Defaulting on mortgage options

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Sounds like the OP is a seasoned property investor. I don't think it's a PPR that is being talked about here.
 
ecstatic said:
To take me to court costs bank a lot of money with a lot of hassle.
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Costs the bank nothing as all costs are put onto your mortgage account as a debt as per the terms of the mortgage. As for hassle, the appointed solicitor's firm will only be too happy to pursue you as it is income for them!
 
Firstly, we need to establish whether or not you're missing mortgage repayments because you don't have the money, or simply because you refuse to pay. If you simply don't have the money, then you should approach the lender and discuss your options. If they are not satisfied with your capacity to repay, then it's likely they will take you the court. If this happens, the best thing you can do is to comply with whatever the judge orders. Once you're doing everything you can, it's highly unlikely that a judge will put you in jail.

It was only reported today that 276 people have faced jail time last year because they were unable to pay their debts. If you ignore them problem, you will become another statistic.
 
Some extracts from OP's earlier posts:

"Im 29 years of age and dont want to be holding negative equity so i may aswell look at the default option. My emotions are not a consideration my financial well being longterm is."

"Im looking for advise as to what happens to someone who has done it not ramblings about my morality."

"I can afford to pay the mortgage but sure if everyone else is doing it why dont I."

"Im looking to state to the bank look im going to default unless you take it back and to add it to your bad debt loans. Under these circumstances i may decide to throw them an extra 30k ontop and allow them to take a 150K drop in value of the mortgage. However if they decide they dont want it well then they can goto court. Its possible for me to relocate abroad at the moment so credit is not a big concern."

mf
 
The OP hasn't stated that they are in difficulty, just that they don't want to carry the burden on negative equity. Given that, their proposed action is exactly the action that will land them into the position they don't want to be in.
 
Raskolnicov, I don't think anybody is questioning whether the OP is genuine or not but given the potentially dire consequences that could occur as a result of his proposed action I think most contributors have been quite correct in pointing out the serious implications of his strategy. A slap of the reality stick would be in his best interests in the long term.
 
ecstatic said:
I understand others who might say well you signed up to it etc etc however this is not a consideration as they valued it and it was valued incorrectly.
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But you were happy enough with it in 2007 when it was valued at 700k?

lmao @ your brass neck.
 
If you read the OP you would have noticed that he clearly states what he earns and that he has no difficulty paying the mortgage. Either way I am amused by this poster. How he managed to be earning a six figure sum when his intelligence should seriously be called in to question,beggars belief.The thing is,we are all paying and will pay for the likes of this person through NAMA, bank recapitalisation and higher taxes. People like the OP are what our property bubble created and the consequences will be felt for a long long time.
I'd love to know what you do for a living OP.
 
Many thanks for your comments okay this comes across as if im a plonker etc. Fair enough everyone has an opinion.

For the banks to chase me through the courts will cost 100K minimum.

Would they not just take the haircut on the 100K off the mortgage?

I have no problem paying off the mortgage but hang on a minute here isnt it my tax money thats been pumped into these banks and NAMA will be a write off off serious property loans im just jumping on the bandwagon allow the banks the bad debts.

Im looking purely from a financial perspective would the bank take a short notice of a significant sum ( i seen brendan mention ) this earlier on the website.

Yes i know its all my fault etc and i have to live with the consequences but id like to know my options to be honest. There has to be some options in my opinion.

The way i look at it the banks bad debt ratio seems to be around 15% so maybe they will take a 15% write off from me and i may aswell take that and buy a property again after for a lower sum.

This is not a windup.
 
The farmers went on strike and said no food so a mortgage moratarium was declared.

FYI : Argentinian GDP growth did not fall as drastically as ireland's is and indeed Mexico didnt during the tequila crisis.
 
Farmers point was the land is not worth what the mortgage is so take it back.

If everyone does the same then a moratarium would have to be declared.

We are not in conventional times sometimes we need unconventional thinking.
 
Ireland is not a nice country to dedclare bankruptcy in, not quite as easy as the US
 
How in what way nice / not nice?

Can they look at overseas assets?

Explain more please.
 
OP,could you answer me this. What is your occupation? also,are you Irish? If you no particular attachment to the country then you could always do a runner.
 

and why dont you just sell your overseas investment property to help make up the difference, or is that only worth half what you paid for it too? People with such a cavalier, irresponsible, attitude like like you want to take all the gains of your "investments" do well and then expect somebody else (in this case the taxpayer!) to clear up after them when it all goes wrong!
 
and why dont you just sell your overseas investment property to help make up the difference, or is that only worth half what you paid for it too? People with such a cavalier, irresponsible, attitude like like you want to take all the gains if your "investments" do well and then expect somebody else (in this case the taxpayer!) to clear up after them when it all goes wrong!

Why not sure isnt that what the banks do???
 
ecstatic said:
For the banks to chase me through the courts will cost 100K minimum.
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It will cost them nothing. They'll just add the 100K onto whatever you owe them already and chase you up for that and then they'll be allowed to go after whatever other assets you have to in order to reclaim the debt.
 
If i leave ireland then they cannot get the money sure?

How long before i would be allowed to come back with debt having been forgotten?
 
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