My wife and I purchased a property in Ireland, but had to emigrate to North America a few years back in search of work - we rented the property in Ireland, continuing to supplement the mortgage out of pocket until 2013, when my wife stopped working on personal health grounds. Currently €40k in mortgage arrears (€120k N/E) with no assets and surviving on a single income (w/ newborn), we recently put a proposal to (single) Lender after multiple SFS submissions with little or no response - through a PIP we voluntarily surrendered the property (bad advice?) and proposed a lump sum settlement offer (~15% of N/E) from family & friends which the Lender rejected outright.
Lender's intention is now to sell the property and seek full repayment of shortfall through the courts. PIP has subsequently closed my case now (in reality, he offered very little). I'm sure this is a very common strategy by the Banks, but a few questions I need to find answers to;
1. Understanding no judgement will be sought until the house is sold (and shortfall realized), do Banks generally tend to make plays on the property market, i.e hold a non-performing property long-term, anticipating a strong market correction?
2. How long does it take a Lender to seek judgments & enforcement action through the courts? Am I looking at months or years?
3. Would a Lender typically have any added incentive to wait the full 6 years (statute of limitations) to initiate Bankruptcy proceedings?
4. Are they likely to enforce this overseas and if not, what happens if we were ever to move back to Ireland?
Thanks in advance for your help!
Lender's intention is now to sell the property and seek full repayment of shortfall through the courts. PIP has subsequently closed my case now (in reality, he offered very little). I'm sure this is a very common strategy by the Banks, but a few questions I need to find answers to;
1. Understanding no judgement will be sought until the house is sold (and shortfall realized), do Banks generally tend to make plays on the property market, i.e hold a non-performing property long-term, anticipating a strong market correction?
2. How long does it take a Lender to seek judgments & enforcement action through the courts? Am I looking at months or years?
3. Would a Lender typically have any added incentive to wait the full 6 years (statute of limitations) to initiate Bankruptcy proceedings?
4. Are they likely to enforce this overseas and if not, what happens if we were ever to move back to Ireland?
Thanks in advance for your help!