Hi,
Have been reading lots of posts over past few days so thanks for all the info. Would like to ask for advice/ opinions if possible....
I have €210k left on my mortgage for a house I bought 8 years ago. In today's market I would be lucky to get 130 for it.
I am really struggling financially at the moment. I have a good Job (secondary teacher) but with the mortgage repayments of 1100 I seem to be running a loss every month. I'm a single man and have had previous had lodgers but the house is in such need of refurbishment at the moment I don't feel I can rent it. And I dont have the savings to do it up because all my cash has been going into the mortgage.
I've come to the point where I just want to walk away from it. I don't like the house, it needs a lot of work (double glazing, new oil tank, bathroom etc) and the estate it's in has become very rough. I just want out of it. Im really angry because I've done it all 'by the book' - never missed a mortgage repayment, paid all loans etc and I'm living in a house I hate.
So I'm just wondering what are the options? Can I walk away and hand back the keys and go into negative equity? Will they chase me for that 80k or whatever? If yes how many years will I be 'bankrupt' or is that what will happen?
Or if I do choose to sell that house and buy another can I take the negative equity with me? Or would that even be an option....
Thanks in advance...