Moved Country. Not paying my mortgage anymore

Snickers Man

The Mustard wrote: »

That type of mortgage is known as a non-recourse mortgage. In enforcing the debt, the bank has no recourse to the borrower beyond the secured property itself. Hence, jingle mail. People who are in trouble with payments on their mortgages can simply drop the keys back to the bank and walk away.

It'd be interesting to hear views on how that could/should be implemented into Irish law.

Non recourse loans ARE available in Ireland for some business ventures but I'm not sure what the legal position is with regard to property.

Of course the problem with non recourse loans is that the bank has to take a higher risk and so will amend its interest rates accordingly. So, even if you could get one, there would be much higher repayments than for a standard mortgage for an equivalent amount of money borrowed.

To say nothing of a tracker....

dev100

The Mustard wrote: »

That type of mortgage is known as a non-recourse mortgage. In enforcing the debt, the bank has no recourse to the borrower beyond the secured property itself. Hence, jingle mail. People who are in trouble with payments on their mortgages can simply drop the keys back to the bank and walk away.

It'd be interesting to hear views on how that could/should be implemented into Irish law.

Was that not changed in the states . I had heard they were getting rid of that .
Maybe I'm wrong ?

Cookie_Monster

OP does your potential lender know about your 2 current mortgages, as far as I can see you either haven't told them or they're morons for taking such a risk given your position, you are supposed to declare relevant stuff like that...

Graces7

Highly Salami wrote: »

The country is deep in debt and struggling to get by, we really couldn't afford this sort of thing!

Hmmmm,, Lough Derg island lies uninhabited from October until March...all that meagre accommodation...

And there are the Skelligs....

In the old Deptors Prisons, it was the relatives and friends whp fed the prisoners. One turnkey served the whole thing...

Sleepy

kegzmc - I hope whichever bank you're screwing over finds this thread.

**** you. I don't want to pay for your mistakes.

Graces7

Sleepy wrote: »

kegzmc - I hope whichever bank you're screwing over finds this thread.

**** you. I don't want to pay for your mistakes.

We were thinking this too.. someone mentioned wikileaks too. They were wondering if they had seen this thread.

Jogathon

I think the OP's wife's sister needs her head examined if she agrees to this. I'd never do it for anyone! What would happen if he decided to screw her over like he did the bank? Her credit rating would be shot. And what would stop her from selling the house and pocketing the gain? What an absolutely stupid plan, from a guy who has approached everything with no brains, just what he sees as panache. Totally dumb way of living life.

NuMarvel

Graces7 wrote: »

We were thinking this too.. someone mentioned wikileaks too. They were wondering if they had seen this thread.

Depends on what security filters the Ecuadorian Embassy has in place .

Jogathon wrote: »

I think the OP's wife's sister needs her head examined if she agrees to this. I'd never do it for anyone! What would happen if he decided to screw her over like he did the bank? Her credit rating would be shot.

I learned long ago to never mix money and family. That goes double for money and in laws.

Damie

durano wrote: »

What's a WUM?

A WUM is a Wind Up Merchant...check a dictionary, you'll find your pic;)

durano

Damie wrote: »

A WUM is a Wind Up Merchant...check a dictionary, you'll find your pic;)

Dictionaries come with pics now?
Really though,why are you finding it so hard to accept that the OP never signed up to make the state liable should he default?It was our politicians that signed us up for that and any anger you have should really be directed towards them.

Rabidlamb

OP, good for you & your family.
There will be those that would like to see you in peinary for the next 30 years.

Sleepy wrote: »

kegzmc - I hope whichever bank you're screwing over finds this thread.
**** you. I don't want to pay for your mistakes.

Rest assured there are plenty like me who think you've made the right decision.
Don't worry about being chased for the balance, a young nurse received €152k forgiveness recently & she was only moving to Galway.
There will be a legal an efficient process in place soon for you to voluntary surrender the home.
When 1,000's do I'm sure Sleepy will visit them all individually to register his outrage personally or maybe he's only up for spouting vitriol on an anonymous internet forum.

durano

Would people be so outraged if we weren't liable for the debt(if the banks weren't nationalised)?

donalg1

durano wrote: »

Would people be so outraged if we weren't liable for the debt(if the banks weren't nationalised)?

irrelevant

durano

donalg1 wrote: »

irrelevant

Really?Why?

donalg1

durano wrote: »

Really?Why?

Because its hypothetical.

Sleepy

Wouldn't give a damn if the OP's actions weren't affecting me durano. I still wouldn't think well of someone who doesn't believe in living up to their word but if it wasn't going to cost me money or result in reduced funding for my children's education or my parents healthcare, no I wouldn't be so angry about it.

Rabidlamb, if you're so happy to pick up the OP's debt why don't you cover the lot? If you can't, why on earth are you cheering on his thieving from us? Or are you one of those who thought Haughey, Ahern et all were entitled to our money too?

durano

donalg1 wrote: »

Because its hypothetical.

It was reality up until about 4 years ago and also just because something may be hypothetical that does not make it irrelevant.

Graces7

durano wrote: »

Really?Why?

Many of us are outraged because of the lack of integrity and honesty. Matters thus little who is being conned and cheated.

Qualities like honour matter in any country. The blatant lack of them damages a country like nothing else does. In every way.

The OP made a commitment, period. And he is cheating and dodging to default.

donalg1

durano wrote: »

It was reality up until about 4 years ago and also just because something may be hypothetical that does not make it irrelevant.

Kinda does though really. I notice how you are still talking about years ago too.

durano

Sleepy wrote: »

Wouldn't give a damn if the OP's actions weren't affecting me durano.

I think many would share this opinion,and now it must be asked,who made the OP's actions affect you-the OP or the people who decided to nationalise the debt?

durano

donalg1 wrote: »

Kinda does though really.

Nope,hypothetical points are quite commonly used to decipher arguments and are a valid and recognised method of doing so.
So it "kinda" doesn't though really.

Sleepy

Fianna Fail's incompetence may have created the conditions for the OP's actions to affect us but the OP is willingly carrying out those actions in the full knowledge that he's harming us.

Much like I'd blame the person who stabs someone rather than the person who made, sold or created the legal framework where that person is allowed to own a knife.

durano

Sleepy wrote: »

Fianna Fail's incompetence may have created the conditions for the OP's actions to affect us but the OP is willingly carrying out those actions in the full knowledge that he's harming us.

Much like I'd blame the person who stabs someone rather than the person who made, sold or created the legal framework where that person is allowed to own a knife.

Ok,if I could slightly change the analogy to suit my argument -I see it that the OP has bought a knife and is swinging it around to test how it feels(as is his right),and suddenly Fianna Fail pushes you into its path and you get stabbed.
Who's fault is it?

Zamboni

durano wrote: »

I think many would share this opinion,and now it must be asked,who made the OP's actions affect you-the OP or the people who decided to nationalise the debt?

Brian Lenihan but he is dead now. So what's your point?

donalg1

durano wrote: »

Nope,hypothetical points are quite commonly used to decipher arguments and are a valid and recognised method of doing so.
So it "kinda" doesn't though really.

Yeah but you are talking about something completely irrelevant to todays circumstances, so it doesnt really matter at all.

durano

Zamboni wrote: »

Brian Lenihan but he is dead now. So what's your point?

My point is that perhaps you should direct your anger towards the person/people that made the OP's actions affect you.

durano

donalg1 wrote: »

Yeah but you are talking about something completely irrelevant to todays circumstances, so it doesnt really matter at all.

ok

donalg1

durano wrote: »

My point is that perhaps you should direct your anger towards the person/people that made the OP's actions affect you.

So direct them at the OP then as it was his actions that affect me, grand got you now, but I was doing that already.

Zamboni

The OP kegzmc last activity was at 14:55 yesterday.
Durano's first post on boards.ie was at 14:59.

Just saying.

donalg1

Zamboni wrote: »

The OP kegzmc last activity was at 14:55 yesterday.
Durano's first post on boards.ie was at 14:59.

Just saying.

Thought had crossed my mind too, especially given durano's number of posts.