P
Princeofdebt
Guest
The good news: I own a small block of apartments on longterm lets that pay the interest only tracker mortgage, and my home is mortgage free. The bad news: I am self-employed with no income and am living off dwindling savings, and with the repayment mortgage kicking in early 2012, I have no hope of making monthly repayments for the 15 year term left! The apartments are in negative equity and have no prospect of being sold in the next couple of years at least.
If I approach bank, they will seek judgement on my home. If I sell the home and leave Ireland with my family for good with the proceeds, what can the bank take to seek repayment of the shortfall if I have no assets left in Ireland? Would the come to France or country outside EU to seek a charge on any property or bank accounts I may have there? I know, as a buy to let borrower, I am not in the same precarious position as many whose home is at risk, but
If I approach bank, they will seek judgement on my home. If I sell the home and leave Ireland with my family for good with the proceeds, what can the bank take to seek repayment of the shortfall if I have no assets left in Ireland? Would the come to France or country outside EU to seek a charge on any property or bank accounts I may have there? I know, as a buy to let borrower, I am not in the same precarious position as many whose home is at risk, but