House repossessions 'set to soar'

take everything · 06-02-2011 12:52PM #1

OK it's from the Sindo but Irish Brokers Association say that this could happen this year (with the forebearance periods for people in arrears coming to an end).
Pretty shocking if true.
Thoughts?
http://www.independent.ie/national-news/brokers-fear-20000-home-repossession-cases-in-year-2527398.html

iPlop · 06-02-2011 12:54PM

take everything wrote: »

OK it's from the Sindo but Irish Brokers Association say that this could happen this year (with the forebearance periods for people in arrears coming to an end).
Pretty shocking if true.
Thoughts?
http://www.independent.ie/national-news/brokers-fear-20000-home-repossession-cases-in-year-2527398.html

Of course it's gonna happen when there's 1% added to the interest rate

orourkeda · 06-02-2011 12:58PM

Quick Question.

How much will this cost the state in rent allowance?

sonic85 · 06-02-2011 01:11PM

take everything wrote: »

OK it's from the Sindo but Irish Brokers Association say that this could happen this year (with the forebearance periods for people in arrears coming to an end).
Pretty shocking if true.
Thoughts?
http://www.independent.ie/national-news/brokers-fear-20000-home-repossession-cases-in-year-2527398.html

maybe some people shouldnt have built/bought houses they couldnt afford? for the people who have reasonable houses but just were unlucky and lost their jobs i feel sorry for them but the twats that went to town and spent way more than what they could afford i have absolutely no sympathy for them.

FreudianSlippers · 06-02-2011 01:12PM

I don't see it happening. Firstly there are new regulations regarding the way lenders have to approach lenders and come up with payment plans - also, there are ways to go to the ombudsman if you're not happy with the plan (Importantly: the lender has to come up with the plan - they cannot go to the Courts now and say that the borrower couldn't come up with an acceptable plan).
This also applies to cases already in the Courts system... which is big.

2 other points: Firstly, the Master of the High Court is being VERY strict on lenders and they have to have everything perfect before he sends the case off the the Judge's list. If they're not perfect he is sending them off to fix it and that's taking months... which relates to the second point - that is, the Court lists are so long at the moment that these matters that will arise this year will not be reached until mid next year IMO. Even now, relatively early in the legal term this year, cases are being adjourned into next term.

Pauleta · 06-02-2011 02:15PM

Dont get a mortgage if you are not 100% that you can pay it.

iPlop · 06-02-2011 02:18PM

Pauleta wrote: »

Dont get a mortgage if you are not 100% that you can pay it.

Ehh most people could pay it before the country went into meltdown.They're not going to be thinking "do ya know what ,im not gonna buy this house cos there might be a recession in ten years"

06-02-2011 02:21PM

It depends on whether the properties to be reposessed are family homes or in most cases speculative rentals/flippers.

Repossing family homes mean that people become homeless, with all the problems that entail. Repossessing speculative acquisions is less of an issue as many are empty and if rented out the tenants are given notice or the banks could take over the role as landlord.

Red Hand · 06-02-2011 02:40PM

Sink The Banana wrote: »

Ehh most people could pay it before the country went into meltdown.They're not going to be thinking "do ya know what ,im not gonna buy this house cos there might be a recession in ten years"

To be fair, recessions always occur. So, not to take into account their reality, is rather silly.

Oranage2 · 06-02-2011 02:43PM

I'll be the first to say it so:

"They can bail out the banks but who's bailing out the irish people?"

Kasabian · 06-02-2011 02:44PM

Jeremiah 16:1 wrote: »

To be fair, recessions always occur. So, not to take into account their reality, is rather silly.

You must be great craic to plan a holiday with :pac:

06-02-2011 02:45PM

Jeremiah 16:1 wrote: »

To be fair, recessions always occur. So, not to take into account their reality, is rather silly.

There was a time when the banks used to do this before dishing out mortgages, but during the crazy times 1998-2006 they gave them out like sweets!

Red Hand · 06-02-2011 02:46PM

Kasabian wrote: »

You must be great craic to plan a holiday with :pac:

Where are you thinking of going?

4zn76tysfajdxp · 06-02-2011 02:47PM

Oranage2 wrote: »

I'll be the first to say it so:

"They can bail out the banks but who's bailing out the irish people?"

Germans?

Red Hand · 06-02-2011 02:49PM

Deleted User wrote: »

There was a time when the banks used to do this before dishing out mortgages, but during the crazy times 1998-2006 they gave them out like sweets!

Shouldn't take sweets/loans from strangers, or you/your home might be carried off by a repossessophile.:pac::pac:

Kasabian · 06-02-2011 02:49PM

Jeremiah 16:1 wrote: »

Where are you thinking of going?

Egypt.

06-02-2011 02:49PM

Jordy Quick Milkman wrote: »

Germans?

No, the Chinese! (A great bunch of lads)

physioman · 06-02-2011 02:53PM

I'd have to agree with sonic85. People blame the banks for handing out the mortgages but people had the choice whether to get a mortgage or not. I don't have much pity on people who took out mortgages beyond their means. They mustn't have realised that they had to pay them off over 20 years!

Red Hand · 06-02-2011 02:53PM

Kasabian wrote: »

Egypt.

I won't be a downer, so....great choice!

Atlantic Dawn · 06-02-2011 02:54PM

There will only be a tiny amount of repossessions in the coming year, perhaps 100 and these will be basket cases. Even with people tens of thousands in default, the last thing the banks or the government want is for any panic selling of homes at reduced prices.

Kasabian · 06-02-2011 02:55PM

Jeremiah 16:1 wrote: »

I won't be a downer, so....great choice!

I thought the mood would make you comfortable.

Red Hand · 06-02-2011 02:59PM

Kasabian wrote: »

I thought the mood would make you comfortable.

Yes. Very.

You know what? You were right. Planning this holiday is great craic.

:pac:

El Siglo · 06-02-2011 03:00PM

Bad form if they start repossessing homes off people. There's a quote from JFK which kind of springs to mind; "If a free society cannot help the many who are poor, it cannot save the few who are rich."

RoyalMarine · 06-02-2011 03:00PM

a lot of people were able to pay mortages when they took them out.

then the recession hit.

The minimum wage went DOWN.
200,000+ people lost their jobs.

mortgage rates went UP.
the price in health care went UP.
the price in home heating went UP.
the price in petrol/deisel went UP.
the price of food went UP.
the price of bills such as sky, upc, ESB, gas went UP.

so, how can someone who has a steady job say in 2004 earning decent money, wife out working earning decent money with 2 kids both in school.
everything going fine for them.

now, fast forward 6 years to last year.

recession hits.

wife lost job.
both kids now in college. however, due to the useless system for grants, neither are elligable.
husband wage decrease in order to keep his job.

cost of EVERYTHING goes up.

now, 1% mortgage increase.

earnings dropped by 50% in a month easily.

no one can predict what will happen over the course of 20 years.

if they could, then they would be richer than anyone else in the world.

Kersh · 06-02-2011 03:04PM

panic selling of homes at reduced prices.

This is exactly what Im waiting for.

danbohan · 06-02-2011 03:05PM

RoyalMarine wrote: »

a lot of people were able to pay mortages when they took them out.

then the recession hit.

The minimum wage went DOWN.
200,000+ people lost their jobs.

mortgage rates went UP.
the price in health care went UP.
the price in home heating went UP.
the price in petrol/deisel went UP.
the price of food went UP.
the price of bills such as sky, upc, ESB, gas went UP.

so, how can someone who has a steady job say in 2004 earning decent money, wife out working earning decent money with 2 kids both in school.
everything going fine for them.

now, fast forward 6 years to last year.

recession hits.

wife lost job.
both kids now in college. however, due to the useless system for grants, neither are elligable.
husband wage decrease in order to keep his job.

cost of EVERYTHING goes up.

now, 1% mortgage increase.

earnings dropped by 50% in a month easily.

no one can predict what will happen over the course of 20 years.

if they could, then they would be richer than anyone else in the world.

so your telling me that somebody taking out their mortgage in 2004 would have thought that interest rates would remain at 2% -4% for next 20 to 30 years , and that their income could only go up ?

i thought this was supposed to be our brightest and best educated generation ? appears to be the opposite

Red Hand · 06-02-2011 03:07PM

danbohan wrote: »

so your telling me that somebody taking out their mortgage in 2004 would have thought that interest rates would remain at 2% -4% for next 20 to 30 years , and that they income could only go up ?

i thought this was supposed to be our brightest and best educated generation ? appears to be the opposite

Recessions never occur in the space of a 30 year period.

wolfpawnat · 06-02-2011 03:10PM

It's all well and good repo-ing them, but they won't want to. There are houses for sale left, right and centre as it is. What do they think they will do with them all? They would be better served being realistic and trying to sort something with the borrowers!

06-02-2011 03:13PM

danbohan wrote: »

so your telling me that somebody taking out their mortgage in 2004 would have thought that interest rates would remain at 2% -4% for next 20 to 30 years , and that they income could only go up ?

i thought this was supposed to be our brightest and best educated generation ? appears to be the opposite

Because our "educators" don't teach economics to everyone, many are simply blind to these obvious facts and rely on the professionals at the banks to help them!

Most people of a certain age could see the warning signs, they've already experienced a recession (yep! been there, done that,bought the Tshirt), as we were not professionals, our warnings fell on deaf ears!

Once house prices got above 4x the average salary of the buyers, the alarm bells started to ring.

poppyvalley · 06-02-2011 03:13PM

:D:D

Kasabian wrote: »

Egypt.

LoLYou got him

Mike 1972 · 06-02-2011 03:17PM

Deleted User wrote: »

Repossing family homes mean that people become homeless.

Not necessairly.

It usually means that instead of living in a place owned by a bank they end up living in a place owned by a landlord (or the state). May not be a very pleasent prospect but hardly comparable with actual homelessness.

Oh and whats this big gawdamn hangup about family homes ? Dont single people (and childless/childfree couples) need somewhere to live too.

House repossessions 'set to soar'

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