Pending Irish mortgage arrears and living in the US

U

uspaddy

Guest
I bought a house in Ireland in 2006 and since had to emigrate to the USA. I have over 100K in negative equity, cannot sell it, the rent is dropping and I recently went from interest only to full payments and the rent is now only covering 1/2 the mortgage. I'm struggling to keep payments up and I think the day will come soon when I won't be able to pay in full every month. I have a job in the USA, but I don't think I qualify for bankruptcy here. Do I have any options here other than continue trying to keep up the repayments? If I can no longer pay, what would be the consequences, given that I live in the US?
 
If you have indeed emigrated to USA , have a proper job and are legally entitled to stay then too many people the choice is obvious.

Either you continuing paying for ever the Irish bank or you hand back the property ,let the bank roar and moan and declare you a debtor . In the meantime stay there, earn and save money, enjoy life -and forget all about Ireland and your debt there.

From what I know -and experts here can qualify this - the consequences for you in the USA are almost zilch.

I'm not saying whether this is "right" or "wrong" . You asked -in effect- what is your other option . It's pretty obvious, isn't it?
 
What does it really mean to be declared a debtor and how long does that typically take? How would this impact me if I wanted to return to Ireland?
 
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