House in negative equity, heading back to Australia, advice needed.

Bronte said:
Me too, selling for 400 in boom but sold for 160 recently. City location.

I see nothing wrong with Tilly's value.
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The figures are frightening for all those left to cope with huge NE. I have a feeling they must be hundreds if not thousands of people cönsidering emigration as a means to escape this debt with huge reprocussions for the country as a whole.
 
Just realised something, you probably can't apply for Bankruptcy when you arrive in Oz because part of the terms and conditions of visas etc are probably that you have no financial issues. Unlike the UK when you can arrive any which way.
 

Don’t mean to derail this thread but I think this is very interesting. I wonder if it would work for someone who wished to trade up but their house/apartment was in negative equity and they had a tracker. Would the bank be willing to write off the shortfall on the sale.
 
Bronte said:
Just realised something, you probably can't apply for Bankruptcy when you arrive in Oz because part of the terms and conditions of visas etc are probably that you have no financial issues. Unlike the UK when you can arrive any which way.
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If I understand correctly, OP is Australian, so visas won't apply to her, though it might be relevant for her Irish husband.

I suggested the UK because British bankruptcies are recognized in Ireland as part of EU, and because British bankruptcy law is very lenient, not sure what the situation in Australia is.
 
Your best bet if you haven´t done already is voluntary surrender the hse and negotiate some sort of settlement thats feasible for you.If they don´t accept it then there is not a whole lot they can do otherwise
 
cashier said:
The figures are frightening for all those left to cope with huge NE. I have a feeling they must be hundreds if not thousands of people cönsidering emigration as a means to escape this debt with huge reprocussions for the country as a whole.
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I am starting to think that this may mean that we havent seen the bottom of the market and house prices, and arrears/ defaults, are only set to get worse before they get better. Its all new for many of us - who didnt grow up in recession
 
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