Thinking of handing keys back to mortgage company

Treehouse72

ei.sdraob wrote: »

Stop paying it

ricman wrote: »

It sounds like ,you needed money ,you borrowed 200k thru a remortgage.You could try and go to another bank, and get the mortgage switched over to them, ie reduce the interest rate.But if you owned the house ,did you spend all the money already.Talk to mabs, but if you are working part time,it would be easier to sell the house for 150, then at least you are only paying interest on 100k.Frankly it would be easier to go to the city council and get on the housing list.You need to talk to the community welfare officer.
IF you dont sell up ,at some point the bank will take you to court and you,ll end up paying ,interest plus legal fees.
Prices are going down, the longer you stay there, the lower the selling price will be.I,D prefer to sell voluntarily, then be forced to sell up in 9 months.
The cwo will provide accomodation for you ,after you sell the house,if you simply cannot afford to buy another house, ie its not easy to get a mortgage, when you have 100k debt.
Prices will be falling for the next 5 years.
AS far as i can see theres no personal bankruptcy laws in ireland, its not like a company ,which can be closed down.
The best you can do,is sell up, reduce the dept ,WHILE your house is still worth 150k.
Subprime companys deal only with people who find it hard to borrow from a normal bank, and
they charge much higher interest rates.

I don't mean to be rude, but these two posts show why OP needs to get professional advice and not rely on information from here.

No disrespect meant to posters who are only trying to help. But both these pieces of advice are shocking.

meathstevie

Go accross the water, set up your tent in England for a while and go through a bankrupcy procedure over there if the water realy is at your lips.

If you're working part time only you're quite likely to qualify for family income support as well.

cynder

Well 40 year term at 1200 per month = 576,000. House only worth 150,000. ouch.

If your only working part time maybe you should look for a second job or a full time one - i know easier said than done.

your wife should get maternity benefit of aprox 200€ a week for 6 months.

Your house should be your main concern - pay your mortgage, esb and gas. If you have c/c or a loan pay them last, they cant take the house of you if you stop paying them.

You really should talk to mabs .

http://www.mabs.ie/

best of luck!

lightroom

As far as I know, if you leave the country with debt, you won't be able to get any loan/credit card/bank account from anywhere in the world. This is for sure not an option no matter what.

D3PO

Treehouse72 wrote: »

I don't mean to be rude, but these two posts show why OP needs to get professional advice and not rely on information from here.

No disrespect meant to posters who are only trying to help. But both these pieces of advice are shocking.

Id swear some people on here posting are reading economics for dummys or something similar. Either that or they are trying to take detail for other threads and posting it without having a clue about what they are saying.

I totally agree some shocking "advice" posted on here at times.

ei.sdraob

Treehouse72 wrote: »

I don't mean to be rude, but these two posts show why OP needs to get professional advice and not rely on information from here.

No disrespect meant to posters who are only trying to help. But both these pieces of advice are shocking.

yes he should seek professional advice


whats so "shocking" about stopping paying something you cant afford and letting the courts decide on the matter?

the personal bankruptcy laws in Ireland are crazy, obviously the OP didnt realize what hes getting himself into at the time when he signed under "your home is at risk if you dont keep up repayments" bit

if he is brought to court as per recent judgements the judge quite likely will free him of the debt or try to reach some sort of compromise deal

iguana

ei.sdraob wrote: »

if he is brought to court as per recent judgements the judge quite likely will free him of the debt or try to reach some sort of compromise deal

When has that ever happened? Afaik nobody in the OP's situation has ever been "freed of the debt" in Ireland. People have been given a stay of repossession and allowed a grace period in the hope that they will get back on their feet. And I certainly know of cases where the family home has been repossessed. They are rare but they are becoming more common and will in all likelihood happen more and more over the next few years.

danbohan

D3PO wrote: »

you left a bit out

Leave the country and never return if you do return that the debt will still hang over you and you wont be able to return here.

Doesnt sound like a serious option to me.

i think its very good option , and is their not a 20 year statuary limitation on debt ? anyway , why is everybody so worried about the banks let them rot

Jo King

ei.sdraob wrote: »

yes he should seek professional advice


whats so "shocking" about stopping paying something you cant afford and letting the courts decide on the matter?

the personal bankruptcy laws in Ireland are crazy, obviously the OP didnt realize what hes getting himself into at the time when he signed under "your home is at risk if you dont keep up repayments" bit

if he is brought to court as per recent judgements the judge quite likely will free him of the debt or try to reach some sort of compromise deal

What recent judgments? There are family homes being repossessed every week by court order.
Judges do not free people of debt, neither do they try and reach a compromise.
The peculiar thing about this case is that the o/p remortgaged a house into his own name. Did his wife sign a consent to the mortgage?

ricman

GO to mabs get advice, but i still think the best thing you should do is sell the house ,reduce money owed to 100k.
NO judge is gonna wave his hand and make the loan disappear.GO to cwo ,welfare officer,you,ll be entitled to fis,family income supplement.
AT some point they,ll take you to court and force you to sell the house.
YOU would save time ,stress by selling it yourself,and you,ll save alot of money in legal fees ,interest payments.
go to threshold for advice ,or centrecare, re housing options.
YOU will be given housing by the hse ,or local housing authority.
Theres alot more dignity in positively taking the matter forward yourself, sell it yourself, rather than waitiing for the courts to force you to sell it .
SEE www.threshold.ie
I see no point in waiting, for house prices to decline.

eth0_

Am I missing something here? Presumably you've been in financial difficulty or staring down the barrel of it for quite some time, yet you decided now would be a good time to have a baby?

OP you need to stop living in dream land and cop on! Sell the house and rent somewhere. You'll still owe a hefty sum to the mortgage broker and will probably never be able to purchase another property again but that's the consequences for getting yourself into a sub-prime mortgage and you need to face up to this sooner or later.

auditek923

op here. have a meeting with mabs on thurs morning .

rightwingdub

A lot of people shouldn't have been approved for a mortgage in the first place, they should have stuck to renting and anyone who took out a mortgage with a sub prime lender is absolutely insane.

Whats wrong with renting, really attitudes need to change in Ireland as regards renting.

barochoc

rightwingdub wrote: »

A lot of people shouldn't have been approved for a mortgage in the first place, they should have stuck to renting and anyone who took out a mortgage with a sub prime lender is absolutely insane.

Whats wrong with renting, really attitudes need to change in Ireland as regards renting.

This is very true. You can be sure that the majority of people who got these stupid mortgages over 40 years lied through their teeth to get the finance.

Pay slips & statements altered to please the bank etc.... I seen it every day for years & it never tempted me once.

I knew this bubble was ready to burst years ago & I listened to the real experts not the pr!cks who were directly involved in construction.

Friends nagging me for years about getting on the property ladder ASAP because houses will just keep going up etc.... I just laughed at them & said "how many people in Germany actually own their home?"

There was a silence & then I said. "40%"

They then laughed.....

Bottom line is, we were sucked in to this culture of having to buy a property or you were nobody or a loser.

Am I still a loser???

Banks are scum & never a truer statement made than this one by Robert Frost:

"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain."

Sound familiar?

Amhran Nua

meathstevie wrote: »

Go accross the water, set up your tent in England for a while and go through a bankrupcy procedure over there if the water realy is at your lips.

If you're working part time only you're quite likely to qualify for family income support as well.

This might be one of the better options in the face of complete and utter ruin, I'd say. More information here:

Question:

My son has debts of approximately £50,000 excluding any negative equity which he will owe the Irish Nationwide on his house in Eire, which he has requested them to repossess. He wishes to petition for bankruptcy, and wishes to do so quickly, because creditors are chasing him for money he cannet pay. My son now lives in the uk

We have tried to contact Irish Nationwide, and have used a Land Registry website in Eire to find out who is the present regisyered owner, but without success so far. I think the amount of negative equity could be £100,000 plus, excluding existing mortgage arrears payments.

His problem is that Irish Nationwide will not respond to any enquiries as to whether they have actually repossessed his house in Eire

If my son goes bankrupt now, before the issue of negative equity has been clarified, can he deal with that potential debt with this application, or would he have to go bankrupt a second time when the Building society finally decides to communicate with him?

We are desparately worried about the situation, and in particular about a threatened prosecution for one particular outstanding debt.

Answer:

If your son is a resident in the UK and has met the residency requirements he can go bankrupt in the UK and include his Eire/EU debts, including any shortfall from a property repossessed.

In his going bankrupt here, the Official Receiver will send notices to all those he owes including Irish Nationwide.

Even if your son does not know the exact amount owed this, now unsecured debt, will be included and can be discharged, so it does not matter if he knows the exact amount or not.

Bankruptcy laws in the UK are considerably more lenient than in Ireland, you might get out from under it in a couple of years. Note, I am not a solicitor, and this post does not constitute legal advice, talk to someone who knows about the subject professionally.

lucy2010

auditek923 wrote: »

op here. have a meeting with mabs on thurs morning .

Great to hear - MABS queues around the country are months long ( Personally was given an appointment 9 months away)

They are a great help & will advise on best to do.
Good luck & best wishes on the new baby .

GerardKeating

danbohan wrote: »

i think its very good option , and is their not a 20 year statuary limitation on debt ? anyway , why is everybody so worried about the banks let them rot

It's 6 year i think, but the clock on most statues of limitations stop when one leaves the jurisdiction, so the limit is 6 years PLUS any time spent outside the country, assuming they can prove one was abroad.

The_Conductor

ei.sdraob wrote: »

Stop paying it

after about a year and many threatening mails later

you'll end-up in front of judge


explain that you can not pay it for your life (Assuming your finances don't improve by then), theres no way in hell would a judge kick out a family out of their PPR

the judges are well aware of the personal bankruptcy laws being flawed, and as has shown in recent cases would judge fairly

Start Mortgages are not covered in the Bank Guarantee scheme- and at present comprise nearly 90% of repossession cases in the court system. As little as 2 months arrears can have a repossession order granted against you (particularly if you do not defend the action- as increasing numbers of people are bizarrely choosing to do)........

rightwingdub

smccarrick wrote: »

Start Mortgages are not covered in the Bank Guarantee scheme- and at present comprise nearly 90% of repossession cases in the court system. As little as 2 months arrears can have a repossession order granted against you (particularly if you do not defend the action- as increasing numbers of people are bizarrely choosing to do)........

Anyone who took out a mortgage with a sub prime lender should never have got a mortgage in the firsts place, as I said previously they should have stuck to renting, even though some of their friends may have treated them like social pariahs:rolleyes:

Jaysoose

barochoc wrote: »

This is very true. You can be sure that the majority of people who got these stupid mortgages over 40 years lied through their teeth to get the finance.

Pay slips & statements altered to please the bank etc.... I seen it every day for years & it never tempted me once.

I knew this bubble was ready to burst years ago & I listened to the real experts not the pr!cks who were directly involved in construction.

Friends nagging me for years about getting on the property ladder ASAP because houses will just keep going up etc.... I just laughed at them & said "how many people in Germany actually own their home?"

There was a silence & then I said. "40%"

They then laughed.....

Bottom line is, we were sucked in to this culture of having to buy a property or you were nobody or a loser.

Am I still a loser???

Banks are scum & never a truer statement made than this one by Robert Frost:

"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain."

Sound familiar?

What an unhelpful self righteous rant...how does this help the OP?

Senna

Have you contacted Smart Mortgages yet? Although they wont (cant see it anyway) allow interest only or a repayment break, you could offer to pay them something every month, maybe €200-400. They probably wont accept that either, but if you have the "offer of payment" in writing, a judge will look favourably on you desire to pay. It could mean an "extended stay" being put on your repossession and the fact you'll have a new born baby soon will also help.

MABS will give you the best advice on Thursday.

jmayo

Jaysoose wrote: »

What an unhelpful self righteous rant...how does this help the OP?

Maybe it is self righteous or maybe barochoc is just pi**ed off like some more of us, that we as taxpayers and public service users in this country will be left carrying the can for the individuals who want to either drop the keys back or leg it out of the country leaving their debts behind.

I am sorry for the OP, or more particularly his partner who is now expecting, to be in this situation, but the OP started this discussion about handing the keys back and walking away.

Well sorry you can't just do that and leave someone else to carry the can.
If everyone that owes huge amounts to AIB, BOI, IN, Anglo does that then how much recapitalisation do the taxpayers have to cough up.

Why did he have to remortgage within two years of buying his home for financial reasons and then he did it with a subprime lender.

Jaysoose

jmayo wrote: »

Maybe it is self righteous or maybe barochoc is just pi**ed off like some more of us, that we as taxpayers and public service users in this country will be left carrying the can for the individuals who want to either drop the keys back or leg it out of the country leaving their debts behind.

I am sorry for the OP, or more particularly his partner who is now expecting, to be in this situation, but the OP started this discussion about handing the keys back and walking away.

Well sorry you can't just do that and leave someone else to carry the can.
If everyone that owes huge amounts to AIB, BOI, IN, Anglo does that then how much recapitalisation do the taxpayers have to cough up.

Why did he have to remortgage within two years of buying his home for financial reasons and then he did it with a subprime lender.

There are any number of threads about how stupid people have been etc ...op is looking for help not somebody that wants to vent if you are pissed off then start your own thread.

testicle

grindelwald wrote: »

your wife should get maternity benefit of aprox 200€ a week for 6 months.

Mat Ben is €270 but you need to have been working up until the day before you start it.

The_Conductor

testicle wrote: »

Mat Ben is €270 but you need to have been working up until the day before you start it.

Max benefit is 80% of your net takehome pay or a max of €270. The minimum is €225.80. If you apply for any other social welfare entitlements- your maternity benefit is supposed to immediately be put on a half rate (between 112.90 and 135 a week).

This article may be of assistance

Shane

jmayo

Jaysoose wrote: »

There are any number of threads about how stupid people have been etc ...op is looking for help not somebody that wants to vent if you are pissed off then start your own thread.

Jaysoose,
the reason for venting was becuase you started picking on another poster and claimed they were being self righteous.

BTW may I ask you, are you willing to pay more tax to be used in bank bailouts because people are engaging in jingle mail ?

The banks are even having major trouble in their sub 5 million loan portfolio that is not being transferred to NAMA.
Every penny that is not repaid is another penny that has to be wrote off or recapitalised.
Where do you think the cost of that ends up ?

Everyone now is looking for an out or for a bailout.

And yes I know he did not look for a bailout, but he did ask about handing keys back to the bank.
I hope things work out for him, his partner and their future child.
But I also hope he never gets the chance to fe** himself up financially again.

Jaysoose

jmayo wrote: »

Jaysoose,
the reason for venting was becuase you started picking on another poster and claimed they were being self righteous.

BTW may I ask you, are you willing to pay more tax to be used in bank bailouts because people are engaging in jingle mail ?

The banks are even having major trouble in their sub 5 million loan portfolio that is not being transferred to NAMA.
Every penny that is not repaid is another penny that has to be wrote off or recapitalised.
Where do you think the cost of that ends up ?

Everyone now is looking for an out or for a bailout.

And yes I know he did not look for a bailout, but he did ask about handing keys back to the bank.
I hope things work out for him, his partner and their future child.
But I also hope he never gets the chance to fe** himself up financially again.

Im not picking on anybody and am not getting into a debate with you about nama, the guy is looking for help not a rant about how its his fault that the banks collapsed. Every thread in here ends up like this and it doesnt help people looking for genuine advice.

The_Conductor

Ok guys- I think this thread has run its course.
OP- you need to seek an urgent meeting with MABs and with your lender. If you want to continue discussion on this please PM me and I'll reopen it.

Regards,

SMcCarrick