A
Technically this is perfectly feasible. As per steve Thatcher's posts his current earnings are only taken into account in the Bankruptcy calculations. The PDH is fully secured & in negative equity, so that would be sold to satisfy a portion of the mortgage. As he will be bankrupt, he will have no long term obligation to pay the residual debt. His wife is jointly & severally liable for the mortgage, so she would then be the sole source of recourse for the Bank, if they wished to pursue her for the balance.I must have misunderstood. Surely, no way someone on secure 80k p.a. can pop over to UK become bankrupt because of his mortgage, which although high , is on a low tracker rate. And,worse, make wife liable for debt.
a lot of nasty men who can dump their partners and children in the xxx - and then return to Ireland debt-free and highly paid. Incredible !
You must agree to sell this house yourself in an orderly fashion. Tell ptsb this. Let them appoint the auctioneer. Accept the first bid which comes for the property.I am under pressure to decide whether to put it up for sale or voluntary surrender. (The bank will allow me to try sell the house but will not stop the repossession proceedings while its up for sale).
You face a shortfall of €200k + . As your ex will be bankrupt, you will fully liable for this, in theory, at leastLender: PTSB
Amount outstanding: 470,000
Value of home: 260,000
Interest rate: Tracker 1.65%
Income self: 6,000 pa Part Time Accounts Administrator
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