I have a house with a mortgage that costed (€ 204,000 - paying the capital and interest). I have only lived in the Netherlands for 3 years and have a debt worth 20,000. My gross annual income is € 38,000 and I have the 30% ruling.
In case I am made redundant and choose to take the lumpsum redundancy payment and want to return to my country of origin, what happens if the compensation is not enough to pay the debts and other costs? What is the best way to solve this problem?
The debts will not disappear if you decide to leave the Netherlands. It may be good to inform the organisations you owe money to about your plans and a possible solution for your problem. If the bank agrees you can continue to pay the mortgage and rent out the property and this way make some profit. You can then decide to sell the property if the market is better.
If you leave the Netherlands and stop paying the mortgage the bank will in the end sell the house, which is normally against a lower price than what would be paid on the commercial market. Any remaining part of the mortgage will be transferred to a normal debt which the bank will try to get back from you, even with the assistance of foreign partners.
Not paying the debt can make it difficult to come back to the Netherlands again and may also affect the options other expats have to arrange a mortgage or loan in the future. Customs won‘t stop you at the airport if you have debts, unless you have debts with the tax authorities.