Thousands of homeowners in mortgage arrears

Himselfe

From www.BreakingNews.ie

More than 28,000 homeowners are three months behind with mortgage repayments, official figures revealed today.

The Central Bank said lenders issued formal warnings to 5,096 households as they sought to recover debts of about €70m.

The second quarterly report revealed 152 homes were repossessed in the final three months of the year which included 17 homes being surrendered to lenders voluntarily and 11 others abandoned.

According to the review, there were almost 793,000 household mortgage accounts worth €118.3bn in Ireland.

Linky:

http://www.breakingnews.ie/ireland/thousands-of-homeowners-in-mortgage-arrears-448492.html#ixzz0h7Lu6YLK

Scary stuff. More than 3.5% of all mortgage holders are 3 months in arrears. Anyone know what the Euro average is?

And I didn't know you were allowed to abandon a house in Ireland?

TwoShedsJackson

You can abandon the house alright, it's just that the bank will pursue you wherever you go for the money owed to them.

Ste.phen

Himselfe wrote: »

And I didn't know you were allowed to abandon a house in Ireland?

No reason you can't, but it doesn't stop you owing the bank the money

[edit:] I think 'surrendered voluntarily' means the people offered to move out and let the bank sell up, and 'abandoned' means the bank eventually sent someone round in person only to find the place was empty [/edit]

AARRRGH

I have a feeling the real figures are a lot worse than those official figures!

I know a lot of people were reckless, but I still have a lot of pity for those in negative equity and who are unemployed. Crappy situation.

Fighting Irish

Good, people need to learn a lesson

Duckjob

Fighting Irish wrote: »

Good, people need to learn a lesson

Harsh.

There's plenty of people in trouble now that weren't reckless.

Cookie_Monster

wasn't this exact same study publish last month?

Fighting Irish

Duckjob wrote: »

Harsh.

There's plenty of people in trouble now that weren't reckless.

Sorta depends on your definition of reckless

johnnyskeleton

Fighting Irish wrote: »

Sorta depends on your definition of reckless

"Being aware of an advertent serious risk, you took that course anyway."

I suppose most people will say that they weren't aware of the risk or that they had no choice if they wanted to have security of tenure for their family. So I suppose the people who bought property with no thought as to whether the price could go down were reckless as they ignored readily available information. Likewise those who were aware that property prices could go down, but dismissed this as unlikely. Finally there are those who realised property prices could go down, but felt that they had to buy in order to create a stable home life for their family. In the former two cases they could be considered reckless, but in the latter they would not be.

Fighting Irish

johnnyskeleton wrote: »

"Being aware of an advertent serious risk, you took that course anyway."

I suppose most people will say that they weren't aware of the risk or that they had no choice if they wanted to have security of tenure for their family. So I suppose the people who bought property with no thought as to whether the price could go down were reckless as they ignored readily available information. Likewise those who were aware that property prices could go down, but dismissed this as unlikely. Finally there are those who realised property prices could go down, but felt that they had to buy in order to create a stable home life for their family. In the former two cases they could be considered reckless, but in the latter they would/could not be.