# Emigrated & handed back the keys



## 3rd Gen (23 Jun 2012)

I heard the other day that neighbours of mine had emigrated to another country. 

They had put their house up for sale but one day last week a man came out from the bank to lock up the house. He told us the keys were handed back by the owners. ptsb was the bank. I know from chatting to them over the years that they were paying over 3k a month on mortgage. Think they owed 450-500k. 

They both quit good jobs and moved lock stock and barrell. It's obvious they told the bank nothing until they were gone. 

Out of curiosity, can anyone tell me what the bank is likely to do now? Will they go after the couple? House is only worth 260-300k.


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## martindfs (23 Jun 2012)

i cant see the greedy banks letting them away with it. they will get the money back somehow no-matter where they decide to go


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## 3rd Gen (24 Jun 2012)

House have sold recently for 310k so the value is realistic. 

Not gone to uk, much further afield, it is part of the commonwealth. 

What was difficult to accept was they both had very good jobs. At a guess, I'd be surprised if they were not pulling in over 100k between them. They both quit their jobs.


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## Wishes (24 Jun 2012)

What's worring is the fact that the guy from the bank was speaking to you about their clients financial difficulty.  After all there still is a contract in place between borrower and bank.


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## Brendan Burgess (24 Jun 2012)

> What's worring is the fact that the guy from the bank was speaking to you about their clients financial difficulty



I don't think that 3rd Gen said anthing of the sort.  The bank simply told the neighbour that the customers had abandoned the house and that they were now taking possession of it. This would be public information anyway. 

I think that it is far more worrying that two people who could well afford their mortgage, just quit their jobs and abandoned their responsibilities.


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## 3rd Gen (25 Jun 2012)

Brendan Burgess said:


> I don't think that 3rd Gen said anthing of the sort.  The bank simply told the neighbour that the customers had abandoned the house and that they were now taking possession of it. This would be public information anyway.
> 
> I think that it is far more worrying that two people who could well afford their mortgage, just quit their jobs and abandoned their responsibilities.




Got it in one Brendan. 

The bank guy was out to nail up the letter box and empty the water tank.  He was approached by another neighbour as the house was actually for sale.  The neighbour inquired what he was doing and he identified himself on behalf of the bank and that they had been handed back the house.

My shock is indeed the fact that they had really good jobs and just packed it all in.  I do know that they did feel hard done by their mortgage provider and paying extremely high interest rates compared to the rest of the market.  That, coupled with the fact that they became totally disillusioned with Ireland, the constant negativity, culture, government and general way of life.

they are not the first and wont be the last.....but I wonder if this is a trend that is increasing given the state of our economy and future austerity.


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## demoivre (25 Jun 2012)

I think the chances of the OP being the full picture is NIL ! But if I was in a hopeless situation, and I'm not saying that these people were, I'd be gone too.


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## Wishes (25 Jun 2012)

3rd Gen, my apologies I did not mean for my comment to sound as snippy  as it did.  Yes, it is worrying that the couple up-ed and left their  home when earning such good salaries but there may be a lot of personal  loan debt as well as their mortgage repayments.


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## mcloving (25 Jun 2012)

The state needs to  get a move on and decide on what to do with the neg eq mortgages. There are too many out there, if nothing changes then what happens in 10-20 years when thousands on interest only have to pay back the capital. 
Things have to change , quickly.


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## 3rd Gen (27 Jun 2012)

Wishes said:


> 3rd Gen, my apologies I did not mean for my comment to sound as snippy  as it did.  Yes, it is worrying that the couple up-ed and left their  home when earning such good salaries but there may be a lot of personal  loan debt as well as their mortgage repayments.



No worries....a good point...I was not taking into account any personal debt.  That said they were not lavish people at all.  Lived fairly modestly.  2 x 10 yr old cars, didnt fancy themselves.  Both were very plain jane....Very nice people I must admit.  

Overall I am disappointing and perhaps a little envious of them.  Disappointed that they threw their hat in and left the debt behind but envious that they have started a new life in another (nice) country.  I heard on the grape vine that one of them has secured a really good job 60-70k in euro from the conversion.  

Do I/We continue to struggle on while barely providing for our families?  I owe the banks over 900k.


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## flattea2 (27 Jun 2012)

I always find this ‘handing back the keys’ thing amusing (for want of a better adjective). It hardly actually needs to be done? 

Perhaps its symbolic to the person doing it.


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## 3rd Gen (27 Jun 2012)

cashier said:


> Gosh, that's a lot, do you feel like doing a runner like your neighbours?




No, I wont be doing a runner!!

I took out the loans, if I cant pay them or I become insolvent I may consider a trip to the UK only because the bankruptcy laws are more lenient.

I will battle and fight to earn money and keep what I have.  I think cooperating with the banks as oppose to 'handing back the keys' is a far more honest route (perhaps, more fool me).

I love my country too much to leave...so does my wife.  We want our children to grow up here....in West Germany.


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## Luternau (28 Jun 2012)

3rd Gen said:


> I love my country too much to leave...so does my wife.  We want our children to grow up here....in West Germany.



I 'm not sure if you are just kidding about West Germany-but if you are not, then some of the advice you will receive here wont apply to your options in another country.

Gutten tag


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## Steve D (28 Jun 2012)

Luternau said:


> I 'm not sure if you are just kidding about West Germany-but if you are not, then some of the advice you will receive here wont apply to your options in another country.
> 
> Gutten tag



I think that he is joking......by implying that Ireland is now run by Germany so you might as well call it West Germany!


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## terrontress (29 Jun 2012)

Given that West Germany hasn't existed since the beginning of the 90s, I'd imagine it is a joke.

Does the statute of limitations exists with mortgages so if you continuously deny the debt exists for a number of years then it will disappear? This would be easier if you sit it out in a country outside of the EU.


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