AH: Is it possible to give my affordable house back to the council?

I've posted a few times before regarding my financial situation.

I've come to the conclusion that I really can't afford a mortgage by myself in the current climate. It's eating up over half my wages every month and on top of the loan I have I'm really struggling to survive.

I have €200 a month after all the bills are paid and I have a baby on the way in December.

Is it possible to give my affordable house back to the council?

If I was to give the house back to the council what would the consequences be?

Re: Give house back

You will still owe the money.

I presume you are in negative equity ?

Re: Give house back

Just about. I think I would break even if I was to sell. The house across the way went for 3000 more than it was bought for. I haven't had any valuation done on the house so it's all just assumption.

Re: Give house back

In that case you should try and sell.

If you hand back the house , they will do a quick sale. There will be a deficit , and they will come after you for this.

Re: Give house back

Would you be able to rent out a room for some extra income?