Emigrating back to the States. What to do with house in negative equity?

[plugandpray]

Duplex house bought 2005 for €265k TSB 100% tracker mortgage plus 1.5% 35 years. Current repayment €860 TRS in place. Current market value €125k, Rental value €650-€700

My wife wants us to relocate to her home state of Florida. Visas are in place, work is available, so now just thinking of what options are open to us regarding our property here.

Some people have told us just to fire the keys in the letterbox and go. However, I want to look further down the road and see if we could afford to hang on to the place by either sending money back from the states to cover the mortgage shortfall after renting or even have a sit down with TSB and see if we can restructure so we don't have to send anything back for at least the first year.

Just on a side note. I have worked here for twenty consecutive years, my wife has worked three. Would we both be entitled to state pensions at retirement age?

Thanks

 

[Brendan Burgess]

Just on a side note. I have worked here for twenty consecutive years, my wife has worked three. Would we both be entitled to state pensions at retirement age?

You should start a separate thread in the correct forum if you want this question answered.

 

[Bronte]

However, I want to look further down the road and see if we could afford to hang on to the place by either sending money back from the states to cover the mortgage shortfall after renting or even have a sit down with TSB and see if we can restructure so we don't have to send anything back for at least the first year.

Have you do the calculations of how much you need to subsidise it by and whether you will be able to afford to do so. It's not just a question of the difference between rent and mortgage.

Very important question next: Who is going to manage the property for you?

TSB would be very silly not to allow you a one year's moratorium. But banks and sense are not good bedfellows.

 

[terrontress]

If it is a stretch to pay the mortgage once you are back in the US, the big concern will be exchange rate fluctuations. There are so many factors which influence this that you will have no ability to influence.

At present, €100 will cost you $135. This time last year it would have cost you $125. In 2005 it would have cost $160.

If you are finding payments tough and the currency swings against you you will go in to arrears.