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Can I just give the bank my house

  • 10-04-2009 11:52am
    #1
    an_other
    Closed Accounts Posts: 183 ✭✭


    HI Guys

    This may seem a stupid question but heres the story.

    I moved to a town where I had a steady job (so I thought).
    I have no ties to this town other than it's where I worked.

    I am now unemployed I don't want to restrict myself to this town for work as I can't be fussy where I get a job.

    No one is buying houses so putting it up for sale is a no win.
    Renting it out wont pay the mortgage if I could get it rented.

    The mortage amount is less than the value of the house.
    So can I just give the bank the house in payment for the mortgage?


Comments

  • #2
    Acer2009
    Closed Accounts Posts: 6 ✭Acer2009


    I am afraid you can't just do that... As much as I know some people woul like to..

    You are in a legal contract to repay the mortgage and the house is just the security the bank took prior to giving you the loan. If you were to stop making repayments to such an extent that the bank felt they needed to take the house back, they would do so, sell it at what ever price they could get and then come after you for the balance.. You still owe them what ever amount of money you borrowed.

    Your best bet is to try make as much repayments repayments as you can until you get a new job. Or if you want to rent you house, go to your bank and tell them you can't make the repayments and see what they are in a position to do for you. They may be able to give you interest only which would reduce your repayments enough for the rent to cover them..


  • #3
    will999
    Registered Users Posts: 1 ✭will999


    The process of returning the house back to the bank is called "Deed in lieu of Foreclosure". If you google that phrase you will get the details. You can also go to Freddie Mac website to get information.


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,927 Admin ✭✭✭✭✭Toots


    Freddie Mac is an American website. The procedures there are not the same as here.


  • #5
    leitrim lad
    Closed Accounts Posts: 1,013 ✭✭✭leitrim lad


    i hope you have insurance on the morgage,

    this should help you for a year, and then you have another year before they can even consider taking it back, so by then you should have a job again,

    so you should have 2 years leaway from that rant, that will give you a bit of time to think about your house

    because if you do a silly thing like give your house back to the bank ,you will regret it for the rest of your life, when you can never get a morgage again, also you could look to trade in the house this is now possible ,with a tax break, (not sure on full details) but you could move to a town you like


  • #6
    johndaman66
    Registered Users, Registered Users 2 Posts: 4,097 ✭✭✭johndaman66


    an_other wrote: »
    No one is buying houses so putting it up for sale is a no win.
    Renting it out wont pay the mortgage if I could get it rented.

    The mortage amount is less than the value of the house.
    So can I just give the bank the house in payment for the mortgage?

    And do you know the value of the house? The 2009 (not the 2006) value of the house? I'm not talking about the prices of similar houses advertised on daft.ie or myhome.ie or even a value an auctioneer, valuer or estate agent would put on the house as these prices are neither here nor there. What is relevant is the open market selling price of the house. You would be quite wrong in your assumption that no one is buying houses. Granted that there is not a hell of a lot of activity in the market at the moment but all the same there is a certain amount. Houses are selling, albeit in low numbers but at realistic prices, given what has happened over the last few years and expectations. As for the houses that aren't selling, well I hope you can undersatnd the underlying reason why...its not exactly rockect sience.


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  • #7
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,927 Admin ✭✭✭✭✭Toots


    http://www.boards.ie/vbulletin/showthread.php?t=2055124300
    *Thread bumping/ Resurrecting Old Threads
    Don't drag up an old thread to post something (and by old, we mean anything that hasn't had a post in a month or so), and don't bump your own threads just to get attention. The only exception to this is if an OP comes back to post an update on a situation. Anything else will be locked.

    Thread locked.


This discussion has been closed.
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