@flosmichael wrote:@petej wrote:You realy do need to take legal advice as mortgage debt is often treated different to other loans,
Don’t think its that simple to just walk away, I know in the UK mortgage lender has up to 12 years to try and claim the debt and knowing two people this has happened to they give it 11 years or so before they knock at your door after the money with interest, it give you time to sort yourself out and get on your feet again so they have something to take!
This is the theory.
The reality is/will be totally different. We are talking about unskilled workers who are staying in a property for which they pay interest only mortgage which is probabbly twice as much as the rent they would pay on the open market. There are thousands and thousands of them. Considering they gain about 15K Euros
per year, it would take about 20-30 years to repay the lost equity to the bank (and still remain with nothing at the end). Banks are not stupid, they will know it is not worth pursuing the conned poor…
I am sure that will be the case with some but not all, the worst thing is you will know nothing about it untill they knock at your door and as i have seen in the UK you know hothing about it untill then, you think your life is going ok and bang 😯
OK, if one has other property in Europe, then the situation changes.
But we are talking here about unskilled workers who would have never been able to purchase property at inflated prices if the banks wouldn’t have conned them.