# Need to get rid of my house



## johnpdolan (21 Aug 2012)

I have a house in Donegal that has a 150,000 owing on mortgage and i need to get rid of it, thing is no one wants to buy. I hate the place i'm in and so does my wife, we want to move to derry where life would be better for us, it is hell at the moment. Is there any hope the bank would listen to us and take the house off us? I have so many bad memorys of the area and it really affected my health. i would gladly burn the house but that not option

Any one got any ideas


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## Brendan Burgess (21 Aug 2012)

If you hand back the keys, you will still owe the full mortgage and the bank will just sell it at any price e.g. an Allsops auction. 

You are better off trying to sell it yourself by significantly reducing the price. You will still owe the bank any shortfall.

Brendan


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## mark12 (21 Aug 2012)

Rent it and move to Derry , it could be handy moving to Derry where you will be able to avail of the UK bankruptcy system, if needed.


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## Kerrigan (22 Aug 2012)

+1

Move to Derry and file for bankruptcy.

I have property in Donegal and Kerry.  Property prices in both Counties are at rock bottom.  Came across a home in Kerry with a reserve of €40k recently.  

I am having a tough time renting properties out in both areas but was told politely by my bank manager that he found that odd as both counties were perceived to be tourist hotspots, just goes to show you what you are dealing with.


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## johnpdolan (29 Aug 2012)

Yeah i know what you mean but if i am still working in south can i file for bankruptcy


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## Kerrigan (29 Aug 2012)

Yes, but if you have plans on still working in the south I would advise you to wait until the new insolvency bill, due out in January 2013.


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## kaza (29 Aug 2012)

Surely you can only apply for bankruptcy if you are bankrupt? If you have a job & can afford your mortgage, just because the house is in negative equity and in an area you do not want to live, would not be enough - or am I missing something?


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## sebadoh (29 Aug 2012)

kaza said:


> Surely you can only apply for bankruptcy if you are bankrupt? If you have a job & can afford your mortgage, just because the house is in negative equity and in an area you do not want to live, would not be enough - or am I missing something?


No, you are not missing anything, some people are trying to abdicate responsibility for their mistakes and  feel that they can walk away from their debts scot free and let others pay. Bankruptcy tourism is something that shouldnt be promoted


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## AlbacoreA (30 Aug 2012)

While commendable that approach isn't going to fix these situations. Whoever gave out these loans should take the risk of them being defaulted on. Unfortunately the Govt has moved debt to the tax payer.


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## Spear (30 Aug 2012)

cashier said:


> A very strange post



Indeed. Some might say irrelevant to the OP's question


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## patq (31 Aug 2012)

Spear said:


> Indeed. Some might say irrelevant to the OP's question



It is a strange post alright, but this is a strange thread. The OP hasn't mentioned anything about being in any sort of financial difficulty but has being advised to declare themselves bankrupt in the UK!...I find that odd. Unless I'm missing something, which is entirely possible.


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## AlbacoreA (31 Aug 2012)

I don't find it strange, its just advising them to get a different mind set. Advising some one a means of saving money, doesn't seem that odd either. Especially considering is causing them health issues. But going to NI is a big step that should be considered carefully.


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## shigllgetcha (31 Aug 2012)

This thread is gone so far from the original question



johnpdolan said:


> I hate the place i'm in and so does my wife, we want to move to derry where life would be better for us, it is hell at the moment.


 
This guy just wants to know does he have anyway of moving from where he lives at the moment. Lets not insult someone that made the above statement by saying "cheer up"


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## johnpdolan (5 Nov 2012)

Thank you shigllgetcha for understanding


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