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Negative equity nightmare - the real cost of the property bubble

scobysnacks · 2011-03-07 14:24:32

I am Irish and bought into the property bubble in 2004. My apartment in Dublin 13 now sits at 70 grand less then I paid (if I am lucky), that's 50% down on the peak price . At the time 250 grand didn't seem unreasonable for a lovely two bed, two bathroom place with parking. It's not one of those empty places as it was…

Comments

#32 22-03-2011 11:31AM

D3PO

Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭

Join Date: April 2009

Posts: 7782

scobysnacks wrote: »

Do the revenue assess each case and their financial situation and take what people can realistically afford to pay, or are they happy to take everything people own and leave them with a debt for the rest of their lives?

I dont know but if its the latter then the obvious advice would be to apply for bankruptcy. Ok thats 12 years of hell in this country but its better than a lifetime of it right ?

Genuinely I think you need to gather all your information and documentation and meet with MAB's to get a very good perspective on where you stand and what you can and should do. Either way its only money and there is a way out for you.

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