. Understanding no judgement will be sought until the house is sold (and shortfall realized), do Banks generally tend to make plays on the property market, i.e hold a non-performing property long-term, anticipating a strong market correction
4.
Generally they do not, due to costs of receivers etc. In certain cases they might, particularly if the on going rent was very high relative to the loan interest.
How long does it take a Lender to seek judgments & enforcement action through the courts? Am I looking at months or years?
Depends on the bank (In a public forum such as this I will not comment on the strategies of specific banks.) In general you would be looking at months. However, living in North America does pose problems for any creditor, as you would have to be personally served etc.
No. they will try and enforce sooner.Would a Lender typically have any added incentive to wait the full 6 years (statute of limitations) to initiate Bankruptcy proceedings?
Are they likely to enforce this overseas and if not, what happens if we were ever to move back to Ireland?
True. Persist with your offer. Likely that they will always reject 1st offer in the hope that they can negotiate a better one. Make sure you are clear that this is the only offer on the table and that you have no intention of ever returning to Ireland.1. Understanding no judgement will be sought until the house is sold (and shortfall realized), do Banks generally tend to make plays on the property market, i.e hold a non-performing property long-term, anticipating a strong market correction?
Years. No enforcement action can be taken in Ireland and I don't see any realistic fear of them pursuing you in the US. Cost would likely well outweigh any perceived recovery unless you are really rolling in funds!!2. How long does it take a Lender to seek judgments & enforcement action through the courts? Am I looking at months or years?
Forget bankruptcy proceedings. No lender will ever initiate them at this level of debt!!3. Would a Lender typically have any added incentive to wait the full 6 years (statute of limitations) to initiate Bankruptcy proceedings?
Highly unlikely! If you don't intend returning home for a number of years bank will have moved on. Historical debt is very rarely pursued unless you hit the headlines by say winning the Lotto!!4. Are they likely to enforce this overseas and if not, what happens if we were ever to move back to Ireland?
If you were a client of mine you would not be regarded as a priority. I'm assuming that the property is now either sold or in the process of sale still. Bank will do nothing until the sale is completed. At that stage they may transfer the case to what we call the "hopeless cases unit". I.e. In the case of the bank I work with a few threatening letters are generally sent and if no response is received a decision is then made on whether or not to proceed for judgment. Where a client is abroad and there are no assets or earned income in this country the case is usually held in that unit and eventually written off.What would be next steps by the Bank (and expected timeline) from the point of rejecting a PIA?
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