Overseas but still paying mortgage in Ireland

[irishabroad]

I know this has been covered in the past but just seeking some advice on my situation and the options I may have.

I moved to Australia permanently 6 years ago and rented out my property back home.

My rental income has fallen by 20% and I also pay tax and agent fees so the mortgage is costing me $600 a month to keep the house.

I have $195k left on the mortgage with the AIB and the house is worth about $150k now going by similar prices in the area.

I have no intention on returning to Ireland as I have since married and started a family here.

What options do I have? The mortgage is becoming unsustainable with the Aussie dollar dropping against the Euro and expected to drop even more.

 

[Bronte]

I think you should talk to your bank in order to have an orderly sale, avoiding as much costs by selling yourself and coming to an agreement on the shortfall.

Alternatively you hand the keys back and hope they won't chase you, but if you do this, try and help them to sell, agree this in return for the 30K shortfall being written off.

First step is talk to the bank and see what they are likely to allow you to do.

No way do I see them chasing 30K in Oz.