Handing back keys/judgement/bankrupt

yrrab

Registered User
Messages
22
Hi everybody
I have been looking at varies threads and have not been able to find a scenario the same as mine.Here is a brief outline of my situation.

Home...fully serviced mortgage(25,000 owed finished 2017)

4 buy to lets...400,000 negative{don't want to name bank as they are watching these sites}

no other assets.

Im getting nowhere with the banks,i don't believe they will allow me go insolvent as incomes are not good enough.I am fully prepared to go bankrupt only if forced to do so.im not going to allow them bully me and Im wondering what path to take.My only concern is that they may enforce an eviction if I carry out the following action.

Hand back the keys..Do nothing..go to court after sale,get judgement on home for 12 years,(that's ok, im under 50 and not planning to sell home)

Are they likely to inforce an eviction? Thankyou
 
Hi,

Can u explain the following
"Hand back the keys..Do nothing..go to court after sale,get judgement on home for 12 years,(that's ok, im under 50 and not planning to sell home)

Found this statement very interesting. I'm afraid I can't give u any advice otherwise apart from contacting perhaps The Hub in Dublin or Galway for advice! Best of luck with it, hope you get a positive result.
 
Basically I mean,by doing nothing ill end up going down that route and end up with a 400,000 bill from the bank.my family home is a humble abode but there is equity in it.The banks will put a judgement on it.My question is..How likely are they to enforce an eviction on my ppr in my circumstances ?
 
If your PPR is worth more than €400,000 after all other liens are settled they may well try and get a well charging order to force a sale.
 
Hand back the keys..Do nothing..go to court after sale,get judgement on home for 12 years

Why do you assume they will go for a judgment? I would think having you declared bankrupt would be more likely....
 
Its very possible they might take that option,im not sure.Im interested in whether the bank forces and acts on a judgement on a family home where there is equity to be gained for the lender?

thanks for the responce
 
yrrab;

It is normally much better to be seen to have tried to get reasonable arrangement with Mr Bank that ends up leaving you in your home.
Handing back keys without having taken good advice is inadvisable.

Strongly advise ; have a good chat with arrears advisor and if it suits let that advisor deal with Mr Bank.

Please ensure that at all times ,that it is you who is perceived as seekng a proper closure.

From a (normal)viewpoint if Mr Bank feels you are being a (smart-ass) I suspect you will be put on their (hit) list.
However if you show good cause , I sense no appetite in chasing family homes.

And yes Banks can and will act on a judgment ,but normally they will not.
 
Thanks Gerry, having read a lot of different threads on this site about this topic, you are one of several people that I was hoping to hear back from.
 
is the following the most likely route to go{with small risk to home}

Be upfront with the bank and tell them ive no assets to offer[that's the truth}

don't make myself bankrupt

allow them reposess the buy to lets

go to court when ordered to pay shortfall of 400,000

out come will be a judgement on my ppr{which they probably wont enforce }
 
yrrab;

You are thinking too fast!.

Get a good adviser; they will
1. Settle you down .
2. Outline your options.
3. Give a measured opinion.

Banks normally will run with options that leave your home alone if you show a willingness to engage.
I have a low opinion of Banks but no Bank wants to touch homes if atall possible.

Go get advice please.
 
As Brendan already pointed out earlier, you need to give a lot more information to get any sort of meaningful response

1.Are all the properties owned by you OR are they in joint ownership
2. What is / are your income(s)
3. What's your family situation, children ? ages ?
4. Who is the lender. Different lenders are approaching these cases quite differently
5. What is the current status with the lender. Have they indicated a preferred way of handling the situation
 
thanks for your response

1..joint ownership husband and wife

2.. self employed builder{sw at present} wife 20k

3..2 college and school going kids

4..dont like to say who the lender is as they are watching but its one of the lesser troubled irish banks

5..they are offering a `kick it down the road`approach that is completely unaffordable to us.
 
yrrab;

You are thinking too fast!.

Get a good adviser; they will
1. Settle you down .
2. Outline your options.
3. Give a measured opinion.

Banks normally will run with options that leave your home alone if you show a willingness to engage.
I have a low opinion of Banks but no Bank wants to touch homes if atall possible.

Go get advice please.

Why will they leave the house alone if it has equity. Why would any right thinking lender with decent advisors, not take a charge over the property to hoover up the equity. I would.

Steve Thatcher
 
Would it be that they don't want the bad publicity that goes with throwing a family out on the street?
 


I take your advice on Bank putting (charge) on family home , but how likely Is Bank they to try to enforce repossession etc on a family home eg wife owns half?

I know the (charge) can stay on the house but if he ain,t moving?is there much point? particularly if he assists with other debts.

Would appreciate your experience on such cases.
 
The poster states that - unfortunately for them - his wife is a co-signee on the 4 BTLs and the PPR. It's unclear from the posting - but seems probable - that it's BOI, and that BOI are the lender for all 5 loans. Why would BOI - or whoever the 'lesser troubled bank' is - not seek to have the PPR sold. Even in that scenario - after the selling of the PPR - the bank would still only be recouping 25% of the money owed to them (as it's valued at 130,000 and the poster still owes 25,000 on it). In effect, the bank would be writing off 75% of the money owed as opposed to 100% of the money owed. If I were BOI - or any other bank for that matter - I would want the PPR as part payment in any deal.
 
suarez;
I hear you.

Back so to 1st advice = have a competent debt advisor look at it.

From my perspective (could be naiive) I just see no taste for evictions and if poster is open with the Bank, the Bank may not (hammer).
 
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