colin_hanley
Registered User
- Messages
- 58
No, not asking for advice on what to do. Just wondering if anyone knows whats the consequences of not paying a mortgage are. I believe my question may also be of interested for people living in their homes for which they can't pay their mortgage.
Thanks for the advice guys. Sounds more serious than I originally thought. I guess I'll just wait and see what happens with the tenants. If they go, I'll get in touch with the bank and see if we can work something out.
1. House is currently in +100K negative equity so don't want to pump more cash into it.
I'm not paying any interest on my loans and I doubt anyone else is
In America they have a policy where if you can't afford to pay your mortgage you simple pop the keys in an envelope and send them back to your bank. You are not liable for any shortfall on your ex-home when the bank sell it on. It's called the jingle policy.
What evidence do you have of Irish banks chasing people in New Zealand? They're going to have a difficult and costly time not to say anything of the bad publicity of chasing people in Ireland. Sometimes it doesn't make financial sense to chase people. Banks aren't stupid.Over the next few years there will be a huge increase in the use of debt collection agencies, these people will/can make your life in NZ hell, they can get court injunctions, freeze wages and seizes assets.
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