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Mortgage question

  • 28-11-2013 1:14am
    #1
    wotzgoingon
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭


    Okay I'm just wondering here, this is not my circumstances. So lets say I have a mortgage and I fail to pay it for lets say six months, bank constantly ringing.
    So what happens do they just take the house and that's it, I do not need to pay any money like fees etc..?

    I know your credit rating is gone if you want to buy another house and I doubt you will ever get another mortgage again.


Comments

  • #2
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    If a bank repossesses your house, they sell it. You are liable for the short-fall and all associated costs.


  • #3
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    peteb2 wrote: »
    If a bank repossesses your house, they sell it. You are liable for the short-fall and all associated costs.

    All associated costs is a big one here. A repossession requires the bank to go to court to get a repossession order, so as well as the interest on the loan, they're racking up legal bills to get that order against you. Then there's the auctioneer fees and legal costs of selling the house. Unless the sale proceeds covers everything, they can still chase you for the shortfall.


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