Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…6791112…18

Comments

  • Options
    #242
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    I love how people are on the side of vultures.


  • Options
    #243
    Wtf ?
    Banned (with Prison Access) Posts: 343 ✭✭Wtf ?


    eagle eye wrote: »
    I love how people are on the side of vultures.
    I am not generally, But the only way vultures buy,get your loan is if you are not paying,not engaging with the lender, generally acting the b---ix really. Throw them to the dogs.


  • Options
    #244
    Atlantic Dawn
    Registered Users Posts: 81,197 ✭✭✭✭Atlantic Dawn
    M


    eagle eye wrote: »
    I love how people are on the side of vultures.


    If someone doesn't pay 1 cent towards their mortgage for a period of 1 year then I am on the side of the vultures every single time.


  • Options
    #245
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    eagle eye wrote: »
    I love how people are on the side of vultures.

    I'm not sure what you mean.

    Because in this case the fund gave them a deal they couldn't get from a bank.
    The fund allowed them to stay in the property as part of the deal.
    The fund was wiping any outstanding debt. A deal they'd never got from a bank.

    Was there a better option than the fund on the table at any point?


  • Options
    #246
    dubrov
    Registered Users Posts: 3,549 ✭✭✭dubrov


    eagle eye wrote:
    I love how people are on the side of vultures.

    I disagree. Most people don't seem to be supporting the couple at all


  • Advertisement
  • Options
    #247
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    dubrov wrote:
    I disagree. Most people don't seem to be supporting the couple at all
    I doubt I could explain to you all that you need to understand.


  • Options
    #248
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    It's a vulture fund, says it all really.
    I'm not saying these people deserve to keep the house but if a bank can't do their own business and sell it to a despicable crowd like this them I'm changing sides immediately.


  • Options
    #249
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    eagle eye wrote: »
    It's a vulture fund, says it all really.
    I'm not saying these people deserve to keep the house but if a bank can't do their own business and sell it to a despicable crowd like this them I'm changing sides immediately.

    You need to explain your comment.

    Whats you're issue with Funds, especially in this specific case.


  • Options
    #250
    irishgeo
    Registered Users Posts: 9,370 ✭✭✭irishgeo


    beauf wrote: »
    irishgeo wrote: »
    The law disagrees with you.

    Is there a legal definition of home?
    No but there is a legal definition of if you haven't paid for it you don't own it.


  • Options
    #251
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    beauf wrote:
    Whats you're issue with Funds, especially in this specific case.
    Because of exactly what they are, they prey on the weak or struggling.


  • Advertisement
  • Options
    #252
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    eagle eye wrote: »
    Because of exactly what they are, they prey on the weak or struggling.

    Who is weak and struggling in this story?


  • Options
    #253
    Dav010
    Registered Users Posts: 14,019 ✭✭✭✭Dav010


    eagle eye wrote: »
    Because of exactly what they are, they prey on the weak or struggling.

    The repossession of a house you haven’t paid anything for in 10 years is not preying on the weak or struggling.
    eagle eye wrote: »
    It's a vulture fund, says it all really.
    I'm not saying these people deserve to keep the house but if a bank can't do their own business and sell it to a despicable crowd like this them I'm changing sides immediately.

    I’m pretty sure that selling off non performing loan books was not only a condition of the bailout, it was necessary to allow the banks to keep trading.


  • Options
    #254
    Wtf ?
    Banned (with Prison Access) Posts: 343 ✭✭Wtf ?


    eagle eye wrote: »
    Because of exactly what they are, they prey on the weak or struggling.
    Vultures hover over the weak and dying and then pounce and pick the bones.
    On every Mortgage ad, you see, ''Your home may be at risk etc etc''
    Even though they buy these loans at heavily discounted rates, They are still taking a punt. Your pension fund sometimes buy into vulture funds to ensure you get your pension when it's due. Do you ever think how your pension company make their money ? Sometimes (in your case) Ignorance is bliss :(


  • Options
    #255
    TSQ
    Registered Users Posts: 283 ✭✭TSQ


    eagle eye wrote: »
    It's a vulture fund, says it all really.
    I'm not saying these people deserve to keep the house but if a bank can't do their own business and sell it to a despicable crowd like this them I'm changing sides immediately.

    Vulture Fund... Throughout history ignorant people have been manipulated by by the attaching of labels to groups in society in order to create convenient scapegoats. Once you attach a nice neat label to something it seems to eliminate the need to examine facts. If someone in social housing didnt pay a penny towards their rent for 9 years and the council finally decided to repossess the house (and agreeing to wipe out 9 years of debt) in order to give it to someone who would pay rent, would you consider that to be a “vulture” behaviour?


  • Options
    #256
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    beauf wrote:
    Who is weak and struggling in this story?
    The people in the house and the bank that gave them the mortgage.


  • Options
    #257
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    eagle eye wrote: »
    The people in the house and the bank that gave them the mortgage.


    https://www.google.com/amp/s/dailybusinessgroup.co.uk/2019/02/profits-up-24-at-lloyds-bank-unveils-higher-dividend/amp/

    The thing weak and struggling is your credibility and our incredulity.


  • Options
    #258
    Dav010
    Registered Users Posts: 14,019 ✭✭✭✭Dav010


    eagle eye wrote: »
    The people in the house and the bank that gave them the mortgage.

    At the risk of responding to someone who is trolling or doesn’t quite understand the concept of loans/mortgages, a mortgage comes with a warning that if you do not keep up your repayments, your home is at risk. Though unfortunate, this couple cannot expect to keep a house they have not paid anything for in ten years bar one repayment last February.. They are not being prayed apon, repossession was as a foreseeable and forewarned risk when they took out a mortgage. They may be struggling, but they don’t have to struggle in a one million euro house which the fund has repossessed legally.


  • Options
    #259
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    As they were offered the chance to walk away debt free, they seem to have got an interest free loan of over a million, free luxury accommodation and free legal services for almost 10yrs.

    Now I'm not saying this wasn't tough at times, but its probably one of the best personal debt reconciliation stories in the history of the state.


  • Options
    #260
    Wtf ?
    Banned (with Prison Access) Posts: 343 ✭✭Wtf ?


    beauf wrote: »
    As they were offered the chance to walk away debt free, they seem to have got an interest free loan of over a million, free luxury accommodation and free legal services for almost 10yrs.

    Now I'm not saying this wasn't tough at times, but its probably one of the best personal debt reconciliation stories in the history of the state.

    Acting the B---ix pure and simple. He owned Town Bar & Grill, She, A Former Ms Ireland with previous TV work, A Name, and Contacts in modelling,media etc.
    I also live in Clontarf, 10 mins away from said house. I am on Disability from a broken back.I live alone, I have a deaf son who I support, I rent private and get rent allowance. I have no security, after bills,I live on 70E pw. I walk by this house and 1 of their mortgage payments would change my life forever. Gripe over. I have a very cheap chilled life and overall I am happy. Acceptance is a wonderful thing but I had to have a bitch about these 2. I,m ok now !:o


  • Options
    #261
    splinter65
    Registered Users Posts: 9,420 ✭✭✭splinter65


    eagle eye wrote: »
    I doubt I could explain to you all that you need to understand.

    The couple are more greedy and immoral than the vultures in this case


  • Advertisement
  • Options
    #262
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    splinter65 wrote:
    The couple are more greedy and immoral than the vultures in this case
    I disagree.
    The problem I have is the bank who gave them the mortgage. If they repossessed I'd have no problem.


  • Options
    #263
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    eagle eye wrote: »
    It's a vulture fund, says it all really.
    I'm not saying these people deserve to keep the house but if a bank can't do their own business and sell it to a despicable crowd like this them I'm changing sides immediately.


    This country would still be on its knees if foreign companies didnt invest here. This is business we are 100% capitalist country. These are the rules. The couple signed up , no issues there. They agreed to move out and didnt. What of the business that he running what would he do if his customers did the same...eat their fill and walked away without paying.


  • Options
    #264
    Sunny Disposition
    Registered Users Posts: 2,709 ✭✭✭Sunny Disposition


    Close to ten years without a payment and they were given a chance to walk away from the debt. Not unfair by any means. Very fortunate for them really, a decade without paying rent or mortgage but getting to live in a top class home.

    No sympathy due here, phenomenal sense of entitlement if they genuinely think they are being wronged.


  • Options
    #265
    Dav010
    Registered Users Posts: 14,019 ✭✭✭✭Dav010


    eagle eye wrote: »
    I disagree.
    The problem I have is the bank who gave them the mortgage. If they repossessed I'd have no problem.

    Does the owner of the loan book change the fact that no repayments were made for 10 years? Do you think a bank would have offered them the deal they got, walk away debt free without liability for legal costs? This couple were offered a far better deal by Tanager than they would have been by a bank.

    This couple lived rent free for 10 years, and were being allowed to walk away debt free even though the asset was not worth the accumulated debt they owed, many others do not get such a good offer and are pursued for the full amount owed, you should save your pity for those who are being threatened by moneylenders for loans needed to feed kids. These two don’t deserve your pity.


  • Options
    #266
    Shemale
    Registered Users Posts: 3,376 ✭✭✭Shemale


    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.

    Maybe dont start businesses if you only run them into the ground and pay your ****ing bills.

    Both of them must be earning good money, with no mortgage to pay.

    Boils my piss people whinging about vulture fund took over our mortgage, the ones sold are the pricks that havent been paying them / engaging with the bank while pissing through their earnings on frivilous things.

    I know a couple who owe a few hundred thousand are being persued and spend money like its burning a hole in their bank accounts.


  • Options
    #267
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    eagle eye wrote: »
    I disagree.
    The problem I have is the bank who gave them the mortgage. If they repossessed I'd have no problem.

    That makes no sense.


  • Options
    #268
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Reminder of previous warning.

    The standard of posting on this thread is way below acceptable for the accommodation & property forum.

    If you're just posting to be a d**k or a smart arse, take it somewhere else.

    Do not reply to this post on thread.


  • Options
    #269
    eagle eye
    Registered Users Posts: 37,527 ✭✭✭✭eagle eye


    Dav010 wrote:
    Does the owner of the loan book change the fact that no repayments were made for 10 years?
    You are jumping straight past my issue. The bank that gave the mortgage should be the ones attempting to repossess imo. I'd have no issue with this and I'd be fully behind them in this particular case.
    Vulture funds are exactly what it says on the tin. In this instance people are willing to dismiss what they are because of the story that the media are telling us. There are lots of cases where vulture funds show their teeth and it's not pretty.
    There are many cases where these companies buy up restructured mortgages where the loanee is meeting the terms of the new arrangement. The vulture funds are just looking for the first opportunity to cancel the new arrangement and then proceed to repossession. If you think that is right then I have nothing more to say to you.
    So knowing the evil side of vulture funds you'll never see me support them.


  • Options
    #270
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    You were asked about the fund in this specific case. Not for a general rant about investment funds.

    In many cases the banks have inflamed a situation by refusing to engage, before the fund get involved. Banks behave no differently and perhaps worse than the funds do. So it makes no sense to favour banks over funds.

    Banks and funds look at it as a financial transaction without the emotion. So on one hand I have no problem with this family doing the same back to them. In the middle of a housing crisis the govt should be more involved in keeping people in their homes. But the govt has assay on their hands and given the banks and funds free reign. But that's a different issue.

    This story is not about the housing crisis. This family could have walked away and started over. They have the means to do so. It has taken the system 9 years to get to this point. Because both the banks and funds wanted the property to appreciate to be worth more.


  • Advertisement
  • Options
    #271
    Ush1
    Registered Users Posts: 11,461 ✭✭✭✭Ush1


    eagle eye wrote: »
    You are jumping straight past my issue. The bank that gave the mortgage should be the ones attempting to repossess imo. I'd have no issue with this and I'd be fully behind them in this particular case.
    Vulture funds are exactly what it says on the tin. In this instance people are willing to dismiss what they are because of the story that the media are telling us. There are lots of cases where vulture funds show their teeth and it's not pretty.
    There are many cases where these companies buy up restructured mortgages where the loanee is meeting the terms of the new arrangement. The vulture funds are just looking for the first opportunity to cancel the new arrangement and then proceed to repossession. If you think that is right then I have nothing more to say to you.
    So knowing the evil side of vulture funds you'll never see me support them.

    Not really, the bank isn't going to sell the non-performing loan if it's actually performing.

    Do you understand that the "vulture" fund gave this "weak" couple a better deal than the banks ever would have?


This discussion has been closed.
Advertisement