S
I think that term is meant to scare the life out of debtors. It just means that some vultures have given the bank some easy cash so they can hope to get more form the OP debtor.They could sell your debt to a debt recovery agency.
Depending on the size of the shortfall it might be a wise move.Other option is for you to go bankrupt in the UK, after you hand back the keys and the debt becomes unsecured. This will affect your credit rating for 6 years.
We still have the house and are just about paying the mortgage by sending money back to Ireland as well as having a tenant in the house. The money we are sending is going into a big money pit which we don't see the end of.
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