He has nothing to lose by co-operating with the Bank. He may wish to return here some day and there is little point in leaving with potential for legal process to be taken. Presumption is that his house is in negative equity. If he contacts the Bank & lets them now he is leaving the country & is prepared to voluntary surrender the house in full settlement of the mortgage, then it is up to the Bank to accept this & if they don't, there is little alternative option for them.If he cuts and runs - is there anything in reality the bank can do?
Presumably if the bank can't effectively do anything, then it's the shareholder (or taxpayer, depending on the bank) who's left to pay the bill...
I get annoyed when people refuse to step up to their responsibilities and leave other people to carry the can.
+1 to do this, I plan to stay in Ireland for the foreseable future and pay my taxes, why should I have to indirectly, via taxes, foot the bill for people who think they can just run and leave their problems behind?
If he cuts and runs - is there anything in reality the bank can do?
What's next - people looking for advice on how to rob a post office or something similar
These sort of threads should be locked and deleted
Well so far the banks don't seem to be chasing people who've gone to NZ or Oz, but we did have a guy in Bulgaria recently who the banks tried to serve a summons on. So it's not sure he can cut and run. The harder to find the harder it is for the bank to chase him. Would be better to tell the bank he is leaving and them to allow him to sell the house or voluntarily surrender and maybe pay back the balance at the current mortgage interest rate and term or get the bank to write off the remainder. This cuts down on amounts owing etc.
If he's cutting and running don't tell them which country. Anyway no doubt the Irish in NZ will be able to give him plenty of advice.
+1 to do this, I plan to stay in Ireland for the foreseable future and pay my taxes, why should I have to indirectly, via taxes, foot the bill for people who think they can just run and leave their problems behind?
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