do it, a couple every week- you'd be surprised the number of people who try it.

On that note- thread closed.

OP- you can be pursued overseas. Will they pursue you? God only knows. First step is talk to the lender- there is nothing to be gained from generating a soap opera here.

Regards,

SMcCarrick