negative equity

drdeadlift

Asses the total amount of negative equity on homes in Ireland.
Once total negative equity has been assessed, value (unsold houses/ghost estates) to the same value of negative equity on house property's.
Sell unused houses at the price of total negative equity.
Would this help spread the burden of massive debt over a larger number of people aswell as keeping house prices realistic

Shenshen

drdeadlift wrote: »

Asses the total amount of negative equity on homes in Ireland.
Once total negative equity has been assessed, value (unsold houses/ghost estates) to the same value of negative equity on house property's.
Sell unused houses at the price of total negative equity.
Would this help spread the burden of massive debt over a larger number of people aswell as keeping house prices realistic

Who would you sell those houses to?

Anyone

drdeadlift wrote: »

Asses the total amount of negative equity on homes in Ireland.
Once total negative equity has been assessed, value (unsold houses/ghost estates) to the same value of negative equity on house property's.
Sell unused houses at the price of total negative equity.
Would this help spread the burden of massive debt over a larger number of people aswell as keeping house prices realistic

Who is going to buy half completed houses with no amenities stuck in the arse end of nowhere?

saiint

give them to the homeless people
although it would probably end up as a big drug den or a rave party
im fine with either one

The Aussie

I just brought a few months ago, I don't want to share anyone's burden, I could have brought in 2005, but I'm not an idiot, I will keep my debt people who got caught up in the great con can have theirs*

* not including banks debt because we all share their burden due to weak governance by morons.

JustAddWater

drdeadlift wrote: »

Asses the total amount of negative equity on homes in Ireland.
Once total negative equity has been assessed, value (unsold houses/ghost estates) to the same value of negative equity on house property's.
Sell unused houses at the price of total negative equity.
Would this help spread the burden of massive debt over a larger number of people aswell as keeping house prices realistic

And if the begative equity is large, then the houses are sold for a high price, which is actually creating negative equity in itself

Plus, who would buy the house now?

LiamoSail

saiint wrote: »

give them to the homeless people
although it would probably end up as a big drug den or a rave party
im fine with either one

I'm thinking Hamsterdam. Worked in Baltimore

Fr_Dougal

Crippled with negative equity on your home?

Easy, don't sell it.

Negative equity only affects homeowners if they plan on selling up and the vast majority have no intention of doing so; but love to bitch and moan about this negative equity that really has no effect on their daily lives.

Hippies!

I don't get this, surely negative equity if far greater than the value of these unsold crappy boxes

ThisRegard

Negative equity is only a problem for people who can't manage a mortgage and can't sell their property to pay off the mortgage. And of course those who bought apartments, now have families and want to get into something bigger. But I think the problem is being exagerated to an extent.

If you bought a house in the boom, was fully aware of how much you were paying and what the mortgage repayments were going to be, negative equity is not an issue because you were going to be paying the mortgage anyway.

edit: The shame of being beaten to it by Fr Dougal.

drdeadlift

Shenshen wrote: »

Who would you sell those houses to?

A person that wishes to buy them perhaps.

Shenshen

drdeadlift wrote: »

A person that wishes to buy them perhaps.

And where would these hypothetical people be getting the funds to purchase said properties?

Very few banks are lending money, and those that do will require you to jump through hoops, paint yourself purple and dance in front of a comittee before they will even acknowledge they received your mortgage application.

The reason people aren't buying is because they can't.

The Aussie

Shenshen wrote: »

And where would these hypothetical people be getting the funds to purchase said properties?

I did, without the body painting, although there were plenty of hoops and some of them flaming, but at more than 50% less than what it would have cost 5 years ago, but who would pay double for a house, fools and their money, now some fools want to share their burden.

youreadthat

It's crazy to think that some people will have to actually use their house like a home. :eek:

Shenshen

The Aussie wrote: »

I did, without the body painting, although there were plenty of hoops and some of them flaming, but at more than 50% less than what it would have cost 5 years ago, but who would pay double for a house, fools and their money, now some fools want to share their burden.

Heh, we did too, so I know what kind of a song and dance banks make at the moment when faced with the horrible prospect of a couple in their early 30s, both working full-time, secure jobs, with a deposit and no negative credit history whatsoever wanting to get a mortgage off them. You'd think we asked them if we could eat their grannies!

Robbo

Where's my Nama, Joe?

joydivision

I like negative equity in a way . Im better off than half the country because when everyone was going to brunch and bragging about spotlights in their kitchen presses , I wasnt arsed with all that keeping up with the joneses and chose to drink my money and pay dead rent money .
I know its terrible to get satisfaction from it but the immature part of me does . You all now have to work twice as hard as me now to keep up with my lifestyle . Which is still pretty quiet .

Dodge

joydivision wrote: »

I like negative equity in a way . Im better off than half the country because when everyone was going to brunch and bragging about spotlights in their kitchen presses , I wasnt arsed with all that keeping up with the joneses and chose to drink my money and pay dead rent money .
I know its terrible to get satisfaction from it but the immature part of me does . You all now have to work twice as hard as me now to keep up with my lifestyle . Which is still pretty quiet .

Negative equity won't effect their lifestyle

Most people are paying less on their mortgage now than 4/5 years ago so purely from that POV, they're better off

Glad you're happy renting though

Czarcasm

youreadthat wrote: »

It's crazy to think that some people will have to actually use their house like a home. :eek:

Decades ago, a house WAS a home, but during the boom times a couple in their early 20's, on minimum wage, were able to falsify their mortgage applications to take out a 35 year 100% mortgage on a €268,000 shoebox apartment.


It was never doomed to fail surely? Not half!

joydivision

Dodge wrote: »

Negative equity won't effect their lifestyle

Most people are paying less on their mortgage now than 4/5 years ago so purely from that POV, they're better off

Glad you're happy renting though

Ah yeah but in a few months Ill be able to buy a house for 100 000 . You getting me now .
I pay 100 000 now sty with me thats euros .
They paid 400 000 . That as well is euros . They got an extra loan for a bmw 4x4 .
I could pick one of them up for a fraction of the price .
They paid thousands for decking . You can get carpenters to come round your house now and work for day rate .
Its terrible I know but alot of hobnobbers were looking down on me calling me a waster for paying dead rent money and driving an old 306 .

ronjo

The Aussie wrote: »

I just brought a few months ago, I don't want to share anyone's burden, I could have brought in 2005, but I'm not an idiot, I will keep my debt people who got caught up in the great con can have theirs*

What did you bring?? I assume it was intentional since you are not an idiot.... :pac:

Frank Black

ronjo wrote: »

What did you bring?? I assume it was intentional since you are not an idiot.... :pac:

He didn't bring anything surely?
He could have though - back on good old '05.
People were always bringing things back then.
Idiots!

The Aussie

ronjo wrote: »

What did you bring??

Money, do you remember what it looks like:D:eek:
It helps to have it and not owe it when you go to see a bank
But seems I'm not an idiot who payed twice as much as what it is now worth it's a moot point :pac:

UCDVet

If you are buying anything on credit, you should expect negative equity. House, car, milk, whatever. That's kind of how buying things work.

I'm sorry so many people were lead to believe houses were magical money making machines.

donegal_road

Czarcasm wrote: »

Decades ago, a house WAS a home, but during the boom times a couple in their early 20's, on minimum wage, were able to falsify their mortgage applications to take out a 35 year 100% mortgage on a €268,000 shoebox apartment.


It was never doomed to fail surely? Not half!

and unless they paid cash for the appartment on the day they bought it, that €268,000 will eventually amount to a repayment of €424,380 (taking that the interest rate stays at 4% for 35 years)....
considering how much the value of property has dropped since the peak, I dont blame people for doing a runner to Australia to be honest




.

johnwest288

Just a thought. what about we do up some of these ghost housing estates and allow tourists to stay in them rent free :cool::rolleyes:
This way the tourists spend their cash in the local economy !;)

joydivision

johnwest288 wrote: »

Just a thought. what about we do up some of these ghost housing estates and allow tourists to stay in them rent free :cool::rolleyes:
This way the tourists spend their cash in the local economy !;)

And all the hotels close

donegal_road

johnwest288 wrote: »

Just a thought. what about we do up some of these ghost housing estates and allow tourists to stay in them rent free :cool::rolleyes:
This way the tourists spend their cash in the local economy !;)

one of the best plans Ive heard in a long time, I might borrow this for my Facebook status

donegal_road

joydivision wrote: »

And all the hotels close

many hotels have been taken over by the banks. Any money taken in by some of these hotels will go straight into the black hole. Many of the remaining solvent hotels are crippled paying back the banks for large loans taken out to extend the hotel... so long as hotels are shoving most of their takings into repaying the banks, we will see none of the cash spent in the local ecconomy

joydivision

So instead of the tourists paying the debt they should just not pay it and get free rent .
Sure why dont we let all the hotel staff go and let everyone keep their prsi as well .

Czarcasm

donegal_road wrote: »

and unless they paid cash for the appartment on the day they bought it, that €268,000 will eventually amount to a repayment of €424,380 (taking that the interest rate stays at 4% for 35 years)....
considering how much the value of property has dropped since the peak, I dont blame people for doing a runner to Australia to be honest




.

Tbh I don't know where they are now as they were made redundant nearly four years ago, about two years after they bought the apartment.

But I do know the apartments didn't even fetch the reserve price of €37,000 at one of them stress auctions a couple of months back.

Potatoeman

The Aussie wrote: »

I did, without the body painting, although there were plenty of hoops and some of them flaming, but at more than 50% less than what it would have cost 5 years ago, but who would pay double for a house, fools and their money, now some fools want to share their burden.

I don’t think these people would share their profits. Capitalism on the way up and socialism on the way down. How convenient.

MadsL

Following the OPs plan:

1. Flood the market with cheap houses all at once
2. Depress the price of property further, driving those in NE, further into NE.
3. ????
4. Profit and miniature Irish flags for all!

physioscot

Hi,

I'd be very grateful if anyone could help with the following query or at least put me in the right direction.

My girlfriend bought her apartment in 2006 (Mary) at the height of the celtic tiger. Because the mortgage was so high, the bank insisted on a 2nd person (Alice) also being on the policy. Now the property is 1/3rd of its value. Mary has always lived there and Alice has never, so Alice has not paid anything into the mortgage at all, she just helped Mary get the mortgage but all letters are addressed FTAO Mary & Alice. Alice is from the Far East (now Irish passport) so is planning to retire in 7 years and move back there with her pension.

Mary is thinking about declaring bankruptcy by finding a job in the UK as a nurse first and contacting a company to do so.

Has anyone else had this experience or knows of it when 2 people are on the mortgage policy? What advice can you give. Can Mary declare bankruptcy without the bank going after Alice. She would if she could. Talked to Irish lawyer but grey area as to what can be done in the UK!!

thanks

kenmc

Alice? Alice? who dafuk is Alice?

Pottler

Anyone wrote: »

Who is going to buy half completed houses with no amenities stuck in the arse end of nowhere?

You fcuk right off - I like it this way. Who are you to question my choice of home???? And my misus picked the colours, you callin my missus tasteless??

books4sale

physioscot wrote: »

Hi,

My girlfriend bought her apartment in 2006 (Mary) at the height of the celtic tiger. Because the mortgage was so high, the bank insisted on a 2nd person (Alice) also being on the policy. Now the property is 1/3rd of its value. Mary has always lived there and Alice has never, so Alice has not paid anything into the mortgage at all, she just helped Mary get the mortgage but all letters are addressed FTAO Mary & Alice. Alice is from the Far East (now Irish passport) so is planning to retire in 7 years and move back there with her pension.

Mary is thinking about declaring bankruptcy by finding a job in the UK as a nurse first and contacting a company to do so.

Has anyone else had this experience or knows of it when 2 people are on the mortgage policy? What advice can you give. Can Mary declare bankruptcy without the bank going after Alice. She would if she could. Talked to Irish lawyer but grey area as to what can be done in the UK!!

thanks

If this is a serious query then your in the wrong place for serious answers. I would try starting a new thread in the 'accomodation and property' section under the social forum ....or alternatively under Banking maybe.

Pottler

kenmc wrote: »

Alice? Alice? who dafuk is Alice?

Alice is desperatly seeking susan, or mary, or eddie hobbs, or someone. She's been moved on more times than a Bob Geldof tribute band.

Praetorian Saighdiuir

Mary can come live with me.....unless she is Hairy Mary.

Pottler

Stealth Recce wrote: »

Mary can come live with me.....unless she is Hairy Mary.

Mary has baggage, apparently.:(

Praetorian Saighdiuir

Pottler wrote: »

Mary has baggage, apparently.:(

Fcuk that then. Il take Alice, she has a passport now. Maybe we can go places.

I better ask Scott the physio!

mitosis

physioscot wrote: »

Hi,

I'd be very grateful if anyone could help with the following query or at least put me in the right direction.

My girlfriend bought her apartment in 2006 (Mary) at the height of the celtic tiger. Because the mortgage was so high, the bank insisted on a 2nd person (Alice) also being on the policy. Now the property is 1/3rd of its value. Mary has always lived there and Alice has never, so Alice has not paid anything into the mortgage at all, she just helped Mary get the mortgage but all letters are addressed FTAO Mary & Alice. Alice is from the Far East (now Irish passport) so is planning to retire in 7 years and move back there with her pension.

Mary is thinking about declaring bankruptcy by finding a job in the UK as a nurse first and contacting a company to do so.

Has anyone else had this experience or knows of it when 2 people are on the mortgage policy? What advice can you give. Can Mary declare bankruptcy without the bank going after Alice. She would if she could. Talked to Irish lawyer but grey area as to what can be done in the UK!!

thanks

Both are responsible together and separately for the mortgage, that is, if one defaults the other still owes the full amount.

Pottler

And the big lesson her, boys and girls is not "who the fcuk is Alice", but "How fcuked is Alice".

Which is sad, because I have grown to like her over the last few of her moves, she's a whiskers away from retiring after a lifetime of wiping other peoples bums and now that big shyte fate has stepped in and pooed all over her lawn,. Moral is, let Mary buy her own gaff in future.