Ill need to do some digging myself and will speak internally with the legal department.
Thanks
Hi
My family is in huge mortgage distress, we have 3 kids and cannot make the mortgage I am employed by a US multinational, I have the option of moving my family to the U.S.
I would be leaving behind two mortgages, I am wondering could I continue to work in the U.S. and declare bankruptcy over there then possibly return to Ireland in two years.
I have tried many,many times to negotiate with the bank, the only thing they will offer is either a reduced payment scheme or to sell property at a loss and put the remainder in unsecured debt. Either option would leave us in financial difficulty for the next 20-30 years....
Hello,
Given you are working you are clearly earning a living and can afford to make some level of repayments, can you not ?
So, if you cannot service the level of repayments you are scheduled to pay, the Bank offers you the possibility of either (a) reduced payments for a period of time, then review the situation and level of payments or (b) to sell the property and you then pay back the shortfall over a long future period ... that does not sound unreasonable, to be honest. It tells me the Bank thinks you can repay your debt in some form and they expect you to do so.
I have to say that while I do not have the full financial information here, this does sound a little like you may simply not want to have to repay your debt because the value of your properties has dropped - rather than you are in genuine financial distress and the Bank in question must think something similar.
What do you mean by either option offered by the Bank would leave you in "financial difficulty" - would it be any different to the rest of us, who have homes with large homeloans, are working and have to repay our loans over the next 20-30 years and by default will also be under some financial pressure during this very long period ?
Why not use the recently introduced legislation here, to declare bankrupt if your situation is genuine ?
Is your employer putting you in a situation where you can only retain your employment, if you move to the USA .... or are you hoping to avail of a potential opportunity here, to ensure you have a future income source, while leaving your unpaid debt behind here in Ireland (regardless of where the Bank may originate from) ?
Perhaps if you can clarity some of the questions and issues raised above, it may help our (or at least my) general appreciation of your situation.
Regards
Mr. Earl.
I can afford to pay it all back
I dont want your appreciation.
If you have a look at a lot of the other posts on this site, generally speaking people who have found themselves in a bad situation financially get sympathy (even though the problems are often of their own making), and suggestions as to how best to improve their situation.
You will also find that posters who post saying that they borrowed a load of money to buy assets which they thought were a one way bet but which have now turned into a millstone around their necks so they want to walk away unscathed get a lot less sympathy and fewer useful suggestions.
I'm not sure you understood Mr Earl!
I think your response to Mr Earl was uncalled for, If you do not like what you hear you don't have to engage.
'' I can afford to pay it all back ''
If you borrow money and can afford to pay it back then you should pay it back.
There is nothing wrong with negotiating the best possible arrangement for yourself or have somebody do so on your behalf which may include some debt write down.
I am not making a judgment on your morals
or indeed the difference between right and wrong, you are clearly in a good job and I take it as given you are savvy and don't need me to point out the difference. You borrowed, you still have repayment capacity, don't run from your problems face them head on, negative equity is a reality for thousands of people.
It is not relevant to state that you would not be leaving the debt to the Irish taxpayer, somebody must pay and you are on the hook, enter an arrangement with your lender after a period of robust negotiation and put the idea of relocating your family to the U.S. to the back of your mind at least for now, there is a cost to a relocation as well of course and not all costs are financial.
You will find people in the main will give their views and opinions fairly on AAM, I think your response to Mr Earl was uncalled for, If you do not like what you hear you don't have to engage.
If the Irish government were to bail out distressed mortgage holders how much would it cost? I can tell you it would be a damn lot less than what they paid for Anglo, but I dont see many on this forum talking about that option, bailing out banks and building contractors is fine, but heaven forbid the government should actually act in the interest of its citizens.
I can afford to pay it all back
No that is completely unreasonable. Which bank do you work for ? If you dont you clearly live in some alternate reality. So I sell houses at a loss of 300000 Euro, so now I have no house and an unsecured debt of 300000 Euro.
Get a grip on yourself.
You are right and wrong, I do indeed have properties worth half of what I will pay, and at the same time the bank will have me filling out SFS for the rest of my life and me and my family living on bread and water. I have proposed many solutions to the bank and met with them several times, including putting one of the properties on a lower interest rate, extending the term of the mortages, writing off a small portion of the debt, and the answer is always the same, you can afford to pay, you cant live , but you can pay. I am not going to spend the rest of my life being a slave for a bank regardless of your moral high ground BS.
I dont mean to sound rude, but what is the purpose of your reply? Is it to help me out or to notify me of YOUR situation. If you CHOOSE to be a slave, that is your business and your choice, I choose to have a life for me and my family, and not reward a banking system which is geared towards making slaves of the general population in order to pay their bonuses.
oh please, yeah ill declare myself bankrupt and have difficulty travelling, getting loans and still have to live in this ****hole country.
I fail to see how any of the questions you have asked is relevent to my question, each and everyone of your questions is about YOU and how this might affect YOU. The usual selfish begrudger. I refuse to answer your questions in the same way you refuse to answer mine.
I dont want your appreciation.
Which bank do you work for ? If you dont you clearly live in some alternate reality.
Get a grip on yourself.
I am not going to spend the rest of my life being a slave for a bank regardless of your moral high ground BS.
I dont mean to sound rude,
.
There is absolutely nothing wrong in my opinion with choosing an alternative to being a debt slave for a period of 20 years or so.
, rather than paralyze yourself with debt for the rest of you life. .
I''m beginning to think we should have an overnighter bankruptcy regime and have done with it. All these experts, banks paying accountants 250 Euro, hiring PIP's for 5K - when you're broke ! Losing your pension, being told how much you can spend on food for the next 3/5/8 years. Losing your home, potentially losing an inheritance along the way. It's one big unhappy mess. Meanwhile people's lives are massively disrupted for years, with no hope, no jobs. All causing untold misery and marriage breakdown.
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