Mortgage problems in Budapest. Help!

All,

First post here so go easy on me

I am one of those fools who investigated in an overseas property during the boom years as I thought I would double my investment. Well we all know where that went!

I have a one bedroom property in District III in Budapest which is rented out (rent pays about 60% of mortgage), but unfortunately with the hikes in my CHF mortgage rates over the past year I haven't been able to keep up with repayments.

To add to this my wife was made redundant so money is very tight and cannot afford to pay my own mortgage in Ireland and top up my mortgage in Budapest.

I owe about 900 CHF and are in about 70+ days of arrears. I'm still able to pay some money each month but can't sustain it.

I've given up any hope of retaining the property so am come to the conclusion that I should just give it up. If I just hand the property back to the bank, can they chase me here in Ireland for the difference?

I cannot even afford to travel over or hire a lawyer.

Please help.
JP.

Would like to be able to help but never had a mortgage over there but SOLD recently in Budapest... I have a very reliable honest lawyer/solicitor though that i can recommend if your interested or require. Just in case.. Rgds

I can also recommend a lawyer but at this stage, I think your best bet is to put the property up for sale with a local estate agent. Budapest prices have not dropped very far, unlike Dublin. Surely selling and repaying the bank would be better for your stress levels, etc. than simply deciding to walk away? The bank would repossess the property, sell it for less than you probably could on the open market and would come after you for the rest. Is it in Sun Palace?

Would this be of any help to you?
Parliament decrees non-performing forex loans be cut, converted to forints by September