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

jay1988

MontgomeryClift wrote: »

Welcome to the Jo Duffy mortgage outrage thread. Why talk about the facts when you can howl about how awful people are for not doing what you would like them to do?

No, these people entered into agreement with the bank and then reneged on that agreement, then they came to an agreement with the courts and reneged that too, it's nothing to do with what I want them to do.

You seem to think that the actions of these people are acceptable. It's amazing how detached from reality some people in this country are, actions like this affect all of us.

No wonder the country is ****ed.

seasidedub

Atlantic Dawn wrote: »

We live in such a basket case country, these fookwits should be out on their hole after paying fook all for a year. We are all paying for scrotes like this, no bank with any sense will come to this country to offer mortgages.

One thing struggling family putting over what they can, then, these scrounger fookwits.

I think that this is the point- we'll never get competitive mortgages in Ireland as foreign banks just see it as too high risk.

mikeym

Its hard to feel sympathetic towards them because they have dodged paying a mortgage for years and legal costs.

Either they set up a go fundme account or claim squatters rights:D

chicorytip

Spanish Eyes wrote:

Interesting question and a good one too.

Spanish Eyes wrote:

I suspect they are claiming no (or low) income and would qualify for HAP or the likes, but they just don't want to leave their trophy home.

Spanish Eyes wrote:

Big question for me is who is funding their legal reps. Think about that. Is it privately funded or on Free Legal Aid I wonder.

Spanish Eyes wrote:

Surely if privately funded they could afford to pay the mortgage and get on with it.

Spanish Eyes wrote:

Baffled.

How have they been managing to meet their daily living expenses for the last nine years, running a large household with four children to feed?

Gimme A Pound

MontgomeryClift wrote: »

Welcome to the Joe Duffy mortgage outrage thread. Why talk about the facts when you can howl about how awful people are for not doing what you would like them to do?

Yeah a lot more to it than just what we'd like them to do.

is_that_so

Gimme A Pound wrote: »

Yeah a lot more to it than just what we'd like them to do.

Two things are known. They agreed to move out and then refused and somehow managed not to pay a penny on it for 10 years. Whatever else is unknown that kind of behaviour cannot go completely unsanctioned.

SeaFields

Spanish Eyes wrote: »

Big question for me is who is funding their legal reps. Think about that. Is it privately funded or on Free Legal Aid I wonder.
.

Free legal aid is only available for criminal matters. Debt is a civil matter. Very unlikely they are getting any assistance from the state in terms of legal representation.

facehugger99

The thing is, they're not even living there for free, the rest of us are paying for them through higher interest rates.

There is no competition in the Irish mortgage market because of the undue protection chancers like this are afforded.

Any debt write down people like this get is transferred over to people like me who actually bother paying our debts.

The country is a joke, the reckless and feckless are rewarded and protected, the financially prudent are punished - welcome to Ireland 2019.

Claw Hammer

facehugger99 wrote: »

The thing is, they're not even living there for free, the rest of us are paying for them through higher interest rates.

The loan is owed by a foreign bank, so how can anyone else be paying higher interest rates?

facehugger99

Claw Hammer wrote: »

The loan is owed by a foreign bank, so how can anyone else be paying higher interest rates?

Read further down to the next paragraph in the post you quoted

handlemaster

Claw Hammer wrote: »

The loan is owed by a foreign bank, so how can anyone else be paying higher interest rates?

Banks applying a higher interest over all the market based on the risks. Its not about if the bank if foreign or irish in origin its how the market is perceived. If the laws are stacked against the banks in collecting what it is due the expect everyone to pay more.

rivegauche

Meanwhile, my Colleagues have got typical mortgage rates of 1.3% while one has a mortgage rate of .9%. Hard to believe but he does and they're fixed at those rates for over a decade.
If banks operating in the Irish market can't repossess then expect to be paying 1.5 to 2% more for a mortgage in Ireland and if the house is less affordable then expect to be paying the mortgage for many years longer than on the Continent.

seasidedub

rivegauche wrote: »

Meanwhile, my Colleagues have got typical mortgage rates of 1.3% while one has a mortgage rate of .9%. Hard to believe but he does and they're fixed at those rates for over a decade.
If banks operating in the Irish market can't repossess then expect to be paying 1.5 to 2% more for a mortgage in Ireland and if the house is less affordable then expect to be paying the mortgage for many years longer than on the Continent.

Yep. My mortgage rate in Finland was 0.9%.

If I'd stopped paying, out I go.

Do people not see the correlation between inability to repossess and high mortgage rates in Ireland?

Claw Hammer

seasidedub wrote: »

Yep. My mortgage rate in Finland was 0.9%.

If I'd stopped paying, out I go.

Do people not see the correlation between inability to repossess and high mortgage rates in Ireland?

Mortgage rates in Ireland are high because the banks are broke and are trying to repair their balance sheets. Blaming innocent people is not going to change that.

Claw Hammer

Claw Hammer wrote: »

Mortgage rates in Ireland are high because the banks are broke and are trying to repair their balance sheets. Blaming innocent people is not going to change that.

How do you propose a bank repair it's balance sheet for this item?
It has an asset (mortgage given out) that it has received no income from, has had no repayments on, and hasn't been able to get the original money back by seizing the house and selling it.
What value should it put on this asset?

rivegauche

Claw Hammer wrote: »

Mortgage rates in Ireland are high because the banks are broke and are trying to repair their balance sheets. Blaming innocent people is not going to change that.

If this were true then European banks with good balance sheets would have entered the market and driven the broke banks out of business or those resident in other E.U. countries would be applying for mortgages on Irish product from their own country. My bank won't do that as they can't secure good title on the asset in Ireland if I were to default.

Graham

Deleted User wrote: »

How do you propose a bank repair it's balance sheet for this item?
It has an asset (mortgage given out) that it has received no income from, has had no repayments on, and hasn't been able to get the original money back by seizing the house and selling it.
What value should it put on this asset?

Hasn't the mortgage on this particular asset already been removed from the banks balance sheet when it was sold at a significant discount to the current mortgage owners?

handlemaster

Claw Hammer wrote: »

Mortgage rates in Ireland are high because the banks are broke and are trying to repair their balance sheets. Blaming innocent people is not going to change that.

Blaming Innocent people ? what does this mean ? Innocent do you mean people who dont know what they are doing when signed 50 different docs to get a mortgage and who also employ the services of a solicitor while doing to.


This playing with words in order to make out that if you borrow a large sum of money and dont pay it back its ok just doesnt work in 2019.

mariaalice

I can't see what they hope to get out of it now?, they are going to lose the house its very near the end of the line they would be better to cut them loses they have got 9 years out of it.

padd b1975

ButtersSuki wrote: »

The Irish Times article that was linked from here earlier seems to have been withdrawn, but was insightful as to the mindset of the occupiers - how they thought doing a feature on their 'home' when they hadn't made a payment on it in almost a decade was a good idea I don't know.

It was a gig I suppose.

beauf

handlemaster wrote: »

Blaming Innocent people ? what does this mean ? ....

..I was baffled by that also.

serfboard

Effects wrote: »

Niamh Horan. Always with the quality journalism.
https://www.independent.ie/irish-news/news/its-like-being-put-in-the-village-stocks-pamela-flood-breaks-her-silence-on-debt-critics-and-fighting-back-38310536.html

There is a most delicious quote in that article:

wrote:

Asked if the couple have a plan B in the event that they eventually have to leave their home, the former Miss Ireland reveals that she and her husband hope to be allowed to continue to make payments on their home and to stay in it ...
But if that doesn't work, Pamela says the family will have to consider their options, including renting. "As you can imagine with all the coverage, nobody is queuing up to rent to us"

Now in urban areas in the rest of the country, tenants have to queue up to rent from Landlords. But in Ms Floods head, the landlords should be queueing up to rent to her. :rolleyes:

Graham

serfboard wrote: »

But in Ms Floods head, the landlords should be queueing up to rent to her. :rolleyes:

It doesn't say that.

Geuze

<irrelevent gossip snippped.

Claw Hammer

Deleted User wrote: »

How do you propose a bank repair it's balance sheet for this item?
It has an asset (mortgage given out) that it has received no income from, has had no repayments on, and hasn't been able to get the original money back by seizing the house and selling it.
What value should it put on this asset?

It is not owned by an Irish bank. Things were all right here until that bank poked its nose in and the Irish banks lost the run of themselves.

rivegauche

Claw Hammer wrote: »

It is not owned by an Irish bank. Things were all right here until that bank poked its nose in and the Irish banks lost the run of themselves.

Your definition of "things were alright" would be that those who service mortages in Ireland continue to pay tens of thousands euro extra over the life of their mortgages.

Claw Hammer

rivegauche wrote: »

Your definition of "things were alright" would be that those who service mortages in Ireland continue to pay tens of thousands euro extra over the life of their mortgages.

I suppose you think things were alright after they came in and are alright now?

Gimme A Pound

It's certainly not right to blame innocent people for anything but which innocent people would these be?

cruizer101

So now Pamela has actually come out and said she think there is nothing wrong with not paying her mortgage
Independant.ie

Speaking to the ‘Sunday Independent’, Ms Flood said she and her husband have done nothing wrong.
“Missing mortgage payments is not doing something wrong. If you miss them genuinely because you can’t make the mortgage payment, that is not something wrong.
“It’s not immoral, it’s not even illegal, it’s just missing mortgage payments,” she said.

<SNIP>

Graham

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