Moving to the US to escape crippling debt

token101 · 29-03-2013 04:11PM

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 · 29-03-2013 04:12PM

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 · 29-03-2013 04:12PM

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 · 29-03-2013 04:16PM

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 · 29-03-2013 04:23PM

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 · 29-03-2013 04:24PM

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 · 29-03-2013 04:24PM

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

Gumbi · 29-03-2013 04:26PM

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 · 29-03-2013 04:30PM

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 · 29-03-2013 04:33PM

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 · 29-03-2013 04:36PM

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 · 29-03-2013 04:37PM

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 · 29-03-2013 04:38PM

Remmy wrote: »

lol at that YOLO comment.

carlmango11 · 29-03-2013 04:38PM

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 · 29-03-2013 04:38PM

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 · 29-03-2013 04:40PM

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 · 29-03-2013 04:43PM

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 · 29-03-2013 04:45PM

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 · 29-03-2013 04:46PM

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 · 29-03-2013 04:48PM

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.

lima · 29-03-2013 04:50PM

Dob him in.

ResearchWill · 29-03-2013 04:53PM

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.

Incorrect on so many levels, a debtor is entitled to provide for the basics of life that is shelter, bills, food etc, before paying his debts. A bank cannot stop you paying rent for a house, they can of course object to €5,000 a month rent but standard rent they can not object to. We don't live in Victorian times thankfully.

ResearchWill · 29-03-2013 04:54PM

shopaholic01 wrote: »

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

Yes, after he pays for the basics of life and only then.

dxhound2005 · 29-03-2013 05:02PM

ResearchWill wrote: »

Yes, after he pays for the basics of life and only then.

If he is looking after 4 children he should be getting €6360 a year tax free in Child Benefit. He probably won't get that in America.

shopaholic01 · 29-03-2013 05:05PM

ResearchWill wrote: »

Incorrect on so many levels, a debtor is entitled to provide for the basics of life that is shelter, bills, food etc, before paying his debts. A bank cannot stop you paying rent for a house, they can of course object to €5,000 a month rent but standard rent they can not object to. We don't live in Victorian times thankfully.

I may have been vague, but my point was that you can't just hand back the keys and forget about a mortgage.

ResearchWill · 29-03-2013 05:08PM

dxhound2005 wrote: »

If he is looking after 4 children he should be getting €6360 a year tax free in Child Benefit. He probably won't get that in America.

Very true, also good education and health insurance are expensive. In fact we only know this guy is in negative equity, we don't know his monthly income or outgoings. We know he works we don't know does his wife. So really we don't know has this guy got cash flow issues or is he bankrupt. If the first it can be fixed if the second then maybe moving to another country might work, but he could also be moving back in 10 years after doing the same in the USA.

ResearchWill · 29-03-2013 05:09PM

shopaholic01 wrote: »

I may have been vague, but my point was that you can't just hand back the keys and forget about a mortgage.

I agree, but if you have no money then it may be the best thing todo.

Gorilla Rising · 29-03-2013 05:11PM

This whole 'poor me, my house is in negative equity' thing puzzles me. What the hell does it matter? Even if it wasn't they'd still be paying the mortgage off.

Now maybe it's different for your colleague, ahem, but a lot people are moaning about negative equity when they bought a home to live in their homes for the rest of their lives. Or at least a large chunk of it.

Jpb7 · 29-03-2013 05:21PM

"Undocumented " Irish living in America don't have any rights per say so basically your friend will probably have to go down the same route working out the pros n cons if its worth it .....
My advice would be,
Just think of it as though your friend was entering some kind of "witness protection program"

He/she/they would have to Severe ALL contact with Ireland that way the banks/lawyers can't hunt you down

Someone will end up paying at the end of the day ..

TAXPAYERS

What about Next of Kin? Can the bank or building society obtain powers to chase their next of kin that could put a lot of strain on your family too you need to consider this also before you "skip doge"

mariano rivera · 29-03-2013 05:24PM

Jpb7 wrote: »

He/she/they would have to Severe ALL contact with Ireland that way the banks/lawyers can't hunt you down

TAXPAYERS

More myths/ spin spread by banks

They can HUNT you down

They can ask you to pay your debts

You tell them you have no money for them

Thats it

Moving to the US to escape crippling debt

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