I am reading alot lately about the increasing number of "strategic defaulters" in the US. This seems to be an option that a certain percentage of mortgage holders in the US are following and I'm guessing that with mass unemployment in Ireland and emigration expected at 100,000 for 2011 that many of these emigrating with large mortgages in negative equity will decide to strategically default even though they may have good jobs in Canada, Oz etc. What are the practical implications for such mortgage holders?
How will Irish banks track these defaulters?
What kind of methods does the bank use to track mortgage defaulters?
Will the debt follow the mortgage holder to Oz etc even though they might have no desire to return to Ireland?
Defaulting on your debt used to be a taboo however in my opinion, I reckon it will become a popular trend in Ireland over the next 18-24 months and will force some sort of debt forgiveness by the banks/Govt/ECB as predicted by David McWilliams so it would be interesting to hear from anyone who is or plans to strategically default.
Thanks in advance for your responses
How will Irish banks track these defaulters?
What kind of methods does the bank use to track mortgage defaulters?
Will the debt follow the mortgage holder to Oz etc even though they might have no desire to return to Ireland?
Defaulting on your debt used to be a taboo however in my opinion, I reckon it will become a popular trend in Ireland over the next 18-24 months and will force some sort of debt forgiveness by the banks/Govt/ECB as predicted by David McWilliams so it would be interesting to hear from anyone who is or plans to strategically default.
Thanks in advance for your responses