handed keys back, house sold, what happens next

E

Esme

Registered User
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hi

I handed my keys back to my house with €152k mortgage on it, 2 years ago. The house sold for €30k last year sometime.

What happens now, how do the bank pursue me for the shortfall?

Thanks.
 
It's unlikely that ptsb will take any action on this unless they think that you have money.

However, you still owe the money.

If you have no other assets and a low income, then you should approach ptsb now and try to get their agreement to write off the shortfall. As you have reported a small inheritance in a separate post, you could use this to settle the shortfall in full and final settlement. Then you have a fresh start.

Alternatively, you could seek bankruptcy or personal insolvency. If you do this, you will have to make your recently received inheritance available to your creditors.

Brendan
 
I think he means you have +9 now, compared with +0 before - and shouldn't compare +9asset with -112liability.
 
Hi Esme

I think you could probably use the €9k inheritance to encourage ptsb to write off the balance. You would then have a completely fresh start. Seems worth it to me.

Of course, you should have thought about this long ago and sought to do a deal back then. That way you could probably keep the inheritance now.


Brendan
 
Thanks Brendan, my situation is difficult and have struggled financially since giving up the house and moving away from the area. I am a single mum of a 4 year old and crèche fees have killed me. He is starting school in September. I will have a childminder then, I am a public servant who has taken a major drop in salary over the years. Then in saying that, I know I owe this money and wonder if I can ever settle if I don't pay this off. Its always been at the back of my mind, I still owe this bank.
 
Esme said:
. Then in saying that, I know I owe this money and wonder if I can ever settle if I don't pay this off. Its always been at the back of my mind, I still owe this bank.
Click to expand...

I think you need closure on this. Don't see how the 9K is going to make a whit of difference but you could try it, would be terrible though to lose the 9K if you don't get closure. So try that option first, they might go for it.
 
Thanks Bronte and Brendan, I have decided to discuss this with the bank and hope we can come to an agreement. Inheritance delayed but will as sion as I have received same.
 
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