Daft Property - Irish Property News

What happens if you voluntarily surrender your home? If the sale doesn't cover the mortgage you could be in trouble... One of the unspoken legacies of this recession will be the hundreds of people left paying full-term mortgages on properties they no longer own having been forced to sell at massive losses by the threat of repossession. With the 12-month moratorium on repossessions agreed as part of the government's recapitalisation programme for the Bank of Ireland and AIB and political pressure generally, the prime lenders are reluctant to be seen opting to force people out of their homes. However, it's understood that many are opting to give customers in serious financial difficulty six months to sell their property despite the fact that they are almost certainly going to do so at a significant loss. That this option avoids the repossession process is almost irrelevant to the mortgage holder because the end result is the same – the customer is left with a potentially huge...