The residual debt is just sitting there as I cannot afford to repay and I do not qualify for PIA.
EBS usually do not chase residual debt owed to them by the borrower. This is because they have entered into a mortgage indemnity bond (usually referenced in opening paragraph of the loan offer), so they get paid for any residual debt outstanding (subject to the T & C of the bond) by the bond.
This could go on for years. Chances that EBS doesn't know what to do with the returned property. Or maybe it is caught up in the Central Bank's tracker redress review? Or maybe, because the property was originally a family home, EBS might have to get a court order to allow for it's sale? Hard to know.
Suggest forgetting about it.
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