B
brightside
Guest
Hi All, another sorry tale I'm afraid, hopefully someone will have some advice or real experience that they can help out with.
My partner and I bought a property in Ireland close to the top of the market. Things got dodgy work wise and we left during the 'soft landing' (now that was an understatement). We rented the property and at the time the rent almost met the mortgage.
Now three years down the track rental values have dropped by over 30% and we have dropped to one income abroad (due to having a child) and it is choking the life out of us to keep propping up the mortgage back in ireland.
If we are to sell or hand back the keys we are likely to still be in debt to the mortgage company to the tune of approx E150k for which I am led to believe they would take out a judgement against us.
My question is has anyone any experience of the mortgage company following someone abroad for enforcement of a judgement. I believe they would have to apply to the courts here for the judgement to become legal here (Australia) and follow the laws of the land here for repayment etc.
If its any addition we dont own squat here either just a 10 yr old car and a small bit of savings which is rapidly heading down the celtic black hole.
The brightside - we still have good health and a shirt on our backs (for now
Thanks
My partner and I bought a property in Ireland close to the top of the market. Things got dodgy work wise and we left during the 'soft landing' (now that was an understatement). We rented the property and at the time the rent almost met the mortgage.
Now three years down the track rental values have dropped by over 30% and we have dropped to one income abroad (due to having a child) and it is choking the life out of us to keep propping up the mortgage back in ireland.
If we are to sell or hand back the keys we are likely to still be in debt to the mortgage company to the tune of approx E150k for which I am led to believe they would take out a judgement against us.
My question is has anyone any experience of the mortgage company following someone abroad for enforcement of a judgement. I believe they would have to apply to the courts here for the judgement to become legal here (Australia) and follow the laws of the land here for repayment etc.
If its any addition we dont own squat here either just a 10 yr old car and a small bit of savings which is rapidly heading down the celtic black hole.
The brightside - we still have good health and a shirt on our backs (for now
Thanks