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

Portsalon wrote: »

handlemaster wrote: »

People during the boom were herded up in the street brought into banks and forced to take out mortgages. Some people were even forced to take out car loans and loans for holidays. The banks have a lot to be blamed for.

That's certainly the left-wing TDs' revisionist perspective of things! Sad, although unsurprising, to see it being regurgitated on this thread.

A lesson in humour is in.the post. . FOC

Lux23 wrote: »

Yes, Fine Gael, the great bastion of left leaning politics in Ireland. :rolleyes:

Fine Gael are not right wing, they are just not as left wing as most of the other parties. There are no Right wing parties in Ireland, because anyone in politics seems terrified to actually voice their opinions if they involve common sense. It seems that the only way to get ahead in the political system here is to offer free stuff, with no regard to how it will be paid for, and dont dare say boo about the incompetent wasteful,public service.
We dont need more tax, we just need them tomproperly spend the money they have taken off us
Now that my off topic rant is done, regarding this thread, the residents of this house should be evicted immediately. They are one of the reasons the rest of us are being persecuted with higher thsn necessary mortgage rstes

vriesmays wrote: »

Their café in Mercer Street has closed.

Due to to many customers not paying no doubt

JDD wrote: »

They didn't buy a huge house - a small 3 bed in not-so-great Dublin suburb. Problem was, there was only one income and he only earned about €25k a year. But because he was self-employed the broker basically forged the self-certification documents, put down that he earned €60k, and they got an interest-only mortgage with a sub-prime lender. The broker explained it all away by telling them that if they paid the interest only payments for a year, they could then refinance with a main bank where the interest payments would be a lot lower and they'd be able to start paying back the capital. Of course the interest-only offer was only good for a year, and when they couldn't refinance in 2008 they went immediately into arrears.
.

i have no sympathy for those people either, who cares that it was small 3 bed in a not so great suburb, they allowed forged documents to be presented on their behalf, they are no better or worse than this crowd.

Lets face the house they are being evicted from, despite its value, isnt any great shakes, just seems more sensation because papers can call it a 1m euro house (doubt its worth close to that).

vriesmays wrote: »

Have they been evicted yet.

The Circuit court judge who granted the eviction order is pretty pissed and refused any stay on the eviction order.

He is up in front of the high court Thursday to try get a stay on the eviction order, which would then go into a full appeal in the high court.

His solicitor is claiming regardless of his lack of good faith in securing the Protective order, it doesn't invalidate it.

The judge who granted the insolvency protection order is staying pretty quiet, which is suspicious. I mean they would have to be pretty pissed too, this is a pretty bad abuse of their powers and trust.

I wonder if the high court has the power to reverse some of the better protections given to Mr Ryan, such as the lack of legal costs and the debt forgiveness as he failed to meet his end of the deal.

He also claims he has been paying the mortgage since last March. Seems doubtful, full payments would be roughly 10k a month at this point(1.5mil over 20 years)

This story sickens me and is just another example of how the entitlement culture ruins this country. We saved for a couple of years for a deposit saved over 2 years and bought a house back in 2001 from the plans - a 2 bed house. We really wanted the 3 bed, but it was about €10k extra and couldn’t afford it. So off we went - paid a deposit and lived there for a few years. Did all the work myself as we’d no money - wooden floors and kitchen floor tiling. I’ve experience in neither but basically learned through trial and error.

We traded up to the 3 bed a few years later - got screwed in stamp duty in the process which we used a combination of savings and borrowings to pay. The bank tried to convince us to hold on to the first house as an “investment”, we’d done the sums and weren’t comfortable it would work out. So we sold house number one. Bank also tried to convince us to take out almost twice the mortgage we’d applied for and also put the modest car loan on the 2nd mortgage. We weren’t going to do that - we’d worked out out the new mortgage on a doomsday scenario - me losing my job (I work in construction, so most likely), my wife a nurse.

I had a modest ssia maturing in 2008 (couldn’t afford the full payment monthly to avail of the once in a life time bonus, so had paid in about €100 per month over 5 years), so used this to pay off a car loan - I saw the storm coming when the main contractor on a project I was working on laid off staff en masse in 2007. I remember to this day the incredulity of the lady in the bank when I rang up to pay the loan for the car - she thought I was crazy and again tried to convince me to hold onto it. In the mean time, people working in my industry were fleeing en masse to the Middle East, Canada, Australia in advance of the meltdown almost overnight. Kids taken from school, houses sold, cars sold. Panic was setting in.

Eventually the inevitable came and I lost my job. Thankfully the only loan we had was our mortgage - everything else was paid off - Personal loans(for postgrad courses), credit cards and we had some modest savings to ride out the storm - little did we know how long it was going to last. My wife also ended up on illness benefit due to complications of a long term illness around the same time I lost my job. So both of us were on social welfare trying to pay our mortgage. We took a 2 month break and also reduced payments for a couple of months. I went to try get mortgage interest relief payments and after truthfully declaring our modest savings was refused. Eventually I got a job in a fraction of my salary in basically and admin job - ****ty enough degrading job from where I came from - but went back onto full payments on the mortgage. The mortgage was over half my income and we struggled. Took a good 5 years for my salary to recover, so scrimped and scraped to get by on one salary for years. It was rough but rewarding and satisfying having the grit to pull this off.

So when I read these stories I’m enraged by the gaul, entitlement and shear brazenness of these parasites who make a joke of the whole system. No doubt if they were a working class couple with out influence and connections they’d be out on their ear by now. Shameless entitled behaviour that absolutely sickens me.

Pinch Flat wrote: »

So when I read these stories I’m enraged by the gaul, entitlement and shear brazenness of these parasites who make a joke of the whole system. No doubt if they were a working class couple with out influence and connections they’d be out on their ear by now. Shameless entitled behaviour that absolutely sickens me.

this is a little hyperbolic and is exactly the kind of 'class' warfare certain elements are trying to provoke.

Firstly we can could take the first line above and apply it to people who dont work who get a house from the state.

secondly, what do you define as 'working class' and what influence and connections do you think this couple have?

lest anyone forget this is the semi d we are talking about, gorse hill it aint

mariaalice wrote: »

The actual location and type of house do not matter nobody is entitled to a keep property they have not fully paid for just because it is more modest that someone else's.

I happen to think anyone getting enraged about it is stilly though.

of course not, i agree, but the story being pushed by the media is that this is some sort of gilded palace because it gets people more worked up.

sunnyday1234 wrote: »

foced , lol:-)

Probably didn't need forcing, delighted to get it, forgetting about the future

Connections and legal eagles at their fingertips no doubt.

I think one judge in this case is pretty fed up to have been overruled.

They will have to go eventually. They have cement necks to keep this going though. The publicity is enough to break most people, apart from these jockey's blx neck heads.

No embarrassment at all. Well I suppose at their candlelight suppers they will regale their friends about how they managed to beat the system that the plebs had to deal with or something.

The Ryan's house is only around the corner from mine - the fact that they have a 191 jeep outside is just a ridiculously arrogant 2 fingers to us idiots who actually pay our mortgage.

I'd gladly keep the money and not bother paying if thats a live option.

Dav010 wrote: »

Assuming their credit rating is shot, does that mean they could afford to buy it?

Sure they prob paid cash - easy enough to do if you aint paying a mortgage!

My mortgage is 24k a year - if I didnt pay that for 9 years then I'd be driving a brand new Bentley Continental