# Just hand my apartment back to the bank and owe difference in unsecured debt?



## no hope (26 Jan 2012)

Can I just hand back my apartment to the bank..and just owe them the difference in unsecured debt?


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## Bronte (27 Jan 2012)

Welcome to AAM no hope (bit of sad name there's always hope) 

In any situation where you don't pay your mortgage and there is a shortfall on the sale of it you will be liable for the shortfall plus costs. These costs can be large, so it is in your best interest to work with the bank, stay in the property with their agreement and sell with their agreement if possible (you will get a better price and costs will be less).

Why do you want to get rid of the apartment, can you put up some figures please as it's very hard to advice based on one sentence?


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## ClubMan (27 Jan 2012)

You can't just hand the apartment to the bank. If your mortgage is unsustainable then you need to first off engage with them (perhaps under _MARP_) to discuss what can be done to (a) regain control of the situation or (b) plan for its disposal and discharge of some or all of the outstanding mortgage balance.

http://www.keepingyourhome.ie/


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## no hope (27 Jan 2012)

They wrote a letter to me listing it as an option..bought in 2007 for 330k, 2 bed and cheapest we could get. Mortgage was same as our rent. Lost job in 2008 and have struggled to find construction work since (management)..wife was on,y working part time and then we had a baby, baby has serious long term health issues and the debts are mounting up.

Bank asked us to fill in form and then wrote back saying it's unsustainable for us. We were in Crumlin with the baby all the time so have had no real time to get back to them yet...Shall we just let them have it.
I've duel passports as does my wife and child...we are considering leaving Ireland and leaving our Irish nationality at the airport forever.Management company have been sending threatening letters and calls saying they will get the Sheriff to let them in for out stuff.

The money situation is causing much unneeded stress on a very difficult situation and we most look after each other and our child first. Moving to the UK for bankruptcy seems a great option as it will take away our stress and would give some sort of poetic justice to the idiots who are making our life hell.
Can me move to Australia as bankrupts?

We bought one property, a home, something we were told to hang ourselves over in 2007 if we didn't see it lasting. It was the same as our rent in monthly costs and well below our earnings, well below. All is gone and the government and it's banks are looking for blood. We were not property speculators at all..one apartment. All these people cheering today at Enda "saying the truth" are painting all with the same brush and ruining young peoples lives.

Dumping the debt and leaving serves the people who are so righteous right...they have failed to see the bigger picture and due to these people's ignorance..they will be the losers.


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## PiedPiper (27 Jan 2012)

I think you would be mad to stay if UK bankrupcy was an option.  I hope the baby does well thats all that matters.  Dont let these people stress you out just ignore the nonsense once the decision is made its easy.


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## hope less (27 Jan 2012)

no hope said:


> They wrote a letter to me listing it as an option..bought in 2007 for 330k, 2 bed and cheapest we could get. Mortgage was same as our rent. Lost job in 2008 and have struggled to find construction work since (management)..wife was on,y working part time and then we had a baby, baby has serious long term health issues and the debts are mounting up.
> 
> Bank asked us to fill in form and then wrote back saying it's unsustainable for us. We were in Crumlin with the baby all the time so have had no real time to get back to them yet...Shall we just let them have it.
> I've duel passports as does my wife and child...we are considering leaving Ireland and leaving our Irish nationality at the airport forever.Management company have been sending threatening letters and calls saying they will get the Sheriff to let them in for out stuff.
> ...



Hi...I am reading your posts with great interest... I am in more or less same situation.I do have dual nationality and I dont mind if the cost of getting rid of my mortgage is to give up irish nationality...it is just unbearable to get threatening letters an phone calls from management companies and debt collectors.. My debt is around 800000 with no hope of paying back and it is not even on rent at the moment...I have made the plans to move back to India and never come back here...after all there are more than 200 countries in the world to move in apart from your home country.. I just cant live with the constant fear and threat and repeated court attendances and antics of solicitors..I made a horrible mistake of borrowing more than what i can afford but economical bust was not caused by me, neither i am responsible for massive negative equity...in Simple words, Ireland is the country of banks, builders, politicians,  for all of them and being rum by them...I m sorry but i can not just live a pathetic life of a debtor or bankrupt for rest of my life...


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## no hope (28 Jan 2012)

Just booked a removal company to move my stuff to England


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## MarySmyth (28 Jan 2012)

*Negative equity*

Sorry to hear about your predicament. I am sure you are a voice for thousands regrettably in similar circumstances.

Any chance you can rent your home- i note that seems to be a bouyant rental market...


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## goingforgold (28 Jan 2012)

no hope said:


> Just booked a removal company to move my stuff to England


Sorry to hear that but can't say I blame you or any in your predicament of which there are so many. As a matter of interest...do you think you will return home after bankruptcy is complete?


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## no hope (28 Jan 2012)

goingforgold said:


> Sorry to hear that but can't say I blame you or any in your predicament of which there are so many. As a matter of interest...do you think you will return home after bankruptcy is complete?



Can't see it.. what's the point? the country is going to be underwater for a couple of decades and the poor people who are trapped here will be bleed more and more. I'd say in 20 years we'd have made a whole new life for ourselves by then and children lives dictate what happens...we've seen this all before.


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## Steve Thatcher (1 Feb 2012)

no hope said:


> Just booked a removal company to move my stuff to England


 
If you do simply hand your keys back to the bank, that is fine. Do not sign any papers that they give you.

They will eventually sell the property and the amount of the shortfall is the amount that gets written off in the bankruptcy. 

There is plenty of advice on here about going bankrupt when you get to the UK, but you will be unable to apply until you have been in your new home for at least four months.

Good luck

Steve Thatcher


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## ClaireM (1 Feb 2012)

I know you are moving to the UK but can I ask were you getting Carers Allowance, Respite Care grant, Domiccilary Care allowance and mortgage interest supplement along with your wifes part time wage?

I am surprised if you were getting these that the bank decided your mortgage was unsustainable. Did you appeal?


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## whatelse (3 Feb 2012)

Don't know what happened there, my reply just vanished?

Your poor little one, I hope her health improves. 

@ClaireM, I suspect they are not receiving C.A, R.C.G, D.C.A. for two reasons..
ONE: The waiting lists for ANY of these kind of allowances&grants is LONG. I am waiting TWO years now for a decision on my D.A. 
TWO: They may not be entitled to it if their baby/child hasn't been diagnosed with a specific illness, etc yet.

Also, if whichever one of them is down as the main carer of th baby/child they can not receive the allowance/grant if they are working over 15hrs. a week!

Even if you were receiving these allowances, the extra costs involved with a sick baby/child could easily leave the bank seeing how they could not sustain their mortgage if all their other figures add up.

Good luck with your move, in my opinion your family's health is the most important thing.


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## ClaireM (4 Feb 2012)

It is often possible to get MIS quite quickly. 

The poster seems to think everything is hopeless here and the government is looking after everyone but him, that's why I wanted to know if he had investigated the welfare payments he might well be entitled too.


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## munchy (10 Mar 2012)

question for Steve.... what about those folk thinking of heading for Australia, Canada, and even South Africa and Middle east for a few years.... can we declare ourselves 'bankrupt' in these countries too. My main worry would be what would happen if we choose to return one day? Could we start over again? 
Emigrating to England is not for us at the moment but would be considering going further afield


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## Bronte (19 Mar 2012)

I don't think you can go bankrupt in the Middle East. In fact lots of people had to leave Dubai pretty quick once they were out of a job etc. If you are planning on going abroad and going bankrupt you'd best read up the rules for the country you decide on, or go to the UK first for a year to sort it out as the UK seems to be the de rigour choice for easy bankruptcy for many nationalities.


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