moving to canada

U

UFOman

Registered User
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hello people, i am moving to canada within 2 months with my brother,
we have a 150k mortgage, and have paid 70k including interest over the last 7 years,

i do not want to have a judgement against me incase we wanta come back to ireland in ten years or so..we are thinking of going to the EBS and offering them 20-30k and to take the apartment, has anyone here ideas?...

the apartment is work approx 50k, plus the 70k i've paid, and 30k, = 150k,

i know then there is no interest paid, but if we go to canada without agreement with the bank, they are out an extra 30k!!!
 
Your repayments to date are not relevant.

You owe 150K and want to offer the bank 30K in full and final settlement. Plus its worth 50K. So about a 50% offer of 80k (less selling costs).

All you can do is see what the EBS says and see who blinks first. They might go for it. Particularly if you do the hassle of selling for them.
 
thank you Bronte,

if we leave without having an agreement with them.....they will get nothing!!...what we want is an agreement with paying them something so we are no blacklisted should we return to ireland in 10 years!
 
My understanding is after 12 years the judgemnt expires anyway, but someone more informed here could verify that.

Needless to say your credit record would be shattered, but you wouldn't owe the bank any money.
 
To my knowledge, the bank has 6 years after you last make a payment to get a judgement against you, the judgement is then in place for 12 years, meaning it could be 18 years that you would be liable for the debt.
 
I can save you some "wishing" time by telling you that the bank will not accept your proposal. If this was an integral part of their policy, then I think half the country would be leaving for Canada tomorrow......

If you get up and leave, they will repossess the apartment and your credit rating will be shot for a long long time. The bank is also likely to pursue you in Canada. In today's world that is not that difficult. The bank will just need to track you down and then seek to enforce its Irish Judgment against you, in the Canadian courts through the foreign judgment reciprocation mechanism which Canada is fully signed up to.

A bank may decide to write off 5000 or 10000 in this type of circumstances however its highly unlikely that it would ignore a debt of 80000 or 100000 as seems to be the case here. Your best bet is to rent the apartment and come to an agreement with the bank on monthly repayments
 
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