Walking away from a mortgage!

jonathan75

Hi all,
Basically I am planning on moving to Austrailia, towards the end of next year. I plan to put my place on the market early next year, but if I can't sell due to the current housing crissis before I move , what would the implications be for me if I walked away defaulting on the mortgage? I curretly own a shared ownership property, owning one half and paying rent on the other half but due to the terms of the lease I am unable rent the property out!

If I did move out and default , the lender would reposes the property, but would I still chased for any outstanding debt by the lender should the property be sold at a later date , as I assume is the case? are there any other options for me as ideally I'd like to leave the country with a clear conscience.

Thanks

Jonathan

mbga9pgf

Drop the price till it sells.

Work off the debt you owe to the bank like a real man instead of being a !!!!! and walking away from your problems.

bryanb

You will continue to owe the money until it's paid off.

Cleaver

jonathan75 wrote: »

Hi all,
Basically I am planning on moving to Austrailia, towards the end of next year. I plan to put my place on the market early next year, but if I can't sell due to the current housing crissis before I move , what would the implications be for me if I walked away defaulting on the mortgage? I curretly own a shared ownership property, owning one half and paying rent on the other half but due to the terms of the lease I am unable rent the property out!

If I did move out and default , the lender would reposes the property, but would I still chased for any outstanding debt by the lender should the property be sold at a later date , as I assume is the case? are there any other options for me as ideally I'd like to leave the country with a clear conscience.

Really?

..........

Graham_Devon

jonathan75 wrote: »

Hi all,
Basically I am planning on moving to Austrailia, towards the end of next year. I plan to put my place on the market early next year, but if I can't sell due to the current housing crissis before I move , what would the implications be for me if I walked away defaulting on the mortgage? I curretly own a shared ownership property, owning one half and paying rent on the other half but due to the terms of the lease I am unable rent the property out!

If I did move out and default , the lender would reposes the property, but would I still chased for any outstanding debt by the lender should the property be sold at a later date , as I assume is the case? are there any other options for me as ideally I'd like to leave the country with a clear conscience.

Thanks

Jonathan

You mean you would like to leave without the thought that someone may find you?

You can't just get up and leave when a whim suits you. Your place will sell fast, if you are willing to drop the price to sell. If you can't do that because you have to take market price due to it being SO, you could make an application to rent it out. Otherwise, simply talk to the SO scheme. Theres no way out of the debt, but they may be willing to take it off your hands, or deal with it for you if you have no choice but to leave.

Generali

If you get repossessed then you will still owe the rest of the money if there is a shortfall.

It is against the terms of the Privacy Act for Australian lenders to use credit records from abroad. It is also impossible to sue in an Australian court to recover a debt run up abroad to a non-Australian lender.

If you ever want to leave to go back to the UK and it very often doesn't work out for people over here, then the debt collectors will be all over you.

On a moral level, IMO you should man up and pay back the money rather than expecting everyone else to bail you out. Fundamentally, the problems we face now stem from people not repaying their debts. Not that you state anywhere that you are trying to dodge your debt of course.

1984ReturnsForReal_2

Graham_Devon wrote: »

You mean you would like to leave without the thought that someone may find you?

You can't just get up and leave when a whim suits you. Your place will sell fast, if you are willing to drop the price to sell.

Nice edit

Here is what you did write.

You mean without thinking you may actually have to pay what you owe if you do run?

In answer to the other statements

You mean you would like to leave without the thought that someone may find you?

What can they do? Nothing they can do other than take back the house

You can't just get up and leave when a whim suits you

Yes you can. Also it is a very common is business

sjaypink

1984ReturnsForReal wrote: »

In answer to the other statements

What can they do? Nothing they can do other than take back the house

But can they as its only half the property? Not like the HA would like the other half being flogged for half what they tell their - tenants?- the neighbouring properties are worth.... wonder if the HA and bank would sort it out privately?

As for doing one (why am I answering a blatant troll post ?) there is no juristiction to chase you to Oz and I doubt anyone would bother upon any later return (dependant on time lapsed of course)

Procrastinator333

jonathan75 wrote: »

Hi all,
Basically I am planning on moving to Austrailia, towards the end of next year. I plan to put my place on the market early next year, but if I can't sell due to the current housing crissis before I move , what would the implications be for me if I walked away defaulting on the mortgage? I curretly own a shared ownership property, owning one half and paying rent on the other half but due to the terms of the lease I am unable rent the property out!

If I did move out and default , the lender would reposes the property, but would I still chased for any outstanding debt by the lender should the property be sold at a later date , as I assume is the case? are there any other options for me as ideally I'd like to leave the country with a clear conscience.

Thanks

Jonathan

I just don't believe first time posters with stories like this. Someone with a VI spamming away.

1984ReturnsForReal_2

sjaypink wrote: »

But can they as its only half the property? Not like the HA would like the other half being flogged for half what they tell their - tenants?- the neighbouring properties are worth.... wonder if the HA and bank would sort it out privately?

As for doing one (why am I answering a blatant troll post ?) there is no juristiction to chase you to Oz and I doubt anyone would bother upon any later return (dependant on time lapsed of course)

It is not a troll post.


Its Generalis' Alter Ego.

Loughton_Monkey

As a UK citizen, I have three basic observations. One of them is negative, and two are positive:

1. By all means do what you suggest. Sadly, your debt will eventually get consumed within the UK economy but will be only a drop in the ocean.

2. Australia, as you know, has historically been a place to which criminals were sent. It thrived on it. Hence you are certainly going to the right place (although they may have changed a bit since the 19th century and they will certainly be able to sort out a piece of s*h*i*t like you.)

3. Such a defection means you will never be able to come back. Thankfully, this will raise the average IQ of this nation, and lower that of Australia. For ever!

Bon Voyage.