Walking away from a mortgage!

jonathan75

Well I haven't actually done anything yet!! I was asking for advice on the subject! and its not what I want to do! and would be very , very worse case scinareo if I had no other options! due to in flexability within others!

jonathan75

Well nothings a cert, I can only do my research and follow the process fully!

Generali

jonathan75 wrote: »

Well nothings a cert, I can only do my research and follow the process fully!

There are basically 4 ways in:

Buy your way in (you need to bring something like AU$2,000,000 from memory)
Marry an Aussie or be in a de facto relationship
Have a skill on the list of required skills (thief or safe cracker haven't been on the list since the C19th)
Get sponsored by your employer

It's not easy to get in and they vet you pretty thoroughly.

sabretoothtigger

or be in a de facto relationship

That option sounds pretty open or sponsored by employer maybe, alot of times that means degree or higher required I think . I thought aussie wanted more people, 2k for costs and you can stay for a year or so maybe?

To the OP I would rent it out one way or another, best done privately with a friend if possible. its a slightly better option, get them to 'housesit' if 'not allowed'

Asheron

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

Walk away matey...

1000's of Americans are walking away, if you want to walk away just do it....... Good luck to you

What have the bankers done for you? Destroyed our economy ? Stole our pensions ? You know what to do.... Lead the way....

Nomad2006

What have the bankers done for you? Destroyed our economy ? Stole our pensions ? You know what to do.... Lead the way....

How exactly have the banks stolen your pension?

RenovationMan

Nomad2006 wrote: »

How exactly have the banks stolen your pension?

They spent them on bribes to shady characters operating a cartel to manipulate the Silver market. Do try and keep up!

quantic

Sibley wrote: »

I'd put your place up for sale now.
I think you will be surprised and it will sell.

Things have really picked up. The people trying to spread doom and gloom are basically renters who cannot afford a property. Lets put it this way. If they could afford your place it would be sold today. They would love to own it.

Stick it up for sale at the going rate and see what happens. It would be better going to Oz with a few quid in your pocket.

If you do decide to walk.

I wouldn't take too much notice of what is being said to you on here. Not that much will happen as long as you stay over there at least 6 years. Don't have any contact with your lender.

If things work out in Oz you won't even think about it.

I know morally and all that it's wrong but to me it's no worse than many of the things people do in UK.

If you are going down that road you might as well go for broke. Max out all your cards etc. Go with as much money as you can. It won't make any difference to anything.

I left UK a year ago. I left all honest and even paid my tax bill.

I had my bank manager begging me to take a £50,000 overdraft on my LTD company business account, 4 credit cards with £8000 limits, couple of grand OD in bank account etc.

Many a time I wondered if I should have hit them.

I played the game all honest for what?

My credit rating in UK is now probably bad as I don't get money paid into UK. I wouldn't be a lot worse than you if you hit the banks and returned 6 years later.

I have got set up here now like you will in Oz. New bank and credit card.

Whatever you do you won't be losing sleep over it if all works out in Oz.

Up to you at the end of the day but I'd get the For Sale sign up.

Don't drop the price and owe money. I'd rather take a hit for the full amount than let some vulture get a cheap place. You would still have a debt you would never pay off as well. Might as well go for broke.

Is this 'Sibley' account a real person or a satire joke? He does not appear to be in touch with reality. Sorry for any offence Sibley if you are indeed real.

Generali

sabretoothtigger wrote: »

That option sounds pretty open or sponsored by employer maybe, alot of times that means degree or higher required I think . I thought aussie wanted more people, 2k for costs and you can stay for a year or so maybe?

Well you need to find an Aussie that's prepared to shack up with you for 6 months. Aussie girls clearly have high standards ;-)

The employer sponsorship route is tough because you have to stay in the same job for 4 years at least and that can be hard mentally. If you get the boot you have 28 days to find a new job with a sponsorship or you're out of the country.

Under 30s can come over for a year or 2 and work in short term jobs, rather like Aussies can do to the UK. We love backpackers here and give them the suburb of Bondi to live, drink, get sunburned and fight in.

pinkteapot

sabretoothtigger wrote: »

I thought aussie wanted more people

Nah - that's New Zealand.