Tilly, you'll have to change the title of the thread if you want to get responses.
Also your post is all over the place. Probably due to your stress. Do I understand you correctly. You are still in Ireland and want to emigrate to Australia and leave the house behind and are worried that the bank will come after you for the mortgage, is that it?
Try to renegotiate the terms of your mortgage to increase the tenure & reduce the monthly payments to fall in line with the rent you can secure for the house.
I reckon the bank would rather renegotiate than have another Client default.
Good luck.
Im with IIB.. they've changed there name now, just cant think of it!!
I dont know what else to... If we just walk away, will they chase us over there?
No, they can legally pursue you and register a judgment but then the laws of your country of residence will come in to play. Look at the cases of people moving to the UK to declare bankruptcy.Could they make us come back to Ireland?
Don't fool yourself that your action would be taking a stand for the average Joe. Where we are at with the banking sector in Ireland the average Joe left behind will have to pick up the tab for those that cut and run.But i think peopole have suffered enough in the country for long enough.. Banks gets bailed out and all that but not your average Joe?
We have a 3 bed house.. Bought 2007 for 260K and now its worth €115.. Like alot of other houses, the price has dropped significantly..
That is a huge percentage drop, are you sure this is correct??
I thought that too but where I live the properties were selling for 400k at the absolute height of the boom and there is currently one for sale for 179k - so depending on where it is this could be correct.
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