Seriously considering default - advice please

[default1941]

Hi all, I'm new to posting on internet forums in general and this one in particular, so I apologise if I break any rules or etiquette with this post.

Here is my situation. I own a property, which was valued at just over €500k five years ago. This was an inherited property and I had no mortgage on it.

I used this property as collateral and consolidated a number of other debts totalling some €400k against it. My solicitor at the time ensured me that my property was the only possible recourse open to the banks.

Since then, the value of my property has dropped to about €200k, yet my debts of €400k remain intact.

Hence, I am seriously considering defaulting on the debt and letting the bank take my property in exchange, just as we agreed upon originally.

Is it possible for me to do this and walk away intact? I realise my ability to raise future credit would be diminished, but I'm an old man and don't see myself needing any more loans in my lifetime.

Can the bank come after me or my family members personally, despite the paperwork saying they only had my property and no other recourse?

What other issues might arise following a default?

Really appreciate any assistance you can provide me with.

 

[Brendan Burgess]

Can the bank come after me or my family members personally, despite the paperwork saying they only had my property and no other recourse?

I would very much doubt that the bank could come after your family members unless they gave personal guarantees.

But I would also very much doubt that the paperwork says they only have recourse over your property. I also doubt your solicitor said this.

You probably need to get an opinion on all this from a second solicitor, independent of the first one.