Walking away from a mortgage!

breadlinebetty

Generali wrote: »

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.

Haha! Maybe not a safe cracker, but a locksmith gets you 60 points!:D Australia is crying out for all sorts of tradesmen - brickies, decorators, plumbers, car mechanics, panel beaters, plus professionals such as surgeons, cardioligsts etc.

You can also get sponsored not just by your employer but a family member. I think you need about £20k to tide you over for the first year when you eigrate there.

Here's a link for people wanting to emigrate - looks very straightforward and simple. Just a points system, which most people can work round one way or another.;)

http://www.visabureau.com/australia/visa-requirement.aspx

breadlinebetty

Generali wrote: »

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

Dunno about that!;) A lot of those Aussie girls are right beefy bruisers who tuck into their tinnies of Tooheys and go off to play the slotties (or darts) most nights. Many of them would be more than happy living in one-storey prefab on the suburbs with just enough from the old man for a barbie at the weekend and a few dozen tubes.

The beautiful and classy Aussie girls hike up with tycoons usually. Those ones have high expectations and usually want to marry a tall, dark handsome billionaire. They're very direct in their approach too. No beating about the bush for them!

jonathan75

Thanks for the advice, great first quote!

antrobus

jonathan75 wrote: »

If I did go down the other route, which since posting the comment, has drawn up some very interesting replies, replies I would have expected if I was leaving the country owning millions of pounds! My debt to this country, should it happen! will be like a drop in the ocean compared to the cost of the clean up today, due to the rioting students in london, I could go on, so others maybe need to think before they type!!

That's a bit like saying that you shouldn't be condemned for murdering your wife on the grounds that at least you're not a serial killer.

jonathan75 wrote: »

My sole intention, is to avoid losses to both parties involved, meaning myself and the housing association.

jonathan75 wrote: »

As mentioned my aim is to be resposible and the limit my losses and losses to others and not walk away,

So giving the thread the title 'Walking away from a mortgage!' was just some kind of mistake. Glad we've cleared that one up.

jonathan75 wrote: »

Hi, yes it does seem rather a randon message board, full of strange individuals that are unable to actually "read" the post fully before making a sensible reply

Generally speaking, I find that there is a clear correlation between the strangeness of an individual and their use of random exclamation marks.

P.S. Tenants must be the most misspelt word on MSE. You rent property to tenants. You drink tennents. The two should not be confused.

bristol_pilot

Asheron wrote: »

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

Thousands of Americans have walked away because in the USA mortgage debt is 'without recourse' - all the bank can do is repossess the house and that's it. In the UK the bank can sell your house for a low price and then chase the debtor for 12 years for the outstanding balance. And add on loads of fees to boot.

Personally I think the yanks are right on this one. If Uk mortgages were 'without recourse' the banks may possibly be a bit more careful in future who they lend to and for what proportion of the property's value.

PhylPho

bristol_pilot wrote: »

Thousands of Americans have walked away because in the USA mortgage debt is 'without recourse' - all the bank can do is repossess the house and that's it. In the UK the bank can sell your house for a low price and then chase the debtor for 12 years for the outstanding balance. And add on loads of fees to boot.

Personally I think the yanks are right on this one. If Uk mortgages were 'without recourse' the banks may possibly be a bit more careful in future who they lend to and for what proportion of the property's value.

All true, but the US experience is so different from the UK's that a meaningful parallel is difficult to sustain. That's because the people who have walked, and still are walking, away from US homes are -- in the main -- folks who were never at the outset considered to be borrowers, but fodder.

Cynically manipulated by loan and mortgage sellers into believing they at last had a chance to share in The American Dream, they were in fact essential to the entire CDO phenomenon: no property owners ergo no property sales ergo no $trillion outcome for all those secret counter-party deals that weren't even understood by the parties themselves, never mind the ghetto escapees and blue collar manual workers who all thought they were doing their best for their families when they were instead doing their best for the $multi-million bonuses of the salesmen, traders, brokers and bankers.

The US is not the generally benevolent country the UK is. There's no welfare or healthcare tap dripping into everyone's cup. US homeowners who have "lost" their homes had damn all chance of ever having those homes in the first place -- but who can blame them for believing otherwise? And who can blame them, now, for "walking away"? They're no different from any other refugees.

I don't want to go O/T here but honestly, walking away from a property obligation in the UK ain't the same thing as being robbed of your pride, your dream and your future as has happened in the USA.

THE_GHOULS_PARADISE

This Thai girlfriend living on Oz isn't expecting a man to turn up is she, as real men never walk away from their responsibilities when the fancy takes them. Today a shared ownership house, tomorrow your children? You are worse than a Ghoul, and that is saying something. Despicable.

antrobus

bristol_pilot wrote: »

Thousands of Americans have walked away because in the USA mortgage debt is 'without recourse' - all the bank can do is repossess the house and that's it.

Only in some states. If you look around on the internet you'll find various lists of "non-recourse mortgage walkaway states" - as those Yanks apparently call them. From the looks of things they're in the minority.

bristol_pilot wrote: »

Personally I think the yanks are right on this one. If Uk mortgages were 'without recourse' the banks may possibly be a bit more careful in future who they lend to and for what proportion of the property's value.

Well yes, those American banks were so careful in their mortgage lending, weren't they?