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Thread: Walking away from a bad mortgage: can it be done?

  1. #1
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    Default Walking away from a bad mortgage: can it be done?

    I'm not saying it's right, but hypothetically, could this work?

    When banks and Building Soc's start ramping up their interest payments could people who want to get off the mortgage merry-go-round walk away?

    If banks were not being fully honest or open* about their financial situation at the time of drawing the mortgage, customers might argue that they should not now be expected to pay what is in effect an interest premium on the banks poor lending policy, which was concealed at the time of taking the mortgage.

    In effect, the lender made it impossible for the borrower to know the true extent of their financial health or otherwise. If an informed decision ("do I want to deal with this company?") is impossible, does that nulify the contract?


    (*for example, in its last annual report EBS only had property loans of €512 million on its books, however it seems they are now seeking to transfer loans of €750-800 million to NAMA.)
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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    Politics.ie Member seanmacc's Avatar
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    Possible but I would imagine it would take a team of 100 solicitors about 20 years to win the case. The banks and building societies would not let it go easy

  3. #3

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    The status of the lender is irrelevant and anybody relying on that better save up the cardboard boxes.

    Lender lent you money and you signed your consent.

  4. #4

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    in some countries you can simply hand back the keys and walk away, its called jingle mail, however here your are still liable for the total sum borrowed and will be pursued by the banks / lenders for same....

    the only way it seems to get out of repaying debts is for them to be in the millions or billions of debt then it seems possible....

    its only the small man that gets screwed

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    Quote Originally Posted by odie1kanobe View Post
    The status of the lender is irrelevant and anybody relying on that better save up the cardboard boxes.

    Lender lent you money and you signed your consent.
    And this poster totally ignores the point made!

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    Quote Originally Posted by disgruntledcitizen View Post
    in some countries you can simply hand back the keys and walk away, its called jingle mail, however here your are still liable for the total sum borrowed and will be pursued by the banks / lenders for same....

    the only way it seems to get out of repaying debts is for them to be in the millions or billions of debt then it seems possible....

    its only the small man that gets screwed
    Agreed about the little man being fukucked. I've heard of Americans posting their keys back alright.
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    People sometimes post keys in through the doors of the mortgage company and hop it. They are essentially on the run for the debt and will never have a usable credit rating again. Emigration is often part of the package.

  8. #8

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    Quote Originally Posted by FakeViking View Post
    And this poster totally ignores the point made!
    Wrong, stating the fact that the financial position of the lender is of no relevance for the borrower is the correct position.

    Borrower has an option after any tie in period of leaving the lender and going elsewhere.

    A full schedule of terms and conditions were provided to borrower and their solicitor, they consented to the terms.

  9. #9

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    Quote Originally Posted by cactusflower View Post
    People sometimes post keys in through the doors of the mortgage company and hop it. They are essentially on the run for the debt and will never have a usable credit rating again. Emigration is often part of the package.
    Given the nature of the whole financial services industry running away doesn't mean you get away with it as am aware of judgements on debt being implemented against someone who lived in Malta and this was pre their EU entry.

    Banks and CC companies have worldwide data as many Aussie's who skipped back home have found to their cost.

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    Some people have used loopholes in the law to get their judgement transferred to a UK court and so escape debt after as little as a year, since their laws are less draconian than ours. I don't recall the exact details however.

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