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Evictions

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Comments

  • Closed Accounts Posts: 1,541 ✭✭✭Gee Bag


    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay


  • Registered Users, Registered Users 2 Posts: 497 ✭✭Retrovertigo


    Crazy thing about it is homeowners don't rent.

    Stuff like law and stuff.


  • Registered Users, Registered Users 2, Paid Member Posts: 24,639 ✭✭✭✭Cookie_Monster


    Gee Bag wrote: »
    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay

    some probably, but I reckon far more than people think are using it as an excuse.


  • Registered Users, Registered Users 2 Posts: 6,620 ✭✭✭dobman88


    If they don't pay, kick them out. I can't afford to pay rent every week but I still do. Do you think my landlord would say ah your grand, you can't afford it. I don't need the money to pay bills or anything myself!! Kick them out!!!!
    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay

    LOL at that. If they can't afford it, that's their own problem, not the lenders.


  • Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭Mr.Fred


    dobman88 wrote: »
    LOL at that. If they can't afford it, that's their own problem, not the lenders.

    LOL at that (As you put it) The lenders have to cover the debt and then attempt to recover the debt if the borrower defaults.

    A costly affair for a bank. Unless of course you're an Irish bank sure then we'll cover it.


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  • Registered Users, Registered Users 2 Posts: 6,620 ✭✭✭dobman88


    Mr.Fred wrote: »
    LOL at that (As you put it) The lenders have to cover the debt and then attempt to recover the debt if the borrower defaults.

    A costly affair for a bank. Unless of course you're an Irish bank sure then we'll cover it.

    So you're saying if people don't pay their mortgage it's grand? They shouldn't be kicked out?


  • Registered Users, Registered Users 2 Posts: 5,673 ✭✭✭AudreyHepburn


    Gee Bag wrote: »
    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay

    Of course, that's true. So you go to your bank/mortgage provider and try to work out a different arrangement.

    You can't just refuse to pay. You made an agreement, you can't refuse point blank to honor it and hope the bank, who did not drag you kicking and screaming to make that agreement by the way, go away.

    That said I do think more people are just using it as an excuse than genuinely can't afford it.


  • Closed Accounts Posts: 22,559 ✭✭✭✭AnonoBoy


    Remember in Monopoly you could mortgage houses? I never got that bit of the game at all when I was a kid. Still don't really.

    In fact the whole game used to bore me. I'd hate at Christmas when the family would rope me into playing it.

    So when this mortgage crisis started my initial reaction was just "Oh can't we pay Trivial Pursuits instead?"


  • Closed Accounts Posts: 3,465 ✭✭✭Sir Humphrey Appleby


    Gee Bag wrote: »
    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay

    Then they should get out of the house that they cant afford.
    If I cant afford a holiday I don't get one, If I cant afford to eat in fine restaurants, I don't go there, yet these chancers think they have a right to live in a house they cannot afford and they expect the rest of us to pick up the tab.


  • Closed Accounts Posts: 5,221 ✭✭✭NuckingFacker


    I'm obviously out of touch as I didn't even know Big Brother was back on. New series is it?


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  • Registered Users, Registered Users 2 Posts: 21,359 ✭✭✭✭kneemos


    Then they should get out of the house that they cant afford.
    If I cant afford a holiday I don't get one, If I cant afford to eat in fine restaurants, I don't go there, yet these chancers think they have a right to live in a house they cannot afford and they expect the rest of us to pick up the tab.

    You'll pay either way if they become homeless.
    Its a community problem whichever way you look at it.


  • Registered Users, Registered Users 2 Posts: 4,863 ✭✭✭worded


    Socialise my loses and privatise my profits.

    We all know people who are chancing their arm on this one and more are jumping on the band wagon in the hope of a few 12 x mthly mortgages FOC and maybe a loss write down.


    An intelligent fellow in the OH work announced he was stopping paying his mortgage with he in full employment 3 years ago. I thought he was mad and it turns out he will almost def be better off doing it.

    Where does this all end with more and more people following suit ?

    Irish companies are v slow to pay their debts dragging out credit terms when compared with other countries. Looks like the general public are following suit.

    Kick the can down the road but where is this going to end?


  • Closed Accounts Posts: 14,380 ✭✭✭✭Banjo String


    As a bit left leaning this is a tough one.

    They should really go in and establish the can't pays from the won't pays.

    The first to go after initially would obviously be the landlords with multiple properties, those with buy to let gaffes that aren't performing etc.

    The problem then being what to do with any possible families that are renting said properties? House them at the states expense?

    Then there's ordinary decent single property owners, who bought a house as a home, not to add to a portfolio, or as something to flip later. Eviction here should be absolute last resort, if an option at all. Especially if they've merely fallen on hard times, lost jobs etc through no fault of their own.

    Again, eviction leaves the state the responsibility of housing them, at a cost to the tax payers.

    We the tax payers bailed out the banks after all. Now the bank wants to bail some of these people out of their homes. That's the unfair bit.


  • Posts: 5,079 ✭✭✭ [Deleted User]


    kneemos wrote: »
    You'll pay either way if they become homeless.
    Its a community problem whichever way you look at it.

    Yes its a community problem, the banks will need more money if the arrears continue to worsen (Japan had this problem from their bubble bursting in 1991 took over 10 years for the arrears to build up and cause the banks to need a second bail out).

    Though if they were evicted they would likely be renting somewhere smaller freeing up the house for sale for people who can afford to pay for it.

    100,000 mortgages is 100,000 properties held back from market redistribution. That in itself is a community issue, there has to be something unfair about someone who gets more than others without paying for it.


  • Registered Users, Registered Users 2 Posts: 13,922 ✭✭✭✭ArmaniJeanss


    kneemos wrote: »
    You'll pay either way if they become homeless.
    Its a community problem whichever way you look at it.

    True and no-one is suggesting people get turfed in the street.
    However I resent paying for their large detached property in a salubrious area.
    But am content to pay for their more functional corporation built terraced home in a cheaper area.


  • Registered Users, Registered Users 2 Posts: 5,678 ✭✭✭Crooked Jack


    dobman88 wrote: »
    If they don't pay, kick them out. I can't afford to pay rent every week but I still do. Do you think my landlord would say ah your grand, you can't afford it. I don't need the money to pay bills or anything myself!! Kick them out!!!!



    LOL at that. If they can't afford it, that's their own problem, not the lenders.

    Sounds like you can indeed afford to pay rent every week.


  • Registered Users, Registered Users 2 Posts: 4,122 ✭✭✭BeerWolf


    Sounds like you can indeed afford to pay rent every week.

    Oxymoron much? :o


  • Posts: 5,079 ✭✭✭ [Deleted User]


    Sounds like you can indeed afford to pay rent every week.

    http://www.boards.ie/vbulletin/showthread.php?p=86397627

    not everyone can - where are the anti eviction crowd for renters?


  • Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭nelly17


    The evections would cause a problem in themselves if we end up having a ****load of properties hitting tha market in a short space of time - could destroy any green shoots of recovery.


  • Banned (with Prison Access) Posts: 3,214 ✭✭✭chopper6


    Gee Bag wrote: »
    This might sound crazy but maybe, just maybe, some people aren't paying their mortgage because they can't afford to pay


    Well they should never have bought if they cant afford to pay.

    A mortage is probably the most significant loan anybody will ever draw down...you need to stress test your circumstances for teh next 25 years or so in order to see if it's affordable.

    The fact is that most of these people in arrears didnt buy property to live in,they bought it to sell on at a profit and it typically irish way they no longer want to pay back what they consider to be a losing bet.


    Pay up or get out...the bank owns the property until the day of the last payment and people have no right to think otherwise.


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  • Posts: 81,310 CMod ✭✭✭✭ Brady Tangy Shot-putter


    We the tax payers bailed out the banks after all. Now the bank wants to bail some of these people out of their homes. That's the unfair bit.

    The banks were bailed out because of bad debts or bad investments.
    Insisting that mortgages be written off as further bad investments is going to lead to... more bail outs.
    It has nothing to do with fairness. They shouldn't have been bailed out in the first place, but insisting they get deeper into debt and worse positions thereby possibly needing further bail outs (start as you mean to go on wha) makes absolutely no sense.


  • Registered Users, Registered Users 2 Posts: 795 ✭✭✭padraig.od


    nelly17 wrote: »
    The evections would cause a problem in themselves if we end up having a ****load of properties hitting tha market in a short space of time - could destroy any green shoots of recovery.

    Why?

    Cheaper housing leaves more disposable income, which can be spent in the general economy, rather than shoveled into banks.

    Why is it, in the mind of the general public, that the high prices housing = GOOD, yet high price everything else = BAD. I don't get it.


  • Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭nelly17


    Further deepening the Negative equity crisis


  • Banned (with Prison Access) Posts: 3,214 ✭✭✭chopper6


    nelly17 wrote: »
    Further deepening the Negative equity crisis


    Negative equity is a chimera...it is only an issue if you're trying to sell.


    If you could afford to pay 500k for a hovel five years ago then it doesnt matter what it's worth now,you still owe the balance of the 500k.


  • Registered Users, Registered Users 2 Posts: 710 ✭✭✭mad turnip


    I'm looking forward to it, I'll be entering the property market soon and house prices are going to drop as soon as all these houses hit the market!


  • Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭nelly17


    Yes it will be a good think for those who were smart enough to hold off over the last few years.


  • Registered Users, Registered Users 2 Posts: 591 ✭✭✭the butcher


    nelly17 wrote: »
    The evections would cause a problem in themselves if we end up having a ****load of properties hitting tha market in a short space of time - could destroy any green shoots of recovery.

    Disappointed to see someone passing 'Fianna Fail economics 101'.


  • Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭nelly17


    chopper6 wrote: »
    Negative equity is a chimera...it is only an issue if you're trying to sell.


    If you could afford to pay 500k for a hovel five years ago then it doesnt matter what it's worth now,you still owe the balance of the 500k.

    True you still owe the balance but if you bought your first home not 5 but 8 or 9 years ago you are still most likely in negative equity and a lot of people are probably in a position where they now have families and would like to trade up but can not do so as while the banks have been given instructions to provide credit for First Time Buyers and people trading up, there is still a massive hole to fill as a result of the bubble that was created.

    This would not have been the case in the past to quite the same extent.


  • Posts: 5,079 ✭✭✭ [Deleted User]


    nelly17 wrote: »
    The evections would cause a problem in themselves if we end up having a ****load of properties hitting tha market in a short space of time - could destroy any green shoots of recovery.

    True, if we can put a floor under house prices, demolish some of the vacant housing (proposed demolistion of 200,000 properties has been suggested) then finally we can get some builders back to work solving the unemployment crisis and the economy will take off like a rocket


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  • Registered Users, Registered Users 2 Posts: 497 ✭✭Retrovertigo


    100,000 mortgages is 100,000 properties held back from market redistribution. That in itself is a community issue.

    What community has 100,000 houses?


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