Emigrated and left house for sale

pyzon

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Emmigrated to the US and working here now, left a house for sale with 162k mort left and onsale for 170. Left enough funds for mortgage for 7 months, but i'm worried it won't sell and just wanted some advice/opinions on if I should approach the bank now and tell them the deal to see if they'll let me sell it for say 160/150 maybe and either they take the 2k/12k hit or get a loan for that amount....

How are the banks these days with this sort of thing? don't really want to rent it. had a couple of viewers but no offers, bought it for 200k 2005, paying 1k a month after ptsb's 1% rise variable rate.

Account money will expire in 6months and with the exchange rate 1.4 per euro i don't think ill be able to send back the payments for it..

appreciate any advice and i guess in a worst case scenario, what could they do to me over here?
 
My initial reaction that you must have been a confident person to expect a sale at the figure mentioned. I feel you should fully advise your lender of your position. It is better for them to know now rather than find out later.
 
Emmigrated to the US and working here now, left a house for sale with 162k mort left and onsale for 170. Left enough funds for mortgage for 7 months, but i'm worried it won't sell and just wanted some advice/opinions on if I should approach the bank now and tell them the deal to see if they'll let me sell it for say 160/150 maybe and either they take the 2k/12k hit or get a loan for that amount....

How are the banks these days with this sort of thing? don't really want to rent it. had a couple of viewers but no offers, bought it for 200k 2005, paying 1k a month after ptsb's 1% rise variable rate.

Account money will expire in 6months and with the exchange rate 1.4 per euro i don't think ill be able to send back the payments for it..

appreciate any advice and i guess in a worst case scenario, what could they do to me over here?

It's your property. I think that even if you don't want to rent it, you should. It would defray a large part of your mortgage payments, and you should pay the rest. The bank isn't going to take the hit on the money you owe them, and essentially it's asking everyone else in the country to take the hit for you. Don't want to do that, personally, particularly if the main reason is you could rent it but aren't bothered to.
 
The honest decent thing is to do as advised above.

But the reality is that you are starting a new life in USA with ,assumedly, all the legal requirements to stay and work there.
What could the banks in Ireland do if you return the keys ? I reckon not much.
 
Everything is legal in the states, i'm hoping it doesn't come to that but guess I should make the bank aware at least of the proceeding, i would think they know i'm selling anyway for sure since my solicitor has the deeds currently. thanks for responses
 
Is there any possibility that you could raise 2k/12k through a personal loan from the USA (assuming banks over there are more willing to loans that Irish ones)? And just sell the house and pay off the bank.

What could the banks in Ireland do if you return the keys ? I reckon not much.

You are assuming that the OP never wants to return to Ireland for any reason. Not an option I'd take.
 
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