Moving to the US to escape crippling debt

OU812

Firstly, not me.

A collegue has been applying for every US job in the (American) company I contract for.

We were having a chat & I asked him what brought it about, he has elderly parents & fou kids, under 8.

He's trying to do it because of mortgage debt.

His wife has a house which is in extreme neg equity - two in the area sold for about 85k in the last year & she still owes 290k on the mortgage. Their own house is also in neg equity but nothing near that according to him.

While I wouldn't begrudge anyone a fresh start, obviously the bank will step in at some point and repossess wether they go or not, but couldn't they still chase him to the US?

I told him he was mad because if anything happened his parents, he couldn't come he & he scoffed saying its not likely there's be an apb on him entering the country.

Dtp79

OU812 wrote: »

Firstly, not me.

A collegue has been applying for every US job in the (American) company I contract for.

We were having a chat & I asked him what brought it about, he has elderly parents & fou kids, under 8.

He's trying to do it because of mortgage debt.

His wife has a house which is in extreme neg equity - two in the area sold for about 85k in the last year & she still owes 290k on the mortgage. Their own house is also in neg equity but nothing near that according to him.

While I wouldn't begrudge anyone a fresh start, obviously the bank will step in at some point and repossess wether they go or not, but couldn't they still chase him to the US?

I told him he was mad because if anything happened his parents, he couldn't come he & he scoffed saying its not likely there's be an apb on him entering the country.

The days of leaving the keys back through the letterbox are long gone I'm afraid

stefan idiot jones

They will have no powers outside Ireland. Go, Go, Go. Live for today. No-one will be waiting for him at arrivals, ever.

token101

stefan idiot jones wrote: »

They will have no powers outside Ireland. Go, Go, Go. Live for today. No-one will be waiting for him at arrivals, ever.

Yay, let's all go live in trees.

drdeadlift

Mr.S wrote: »

It'd probably work, but I doubt he'd ever be able to live or work in Ireland again. What happens if his visa doesn't get renewed or he looses the job in America?

I wonder does that apply the Drum?

DaveDaRave

so its technically move away and you recieve a few hundred K.

do it bro

Gumbi

DaveDaRave wrote: »

so its technically move away and you recieve a few hundred K.

do it bro

F*ck that. We all end up paying his mortgage then. Ultimately there has to be some kind of personal responsibility for the choices made by people during the Celtic Tiger.

DaveDaRave

Gumbi wrote: »

F*ck that. We all end up paying his mortgage then. Ultimately there has to be some kind of personal responsibility for the choices made by people during the Celtic Tiger.

f*ck that sh*t. YOLO

BrokenArrows

DaveDaRave wrote: »

so its technically move away and you recieve a few hundred K.

do it bro

No its not. You don't take the house with you!

Is say he will be fine. It's not a criminal offense its a private matter between him and the bank.

It would probably be easier just to apply for bankruptcy.

onionhead

I wouldn't do it personally but I could see why someone else would. It's crazy what a big debt can do to someone

Pilotdude5

I have an idea for a movie series starring Steven Seagal, where he hunts down people like your colleague.

Nodin

token101 wrote: »

Yay, let's all go live in trees.

Under the sea,
under the sea,
There'll be no accusations, Just friendly crustaceans,
Under the sea.

stefan idiot jones

99% of people who are in this guys position would do anything for a fresh start and a clean break. Whether it be America or Armagh, just do it and start to live again.

Ally Dick

Pilotdude5 wrote: »

I have an idea for a movie series starring Steven Seagal, where he hunts down people like your colleague.

Or Dog the Bounty Hunter could get involved

stefan idiot jones

Ally Dick wrote: »

Or Dog the Bounty Hunter could get involved

Maybe this guy might end up in Hawaii ?:)

Nodin

Nodin wrote: »

Under the sea,
under the sea,
There'll be no accusations, Just friendly crustaceans,
Under the sea.

That's your answer for everything.

Dravokivich

hmmm... yes, go to the US, because personal debt doesn't occur there...

April O Neill

OU812 wrote: »

Firstly, not me.

Suuuuure. :pac:

Thrill

America. The land of the free from dept.

token101

DaveDaRave wrote: »

f*ck that sh*t. YOLO

There's personal insolvency legislation just down the track and the Irish mortgage crisis will be handled eventually because it has to be, but sure 'f*ck that sh*t and YOLO'. I hope people who this type of feckless decision to just shirk any responsibility are left saddled with the debt for good.

DaveDaRave

token101 wrote: »

There's personal insolvency legislation just down the track and the Irish mortgage crisis will be handled eventually because it has to be, but sure 'f*ck that sh*t and YOLO'. I hope people who this type of feckless decision to just shirk any responsibility are left saddled with the debt for good.

you only YOLO once

OU812

April O Neill wrote: »

Suuuuure. :pac:

No, not me. I'm a contractor & not eligible to apply (although I'd love to). Not in his position either (thankfully - couldn't imagine what it's like to be overwhelmed by debt)

ejmaztec

token101 wrote: »

Yay, let's all go live in trees.

No more trees, they've all been chopped to supplement heating bills.:(

Latchy

Thrill wrote: »

America. The land of the free from dept.

If only Joe, if only .

ejmaztec

Pilotdude5 wrote: »

I have an idea for a movie series starring Steven Seagal, where he hunts down people like your colleague.

No, Bruce Willis in "Debt Hard".

KilOit

you get 1 life, do it!
Yes he kinda brought it on himself and we're left paying for it but he's not completely responsible for ****ing up this country and on a scale from 1 -10 he's about a 2 on damage he did

fasttalkerchat

stefan idiot jones wrote: »

99% of people who are in this guys position would do anything for a fresh start and a clean break. Whether it be America or Armagh, just do it and start to live again.

Let's not get carried away!

stefan idiot jones

OU812, stop reading this shyte and help your friend pack his bags.

Gumbi

KilOit wrote: »

you get 1 life, do it!
Yes he kinda brought it on himself and we're left paying for it but he's not completely responsible for ****ing up this country and on a scale from 1 -10 he's about a 2 on damage he did

You're right, I have to pay for his mistake. Seems fair.

Remmy

lol at that YOLO comment.

SouthTippBass

Gumbi wrote: »

You're right, I have to pay for his mistake. Seems fair.

No, its not fair on us. But you can be bloody well sure that if I ever find myself in that guys position, I'l be doing the same thing myself and feckin off as well. Tell your buddy go for it.

As far as I see it, Ireland hasnt done me any favours.

token101

Ally Dick wrote: »

Or Dog the Bounty Hunter could get involved

RTE hasn't the budget for the Dog. We'll have to settle for Paul Williams stalking them with a handheld camera through US streets as he hides in the trees like a voyeur, all while giving them cool nicknames like Batman villains. "This week on Paul Williams' Moral Hazards......"

April O Neill

OU812 wrote: »

His wife has a house which is in extreme neg equity - two in the area sold for about 85k in the last year & she still owes 290k on the mortgage.

Gamble didn't pay off so.

Gumbi

SouthTippBass wrote: »

No, its not fair on us. But you can be bloody well sure that if I ever find myself in that guys position, I'l be doing the same thing myself and feckin off as well. Tell your buddy go for it.

As far as I see it, Ireland hasnt done me any favours.

That makes you a d*ck in my view. Why should I have to pay for your mistakes? What makes you think that conciously making the decision to do this to your friends and extended family in your home country is right? It's selfish, pure and simple.

Caliden

In the U.S. negative information on your credit score lasts for 7 years years and bankruptcy for 10 years.

More than likely it's the same in Ireland but that negative information might only get put on his record when the house is repossessed.

Calibos

OU812 wrote: »

His wife has a house which is in extreme neg equity - two in the area sold for about 85k in the last year & she still owes 290k on the mortgage. Their own house is also in neg equity but nothing near that according to him.

"Don't worry dear, This area is being gentrified, we'll make a killing. Houses in Moyross are €290,000 and are only going up I tell ya!!"

:rolleyes:

Grayson

Gumbi wrote: »

That makes you a d*ck in my view. Why should I have to pay for your mistakes? What makes you think that conciously making the decision to do this to your friends and extended family in your home country is right? It's selfish, pure and simple.

I disagree with the guy in the OP, but he has 4 kids and is massively in debt. He's looking out for his family. Honestly, I have to admit I might do the same thing.

ejmaztec

https://www.youtube.com/watch?v=6J4PGiJl2dQ

Gumbi

Grayson wrote: »

I disagree with the guy in the OP, but he has 4 kids and is massively in debt. He's looking out for his family. Honestly, I have to admit I might do the same thing.

It's definitely a tough situation. I don't want to be accused of being on a high horse. It's easy to judge from a safer situation. I think all the pros and cons should be weighed up.

At the end of the day, though, I think it boils down to the OP's friend running from responsibilities.

mariano rivera

Why go to the US at all, if you dont want to?

I'm sure the 4 children dont want to


F*ck the banks!


1. Hand back the keys of the house

2. Rent a house (He has a job, so no worries there)

3. If the bank calls up, tell them "I have no money"

4. Life your life


Simples

shopaholic01

mariano rivera wrote: »

Why go to the US at all, if you dont want to?

I'm sure the 4 children dont want to


F*ck the banks!


1. Hand back the keys of the house

2. Rent a house (He has a job, so no worries there)

3. If the bank calls up, tell them "I have no money"

4. Life your life


Simples

You are aware that a mortgage is a legally binding agreement between the lender and mortgagee? If it was that simple very few would still be homeowners.

mariano rivera

Mr.S wrote: »

but I doubt he'd ever be able to live or work in Ireland again.

What kind of rubbish/ bank propaganda is this?

He man has financial debts FFS

He has not committed a murder or armed robbery


BTW, Van Diemens Land is now called Tasmania and i don't think you can ship someone off there for having financial as its not 1823 anymore

mariano rivera

shopaholic01 wrote: »

You are aware that a mortgage is a legally binding agreement between the lender and mortgagee? If it was that simple very few would still be homeowners.

I'm sorry

I dont understand your point

Mr. Wong

Remmy wrote: »

lol at that YOLO comment.

carlmango11

SouthTippBass wrote: »

As far as I see it, Ireland hasnt done me any favours.

What are you expecting the country to do? Pay your bills?

shopaholic01

mariano rivera wrote: »

What kind of rubbish/ bank propaganda is this?

He man has financial debts FFS

He has not committed a murder or armed robbery


BTW, Van Diemens Land is now called Tasmania and i don't think you can ship someone off there for having financial as its not 1823 anymore

You can legally be forced to pay the balance on the mortgage when the lender sells your property, making it difficult to 'rent somewhere else and live your life'.

The renaming of Vans Diemens lend has no bearing on this.

mariano rivera

shopaholic01 wrote: »

You can legally be forced to pay the balance on the mortgage when the lender sells your property, making it difficult to 'rent somewhere else and live your life'.

The renaming of Vans Diemens lend has no bearing on this.

If you dont have any money, they cant get money off you


Blood stone etc.

shopaholic01

mariano rivera wrote: »

If you dont have any money, they cant get money off you


Blood stone etc.

You said he was working so he obviously has an income. You can be forced to repay the debt.

Grayson

mariano rivera wrote: »

BTW, Van Diemens Land is now called Tasmania and i don't think you can ship someone off there for having financial as its not 1823 anymore

No, people move there of their own accord.

mariano rivera

shopaholic01 wrote: »

You said he was working so he obviously has an income. You can be forced to repay the debt.

In theory yes


In practice, there is no Judge in the Land going to let some bank take someones wages when they have four children to raise



Do you work for a bank?

shopaholic01

mariano rivera wrote: »

In theory yes


In practice, there is no Judge in the Land going to let some bank take someones wages when they have four children to raise



Do you work for a bank?

You should take out a mortgage and follow your own advice. Let us know how you get on.