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Buy house, don't pay mortgage, live rent-free for 9 years. MOD WARNING POST #268

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  • Registered Users Posts: 4,767 ✭✭✭GingerLily


    The house is being repossessed this summer? Or am I missing something?


  • Registered Users Posts: 1,580 ✭✭✭JDD


    I do find it odd that Tanager, one of the more vilified "vulture funds" has allowed a couple with good earning capacity to surrender the home and not have to pay the balance of the mortgage. I don't think many others (apart from that lady who made headlines with having half her mortgage written off after engaging a PIP) have been afforded the same courtesy.

    Or maybe they have, and the vulture funds aren't that bad after all?


  • Registered Users Posts: 24,644 ✭✭✭✭punisher5112


    Absolutely nuts.

    Now saying that I don't like the vulture fund system either but at the end of the day all costs and the outstanding balance from the loss in the sale will be paid by the tax payer just as we had to in the crash.

    Imagine 9 months free, I can't get my head around 9 years.....


  • Registered Users Posts: 3,818 ✭✭✭jlm29


    GingerLily wrote: »
    The house is being repossessed this summer? Or am I missing something?

    It’s being repossessed, but only after they’ve had 9 years of rent free, mortgage free living. And no responsibility for the legal fees involved


  • Registered Users Posts: 1,580 ✭✭✭JDD


    Now saying that I don't like the vulture fund system either but at the end of the day all costs and the outstanding balance from the loss in the sale will be paid by the tax payer

    Not if its a vulture fund as non-recoverable loans would have no effect on current mortgage rates. I suppose you could say that if vulture funds make less profits than they expect to a from a tranche of distressed mortgages, they'd bargain down the price of the sale of any further tranches which would have a knock on effect on a banks profitability and therefore the rates they set for customers. But there's a lot of steps in there, and most vultures wouldn't be publishing their profit figures, so they'd be on shaky ground negotiations wise.


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  • Registered Users Posts: 1,628 ✭✭✭klaaaz


    https://www.independent.ie/irish-news/courts/restaurateur-ronan-ryan-and-exmiss-ireland-pamela-flood-wont-have-to-pay-any-of-1-2m-debt-on-dublin-home-37893072.html

    A dangerous precedent especially with the looney left pushing anti-eviction bills through the dail. This is why we have one of the highest mortgage interest rates in the Eurozone.

    Eh, it's the looney right who have been in power since(and before) the crash and oversaw the lack of evictions including helping this entitled wealthy couple living in a free house for 9 years.


  • Registered Users Posts: 11,205 ✭✭✭✭hmmm


    It's very clear now that we have a non recourse mortgage system, unique to the Western world. You'd be mad not to buy. Interest rates will remain elevated here, and probably rise.


  • Registered Users Posts: 11,624 ✭✭✭✭meeeeh


    They are walking away from the property. You might be outraged but considering how expensive legal action is it's better to achieve an agreement without protracted repossession. The vulture fund also got the mortgage at discounted rate and the settlement will only affect their profit margin. Taxpayer already paid for it by bailing out the bank and wouldn't get a cent back.


  • Registered Users Posts: 1,016 ✭✭✭JJJackal


    meeeeh wrote: »
    They are walking away from the property. You might be outraged but considering how expensive legal action is it's better to achieve an agreement without protracted repossession. The vulture fund also got the mortgage at discounted rate and the settlement will only affect their profit margin. Taxpayer already paid for it by bailing out the bank and wouldn't get a cent back.

    It’s worth noting no one would want to be in their shoes.

    House bought for 1.2 million - still only worth 800,000. At least that’s what I gather could be wrong. 3 failed restaurants in recession. Picture all over the news.


  • Registered Users Posts: 14,524 ✭✭✭✭Dav010


    JJJackal wrote: »
    It’s worth noting no one would want to be in their shoes.

    I’d say a lot of people would like to live rent free for 9 years without any financial repercussions. I’m sure a lot of them reading that article are wondering why the hell they are paying a mortgage on a property that is worth less than what is paid.


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  • Registered Users Posts: 2,014 ✭✭✭tylercheribini


    Just proves the value of a legal team financially out of reach for the majority of us plebs.


  • Registered Users Posts: 1,016 ✭✭✭JJJackal


    Dav010 wrote: »
    I’d say a lot of people would like to live rent free for 9 years without any financial repercussions. I’m sure a lot of them reading that article are wondering why the hell they are paying a mortgage on a property that is worth less than what is paid.

    Will they be able to get a mortgage again? Very stressful. We would need to know more


  • Registered Users Posts: 1,196 ✭✭✭pyramuid man


    It wouldn't surprise me if they have been saving enough to buy another house in that nine years....


  • Registered Users Posts: 1,285 ✭✭✭AmberGold


    From what I have read about this case I think there was an issue with the mortgage being sold a number of times, this meant the legal process had to be started again. Personally I wouldnt fancy living with this hanging over me for close to 10 years with 4 children in tow.


  • Registered Users Posts: 2,014 ✭✭✭tylercheribini


    AmberGold wrote: »
    From what I have read about this case I think there was an issue with the mortgage being sold a number of times, this meant the legal process had to be started again. Personally I wouldnt fancy living with this hanging over me for close to 10 years with 4 children in tow.

    They certainly didnt get off "scott free" as it were,their own legal fees would have been considerable.


  • Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    meeeeh wrote: »
    They are walking away from the property. You might be outraged but considering how expensive legal action is it's better to achieve an agreement without protracted repossession. The vulture fund also got the mortgage at discounted rate and the settlement will only affect their profit margin. Taxpayer already paid for it by bailing out the bank and wouldn't get a cent back.

    So what if they are moving away? They still owe the mortgage. A non recourse system just for the rich doesn’t cut it.


  • Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    The reactions here will be quite different than some ordinary joe schlo not paying his mortgage in Blanch.


  • Registered Users Posts: 15,243 ✭✭✭✭Fr Tod Umptious


    I'm guessing their credit rating is shot to **** too.

    Hardly an enviable situation


  • Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    hmmm wrote: »
    It's very clear now that we have a non recourse mortgage system, unique to the Western world. You'd be mad not to buy. Interest rates will remain elevated here, and probably rise.

    Unique to Europe perhaps. The US has this, in most States.


  • Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    I'm guessing their credit rating is shot to **** too.

    Hardly an enviable situation

    Heart goes out.


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  • Registered Users Posts: 4,731 ✭✭✭jam_mac_jam


    I'm guessing their credit rating is shot to **** too.

    Hardly an enviable situation
    As it should be.


  • Registered Users Posts: 4,464 ✭✭✭Arthur Daley


    hmmm wrote: »
    It's very clear now that we have a non recourse mortgage system, unique to the Western world. You'd be mad not to buy. Interest rates will remain elevated here, and probably rise.

    It's got to be fairly obvious at this stage that Ireland is some sort of experiment in this regard. Go across the water to Britain, and you'll be out on your ear after 90 days past due (not 9 effin years), and little to no public sympathy for your sob stories either.


  • Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    JJJackal wrote: »
    It’s worth noting no one would want to be in their shoes.

    House bought for 1.2 million - still only worth 800,000. At least that’s what I gather could be wrong. 3 failed restaurants in recession. Picture all over the news.

    Some people have incredibly hard necks


  • Registered Users Posts: 15,243 ✭✭✭✭Fr Tod Umptious


    Heart goes out.

    Don't matter if it does or not.

    The point is that, contrary to what some here think, not paying a mortgage for 9 years, getting ones house repossessed and having a terrible credit rating is not a good outcome for the family.


  • Registered Users Posts: 82,600 ✭✭✭✭Atlantic Dawn
    M


    AmberGold wrote: »
    From what I have read about this case I think there was an issue with the mortgage being sold a number of times, this meant the legal process had to be started again. Personally I wouldnt fancy living with this hanging over me for close to 10 years with 4 children in tow.


    With the €374,000 they saved they could simply buy a modest 3 bed outright with zero mortgage, what a country we live in, utter kip.


  • Registered Users Posts: 1,089 ✭✭✭DubCount


    Living rent free is not unique to this case. The sate subsidises many rent payments through HAP/Rent Allowance, Landlords subsidise rent payments for non-paying tenants and banks pick up the tab for non-paying mortgages. What makes this case different is getting to live rent free in a trophy house while having an income to make at least a contribution, but not paying.

    Once again, Ireland needs to decide what to provide to those who "cant pay" and what to do with those who "wont pay". There are lots of anti-eviction protesters who seem to think nobody should have to pay anything. For some reason we seem unable to have a conversation about this topic without going completely communist.


  • Registered Users Posts: 4,464 ✭✭✭Arthur Daley


    getting ones house repossessed

    At no point was this 'their' house that's the point. Same for all of us until we honour the contract after a life time of toil. It's just two fingers up to the working population this stuff.


  • Registered Users Posts: 1,166 ✭✭✭Still waters


    https://www.independent.ie/irish-news/courts/restaurateur-ronan-ryan-and-exmiss-ireland-pamela-flood-wont-have-to-pay-any-of-1-2m-debt-on-dublin-home-37893072.html


    A dangerous precedent especially with the looney left pushing anti-eviction bills through the dail. This is why we have one of the highest mortgage interest rates in the Eurozone.
    klaaaz wrote: »
    Eh, it's the looney right who have been in power since(and before) the crash and oversaw the lack of evictions including helping this entitled wealthy couple living in a free house for 9 years.

    Ye do realise left and right in Ireland are mirror images of each other


  • Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    Don't matter if it does or not.

    The point is that, contrary to what some here think, not paying a mortgage for 9 years, getting ones house repossessed and having a terrible credit rating is not a good outcome for the family.

    Not paying a mortgage saved them 300k+.
    The hypocrisy here is beyond belief.


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  • Registered Users Posts: 204 ✭✭griffinlee


    imo the V fund went easy on this couple as to not look like the bad guy in the press. Bad publicity fuels hatred for these funds. this couple are very very fortunate


This discussion has been closed.
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