Walked out (emigrated) on joint mortgage in 2014, coming into inheritance soon

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Thirsty said:
To be honest, this is the element of your actions I really dislike; lots of folks go through hard times, people have handed back the keys of their home, or gone bankrupt.

In my experience most people do their best, even if it doesn't always measure to the high standards of posters here...

But you welched and left someone else pick up the pieces.

At the very least, go and make amends for your behaviour.
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The keys of my home have been handed back and I've no issue going bankrupt if that's what's required.

You're incorrect in saying I welched - not only was the contract not a wager but provisions were made within it for the eventuality that I'd be unable to meet the repayments due to unforseen events or whatever. I experienced those events and am now I'm seeking to minimise my liability like anyone would do.

I'm not sure what behaviour you'd like me to make amends for and to whom?
 
pauliesbowl said:
Thank you.
Would you have any sort of an idea of what sort of deals they've been making?
The property was repossessed and sold with a total deficit of potentially 250k.

Would you or anyone reading this have an idea of how judgements work and if there's legal ways to negate them?
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No idea about any deals but it would well be worth your while to go to a Solicitor and get advice. If a judgement has been obtained against you, the only way to set it aside is with the agreement of the creditor. Only after the judgement has been satisfied or a deal made will a creditor consider lifting the judgement.
 
Jayom75 said:
No idea about any deals but it would well be worth your while to go to a Solicitor and get advice. If a judgement has been obtained against you, the only way to set it aside is with the agreement of the creditor. Only after the judgement has been satisfied or a deal made will a creditor consider lifting the judgement.
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Thank you.
Yes an experienced solicitor should help.
Would anyone reading this know if there's a way to find out if a judgement has been has issued against me?
 
pauliesbowl said:
The keys of my home have been handed back and I've no issue going bankrupt if that's what's required.

You're incorrect in saying I welched - not only was the contract not a wager but provisions were made within it for the eventuality that I'd be unable to meet the repayments due to unforseen events or whatever. I experienced those events and am now I'm seeking to minimise my liability like anyone would do.

I'm not sure what behaviour you'd like me to make amends for and to whom?
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With all due respect you did welch on the arrangement no matter how you try rationalise it in your own head.

You returned to Ireland two years ago and made no attempt to resolve the matter. Now that you are due to inherit a property you are only now looking at the matter because its in your interest now.

You are actively trying to avoid the matter and you then get all defensive when posters express opinions on your actions.

What exactly did you expect?
 
The Horseman said:
With all due respect you did welch on the arrangement no matter how you try rationalise it in your own head.

You returned to Ireland two years ago and made no attempt to resolve the matter. Now that you are due to inherit a property you are only now looking at the matter because its in your interest now.

You are actively trying to avoid the matter and you then get all defensive when posters express opinions on your actions.

What exactly did you expect?
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This is false, like I have already said everything I intend to do will be within the confines of the contract I entered into and the law.
 
pauliesbowl said:
This is false, like I have already said everything I intend to do will be within the confines of the contract I entered into and the law.
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The contract stated you would repay a loan nothing more. So if you are going to stay within the confines of the contract then pay €125k as your part of the shortfall.

My post is not false otherwise you would have dealt with this matter in 2019 and would not be posting on this forum looking for advice.
 
The Horseman said:
The contract stated you would repay a loan nothing more. So if you are going to stay within the confines of the contract then pay €125k as your part of the shortfall.

My post is not false otherwise you would have dealt with this matter in 2019 and would not be posting on this forum looking for advice.
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I suspect he is legally liable for full 250k as his partners PIA has no bearing on him...
 
The Horseman said:
I see the poster is looking for assistance on another thread despite his assertion that he wants to stay within the contract and the law.
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I had no idea posting on another thread would automatically preclude me from staying within the contract and the law.
 
pauliesbowl said:
Hello,
I emigrated in 2014 leaving a joint mortgage here, the other person in the mortgage entered into a PIA.
I have not made contact or heard anything from the bank since.
I returned around 2019 and my sole parent is not expected to be alive for much longer and is trying to leave me a property but is afraid that the bank will take it.

Would anyone have any suggestions where to start?
Thank you for reading.
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You made a rash/ foolish move by not dealing with in 2014 when the economic situation was less certain and banks were prepared to cut deals. Banks less willing now to do deals as they are better able to bide their time and more used to handling (& less sympathetic to) long term problem debtors and more proficient at extracting cash from them using any means at their disposal. You are most likely 7 years too late to engineer a neat solution to suit you as you would like. An expensive lesson there for you. You missed the boat when they were dealing with the tsunami of bad loans and you're more of an outlier now in the rosier environment of 2021.
 
pauliesbowl said:
Yes as long as it's legal I'll consider it.
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I'd say the people here are running out of patience with you. Go into the Bank and discuss your situation with them. Also, you're not doing any favours to your parents health with all this. Man up and do the right and proper thing, very, very obvious what that is and good luck with it.
 
You and your partner borrowed money from the bank to purchase a house and in 2014 you walk away from the mortgage and told the bank to take over the house.
Possibly the bank sold the house and there is still an outstanding debt.
So you still need to pay back the money you borrowed, the debt is still there. The debt did not go away just because you don’t have the house anymore.
You obviously know the debt is substantial otherwise you would not be asking about it.

Your parent wants to leave you an inheritance which will clear the debt, but for some reason you don’t want to pay off the debt. Clearly the parent knows about the money you owe the bank, so maybe they have been receiving letters at their address about the current debt?

So you choices are

1. Inherit house, engage with bank and pay your debt. Do a PIA and go bankrupt, or whatever works best to get the best deal from the bank, in full and final settlement.
2. Tell your parent to leave the house in trust to be sold on your death to pay the bank debt. You need legal advice.
3. Tell your parent to leave the house to charity (maybe a homeless one). You will have no home and the same debt but maybe you will find some way to pay it off.

Brendan is right, the consequence of you not paying your mortgage is higher mortgage rates for everyone else. Owing the bank money is not a victimless crime.
 
Clamball said:
You and your partner borrowed money from the bank to purchase a house and in 2014 you walk away from the mortgage and told the bank to take over the house.
Possibly the bank sold the house and there is still an outstanding debt.
So you still need to pay back the money you borrowed, the debt is still there. The debt did not go away just because you don’t have the house anymore.
You obviously know the debt is substantial otherwise you would not be asking about it.

Your parent wants to leave you an inheritance which will clear the debt, but for some reason you don’t want to pay off the debt. Clearly the parent knows about the money you owe the bank, so maybe they have been receiving letters at their address about the current debt?

So you choices are

1. Inherit house, engage with bank and pay your debt. Do a PIA and go bankrupt, or whatever works best to get the best deal from the bank, in full and final settlement.
2. Tell your parent to leave the house in trust to be sold on your death to pay the bank debt. You need legal advice.
3. Tell your parent to leave the house to charity (maybe a homeless one). You will have no home and the same debt but maybe you will find some way to pay it off.

Brendan is right, the consequence of you not paying your mortgage is higher mortgage rates for everyone else. Owing the bank money is not a victimless crime.
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Incorrect, like Brendan you're confusing me with whoever put you on the hook for my debts. I entered into a contract with a private entity and NOT you or anyone else who's disgruntled by how things worked out. If you're bitter about being brought into it I suggest you direct that emotion toward whoever did that but it wasn't me - I would never have entered into a contract where the taxpayer would be the ultimate creditor and where the usual mechanisms of bankruptcy and PIA would not be available to me due to this. That would be a terrible and foolish contract for me to enter into leaving me permanently and inescapably on the hook for the lack of attention paid by prior generation's administrations.

So you're incorrect in saying that I need to pay back the money I borrowed, this is just what you would like me to do. In reality there are mechanisms where I can minimise and possibly escape that debt and like any normal person who has more loyalty to himself and his family than others.
 
deanpark said:
You made a rash/ foolish move by not dealing with in 2014 when the economic situation was less certain and banks were prepared to cut deals. Banks less willing now to do deals as they are better able to bide their time and more used to handling (& less sympathetic to) long term problem debtors and more proficient at extracting cash from them using any means at their disposal. You are most likely 7 years too late to engineer a neat solution to suit you as you would like. An expensive lesson there for you. You missed the boat when they were dealing with the tsunami of bad loans and you're more of an outlier now in the rosier environment of 2021.
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Yes you have some valid points here however I'm not sure if I've missed the boat. My situation is still pretty miserable so I might still qualify for whatever schemes are available to people in my position.
Cervelo said:
That just says it all!!!
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Yes!!!
noproblem said:
I'd say the people here are running out of patience with you. Go into the Bank and discuss your situation with them. Also, you're not doing any favours to your parents health with all this. Man up and do the right and proper thing, very, very obvious what that is and good luck with it.
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I don't mean to be rude but what you'd say is neither here nor there and the wishes of my parent are that I get the house and it not be used to bail out the fecklessness of prior administrations and the electorates that put them in power.
 
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