J
Jay2
Guest
New to the forum. We are in a tricky situation. Own apartment bought for 460000 which now is worth 200000 max. We owe 400000 on it at the moment. Very bad neg equity I know. We have had to move to the UK for work issues and have it rented out. With such a big mortgage [100%] I have to back the rent with 800euro ofmy own money and it's killing us.
My question is, if we can no longer pay what can banks do to come after us. I haven't even considered tax on the rental income yet. Wouldn't even be in a position to pay it anyway. We did register with the PRTB and am just waiting for revenue to come looking for it. Even if they do ,what can they do if we don't have anything to give them. Any help would be appreciated. I failed to say that we are on a tracker which is the only plus side.
Thanks
My question is, if we can no longer pay what can banks do to come after us. I haven't even considered tax on the rental income yet. Wouldn't even be in a position to pay it anyway. We did register with the PRTB and am just waiting for revenue to come looking for it. Even if they do ,what can they do if we don't have anything to give them. Any help would be appreciated. I failed to say that we are on a tracker which is the only plus side.
Thanks