L
loanranger
Guest
My family and I have the option of emigrating to Australia, but like so many other would be Irish emigrants we are in negative equity and we're weighing up the options (if there are any) on what to do with our house here. We would be looking at a permanent move, no going back.
If we sell up at a loss (if we can even find a buyer) we'll still be saddled with the outstanding mortgage. I'm wondering if it would it be possible to defer the remaining repayments for a year or two while we get on our feet in Australia. I'm sure many Irish families are in the same boat, i.e. unable to sell or rent their properties even when they leave.
I heard that during the UK property crash of the 80's, some people in negative equity literally put their house keys in envolopes and popped them through the banks' letter boxes! OK, a bit extreme! But what would be the implications of leaving a debt behind? Even until you're in such a posision to repay it? Is anyone going to come chasing you overseas with a court summons? Would you be internationally blackmarked forever more? Would you be able to set foot in Ireland again? (Not that I'd care about the latter, at this stage.)
I guess the best thing would be to talk to our bank before making any decision, but I'm wondering if anyone else is in the same boat or has any advice?
If we sell up at a loss (if we can even find a buyer) we'll still be saddled with the outstanding mortgage. I'm wondering if it would it be possible to defer the remaining repayments for a year or two while we get on our feet in Australia. I'm sure many Irish families are in the same boat, i.e. unable to sell or rent their properties even when they leave.
I heard that during the UK property crash of the 80's, some people in negative equity literally put their house keys in envolopes and popped them through the banks' letter boxes! OK, a bit extreme! But what would be the implications of leaving a debt behind? Even until you're in such a posision to repay it? Is anyone going to come chasing you overseas with a court summons? Would you be internationally blackmarked forever more? Would you be able to set foot in Ireland again? (Not that I'd care about the latter, at this stage.)
I guess the best thing would be to talk to our bank before making any decision, but I'm wondering if anyone else is in the same boat or has any advice?