Bank repossessions in negative equity cases

[daymoh]

Hi Guys,

I have a general question about home repossessions in Ireland. What happens in a scenario where a house which is repossessed by a bank is sold for less than the outstanding mortgage? Is this loss written off as a bad debt by the bank or will the orginal home owner be asked to pay this off?

All the talk of negative equity and increased repossessions got me thinking but I couldn't find an answer to this online..

Thanks.

 

[eileen alana]

Have a look here

 

[daymoh]

Have a look here

Thanks Eileen,

In that discussion it was stated that banks can chase the owner for repayment for up to 12 years from date of default.

Would be grateful if someone could confirm this to be the case?

 

[secman]

As far as I know the balance stays there in some form or other ,You will be black marked and will never be able to borrow again, or with extreme difficulty.

Secman