colin_hanley
Registered User
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Hi, I'm currently living overseas in New Zealand where I am a resident. I was planning on moving home maybe in two years. I own a house in Ireland which I've been renting out for the last two years. My tenants look like they will be moving home (Eastern Europe) obviously because of the current climate. If they move home and I can't get new tenants, I'm toying with the idea of simply not paying the mortgage and seeing what happens. I'm doing this for the following reasons
1. House is currently in +100K negative equity so don't want to pump more cash into it.
2. My income will not cover me paying my mortgage at home and rent/living expenses etc. in NZ.
3. Not sure if I'll be heading home anytime soon (if ever) so don't really fear the bank manager knocking down my door.
4. I don't mind writing off my deposit.
I'm wondering what the consequences of simply not paying are ? Will I ever be able to get a mortgage/loan again in Ireland ?
Is it wothwhile talking to my bank (IIB) to explain my situation ? I've heard mention of freezing mortgages etc. but not sure if it is worth doing.
Obviously if I was in Ireland I would be more panicy about the situation but I suppose living over here means I have more of a physical & psychological buffer from the problem (i.e easier to stick head in sand).
Thanks,
Colin
1. House is currently in +100K negative equity so don't want to pump more cash into it.
2. My income will not cover me paying my mortgage at home and rent/living expenses etc. in NZ.
3. Not sure if I'll be heading home anytime soon (if ever) so don't really fear the bank manager knocking down my door.
4. I don't mind writing off my deposit.
I'm wondering what the consequences of simply not paying are ? Will I ever be able to get a mortgage/loan again in Ireland ?
Is it wothwhile talking to my bank (IIB) to explain my situation ? I've heard mention of freezing mortgages etc. but not sure if it is worth doing.
Obviously if I was in Ireland I would be more panicy about the situation but I suppose living over here means I have more of a physical & psychological buffer from the problem (i.e easier to stick head in sand).
Thanks,
Colin