Repossession of homes: what's the big deal?

bodice ripper · 04-07-2013 11:55PM

I went to art college, and even I knew the prices were unsustainable, so I really don't believe the "we didn't know" thing.

If they take your house, well then your back to not owning a house. Hasn't done me any harm.

my my my · 04-07-2013 11:56PM

if thebank come around here lookn for mney ill blow their feckin head off

bodice ripper · 04-07-2013 11:58PM

my my my wrote: »

if thebank come around here lookn for mney ill blow their feckin head off

Tough to argue with eloquence like that.

my my my · 05-07-2013 12:00AM

bodice ripper wrote: »

Tough to argue with eloquence like that.

excuse, i was quoting father ted

bodice ripper · 05-07-2013 12:04AM

my my my wrote: »

excuse, i was quoting father ted

Ah. Well then I retract my poor reponse, thoroughly unwarranted. Play on.

my my my · 05-07-2013 12:10AM

bodice ripper wrote: »

Ah. Well then I retract my poor reponse, thoroughly unwarranted. Play on.

ik kann ye nikt vertelle wat ik nie weit

ik kan je niet vertellen wat ik nie weet

BattleCorp · 05-07-2013 12:13AM

DebDynamite wrote: »

Interest rates are at an all-time low

My mortgage interest rate has gone up over 1% in the last year. And 1% adds a fair few quid to the repayments.

my my my · 05-07-2013 12:16AM

BattleCorp wrote: »

My mortgage interest rate has gone up over 1% in the last year. And 1% adds a fair few quid to the repayments.

currncy stability may be replaced by currency flexibility

bluesteel · 05-07-2013 12:58AM

JJJJNR wrote: »

OP as a renter are you not worried about rental prices going through the roof ? the more houses that are repossessed the more people go into rented accommodation, there will be a huge demand and then higher rents.. these houses are being snapped up by the people that probably got the country into this mess in the first place, why is the government prepared to watch these families loose their homes, after a couple of years of missed payments

What a moronic comment! How can rental prices go through the roof, doesn't it stand to reason that every family (yes renting families deserve consideration too!) that move into a repossessed house were previously renting? So the net number of renters is the same?

Most of the houses are being bought who were prudent and don't have massive mortgages they can't afford. Silly comment, shows you have no sympathy for those who rented all along instead of buying and now want to buy.

JimiTime · 05-07-2013 01:14AM

jr22 wrote: »

I live in a rented house with my wife and 14 month old child in the UK. I checked the place for dampness before I moved in. I furnished the house, i.e., no Bargaintown style mattress. IKEA won't break the bank FFS.

I'm 35, finishing off a PhD on a studentship that equates to well below minimum wage. I mind the little fella while my wife works part-time as a teacher and when she's off she looks after him. No childcare costs. Life's busy, but we make our choices and regret NOTHING.

We're both primary school teachers and resisted the Septic Tiger pressure that was relentless from all the sheeple who told us our rent was dead money and that we should buy.

At the height of the boom, we gave up (....no career breaks, resigned) our permanent jobs and fecked off to travel, sick of the scene in Dublin with all the flash harry bollox that was going on back then. We wanted to move on with our lives but didn't want to live in some souless awful estate in Ongar or Lucan, Swords etc saddled with a huge mortgage. Living in an apartment in town was grand, but paying half a million squids to own one. Ha ha!! Plenty of people decided, of their own free will, to jump on the property bandwagon.

I'm SICK to death of the béal bocht whingers who got burned by the property bubble.

Tough sh!te.

Stress test yourselves before you go getting yourself into a mountain of debt.

So many clowns in this country, it really is beyond f*cked for so many lifetimes..

Repossessions HAVE to happen. That's the reality. Ring Liveline with the feckin' sob stories if you want to get them off your chest.

Yeah, bleedin whingers wha! Feck sake, you're only losing your home and being left to pay all the equity shortfall (Probably about 100,000 on average), while the main contributors to the whole mess get bailed out along with receiving huge pensions rather than huge prison sentences. They're a right whiney bunch aren't they. Why can't they be more like you, and be A OK. @rseholes with all their "Problems".

jr22 · 05-07-2013 01:29AM

JimiTime wrote: »

Yeah, bleedin whingers wha! Feck sake, you're only losing your home and being left to pay all the equity shortfall (Probably about 100,000 on average), while the main contributors to the whole mess get bailed out along with receiving huge pensions rather than huge prison sentences. They're a right whiney bunch aren't they. Why can't they be more like you, and be A OK. @rseholes with all their "Problems".

JimiTime, you make your choices and you live with the consequences, for better or worse. Deal with it.

shruikan2553 · 05-07-2013 01:50AM

I dont have a mortgage but my understanding is that you agree to pay back X amount of money + interest to buy a house. As part of the agreement, if you fail to repay the money they take the house and want the rest of their money back.

So people agreed to this and then complain when the bank takes the house when they dont pay for it?

.jacksparrow. · 05-07-2013 02:02AM

This country really has gone to the dogs, some of the peoples attitudes would make you sick.

Its never my fault its someone else's, noone can stand up and admit they made mistakes, from bankers to mortgage holders.

The sense of entitlement and self importance.

Tom_Cruise · 05-07-2013 02:06AM

Nice post OP.

I have yet to meet a person who has been made homeless because of the recession, the social welfare office just give you a house/flat and money for food/alcohol/Netflix and your back on your feet.

Bullseye1 · 05-07-2013 02:51AM

Dostoevsky wrote: »

But why should I, as a taxpayer who didn't try to keep up with the Joneses by buying a house during the "boom", pay for losses which other people made by buying a house during that time?

It's bad enough that my taxes are funding the idiocy of banks. Adding the idiocy of house purchasers to that burden exacerbates that injustice for those of us who lived within our means during the bubble.

Because they foolishly guaranteed the banks and nationalised them. If they were in private ownership the tax payer wouldn't give a rats about the banks.

Frank Black · 05-07-2013 07:58AM

Kidchameleon wrote: »

I don't get why people get so hot and bothered about the ordinary man getting bailed out yet they seem to be happy that the bankers got bailed out.

Who's happy about bankers being bail out?

You post sums up the general sense of entitlement of those who made rash borrowing decisions during the boom, the 'Where's my bailout?' attitude.

Most of us hard-pressed tax-payers are royally pissed off at having to pay for the bailouts of our failed banking institutions, we'd rather not have to pay for the bailouts of the reckless and feckless borrowers too.

I hear people on the radio like that fcuktard Jerry Beades yesterday evening after disrupting the property auction in the Shelbourne. That prick borrowed millions because he thought he could make a quick buck throwing up apartments, now he's like us all to pay his debt back because the property market went pear-shaped.
Sorry Jerry, no can do. I spent the noughties paying off my mortgage on my 3-bed semi in Dublin 20. I stress-tested myself and decided I didn't want to take on additional debt that I might struggle to pay if my personal circumstances changed or the economy went tits-up and I'm not going to ride in on a white horse and pay your debt off.

I do have sympathy for those who bought at the wrong time and are struggling now and I'm in favour of re-structring of debt or debt write down if the underlying asset is surrendered.
But black cheque write downs? No way.

floggg · 05-07-2013 08:49AM

hatrickpatrick wrote: »

How doesn't it make sense? We've pumped about 100bn into the banks. Us. The taxpayer. That blank cheque from us to the banks is more than the personal debts of probably every distressed homeowner combined. In my view, we owe them nothing further. If we'd never bailed them out I would have a different view, but my position is that these w@nkers still have their massive pay packets and pensions because every ordinary person in this country was forced against their will to pump several million euro apiece into these trainwrecks of industry, and that amount of money most likely covers everyone's personal debts a hundred times over.

So you personally paid them €200-500k?

And if keeping your house for free is the quid quo pro, should people like me who don't have a house, but will be funding any relief on other people's mortgages (started working full time in 2008) for the rest of their lives get a slice of the houses we are paying?

Anybody know anybody with a mortgage in default near Dublin city centre? Wouldn't mind having some place to crash in on Saturday nights.

jester77 · 05-07-2013 08:52AM

I really have to laugh at the Irish mentality :rolleyes:

You signed an agreement with the bank and you were obviously happy with the terms and agreements and the amount you have to pay back, otherwise you would not have signed it.

For most people it is the biggest transaction of their life, so they would have stress tested and covered all possibilities that could happen in the next 20-30 years (unemployment of one or both parties, injuries and not being able to work for extended periods/rest of your life, children and child care costs/stay at home mom/dad, death of a partner, interest rates over 10% like our parents had, etc) Anyone that didn't do this is a fool and deserves no sympathy.

So what has changed? Feck all that wouldn't have been covered by your stress test before you signed with the bank. People should stop whinging about the government and shady banks, that has nothing to do their mortgage signing.

Here in Germany you would be kicked out (forcibly if needed) if you fail to meet the terms of your contract. This Irish bs would not be tolerated.

floggg · 05-07-2013 08:59AM

ScumLord wrote: »

I do blame the banks most of all, people didn't know they were buying houses at inflated prices, the majority view was that it would continue and there was very, very little opposition to that viewpoint. The bankers were the experts, they either knew what they were doing and are criminals or were inept and should be removed from their jobs.

I'll put it this way, the majority of people that use computers haven't the first clue how they work, they don't know any programming language and they couldn't name the parts inside their PCs. If I'm repairing someones PC I can't expect them to know what went wrong or how I'll fix it, they just have to trust I'm the expert and I know what I'm doing. If I mess up their PC it's my fault, it doesn't matter that they let me do it. I came with good recommendations from everybody, even the Taoiseach said that if you don't use me you should just kill yourself for being so stupid. I gave you my guarantee I was going to make everything better.

Now that you're PC is fecked you have to pay me because my reputation got ruined and no one wants to hire me anymore and I get to keep your PC.

I'm not talking about taxpayers paying anything extra, we're already paying out money to the banks, stop that craic, make banks give extended payment options to customers or simply put a halt on the payments until the people get jobs.

Well we know that now.

Does your ,other still lay put your clothes for you in the morning or are you capable of making at least some decisions on your own?

I also imagine you have bought every item any door to door salesman has very offered to you, and are now a Jehovah's Witness.*

*With your ability to blindly accept whatever you are told without any critical thought or acceptance of your own responsibility for your decisions and actions, you have to be some version of religious.

Peanut2011 · 05-07-2013 09:00AM

Ok, let me answer some of your points:

Dostoevsky wrote: »

Why can't people who are living in homes that they cannot afford just accept that they have to move to something more affordable? They can then get on with their lives.

The reason they can not accept that is the fact that the amount owed on the property would not be covered if the property was given back to the financial institution. It's not an open and shut case!

Dostoevsky wrote: »

But some people seem, in principle, opposed to repossession of homes by the financial institutions which own them. This, to me, makes no sense. In fact, it is unfair to everybody else who has to pay for their accommodation.

They are opposed for the reason above and probably for the fact that it is seen that ordinary citizen who worked hard to get "home" not just another house, is now being thrown to the wolfs.

Dostoevsky wrote: »

Losing "your" home really, really is not the end of the world.

There's no shame in renting, none at all.

Again, no shame in renting, no shame in losing something you can no longer afford to pay for the problem is that you lose the roof over the head and still have a huge debt and nothing for it.

My view is, the banks took a gamble on mortgages too, they have your house as security against the debt. In ideal world, if they go for repossession that is all they get.

ceadaoin. · 05-07-2013 09:01AM

Gongoozler wrote: »

A lot? not once in my 11 years of renting and all the people I've known have I heard of anyone being thrown out of their house because the landlord was selling. I really don't think it happened a lot. It seems that you want to make it out like it was your only option to buy. When it wasn't. You chose to get a presumably large mortgage for a house, instead of risking renting.

I just want to point out that this does happen quite often. It's happened to me twice and a family member was recently given 4 weeks notice as the landlord was selling.

homerjay2005 · 05-07-2013 09:03AM

stevedublin wrote: »

FAMILIES with CHILDREN will be thrown out onto the STREET !!!!

so children are an excuse to go out, buy the biggest house on the street and then, dont pay the mortgage?

right...i can see that ending well.

Peanut2011 · 05-07-2013 09:06AM

homerjay2005 wrote: »

so children are an excuse to go out, buy the biggest house on the street and then, dont pay the mortgage?

Why do you automatically assume that the person went and bought the biggest house on the street??

Frank Black · 05-07-2013 09:08AM

ceadaoin. wrote: »

I just want to point out that this does happen quite often. It's happened to me twice and a family member was recently given 4 weeks notice as the landlord was selling.

Extrapolating from two examples (you and a family member) to make a broad generalisation about the entire rental market is pretty dumb tbh.

My neighbour won €5k on a scratchcard, so winning €5K on a scratchcard must be pretty common mustn't it?

Freddy Smelly · 05-07-2013 09:08AM

stevedublin wrote: »

FAMILIES with CHILDREN will be thrown out onto the STREET !!!!

no they wont... they will get rent allowance and dole and child benefit

homerjay2005 · 05-07-2013 09:17AM

Peanut2011 wrote: »

Why do you automatically assume that the person went and bought the biggest house on the street??

to answer an equally assumptions statement that these houses have children in them. people bought over valued houses at the whim of panic. had they sat back and thought about the consequences, they wouldnt be in this mess.

i have no sympathy for anybody to be honest. this concept of "dead money" was the biggest farce of all time...simple mathematics show that renting is cheaper than a mortgage. the house i live in is 1420, if i bought in the boom, id now be paying twice that.

A mortgage on an overpriced house that will see you pay about 30-40% extra in interest, is as dead money as it gets.

ceadaoin. · 05-07-2013 09:17AM

Frank Black wrote: »

Extrapolating from two examples (you and a family member) to make a broad generalisation about the entire rental market is pretty dumb tbh.

My neighbour won €5k on a scratchcard, so winning €5K on a scratchcard must be pretty common mustn't it?

Well that poster had said that noone they knew had this happen, therefore it must never or hardly ever happen. Is that not also a broad generalisation based solely on personal experience? I was just pointing out that it does in fact happen.

gallag · 05-07-2013 09:20AM

I love the way the "renters" bashing the "owners" all seem to be in the position they are in due to good forsite and being smart while in reality some were to young to get a mortgage and some could not afford a mortgage, I have a few friends that were busting their balls trying to get a mortgage untill the bubble burst then they simple became really smart people who held out because they are really smart! There but for the grace go you!

I bought my house after the crash, I bought the same house as a friend did only mine was extended with a bigger kitchen and an extra bedroom for £30,000 less, this was not becaus 8 was smart and my friend was dumb, it was because my friend got his mortgage easier than I did, there but for the grace go me!

Also my friends mortgage is still about the same price as renting the same house only more security and he will own it outright in about 20 years so its not like renting is the default smart move, infact most houses out there now could probably be bought cheaper than renting so why rent after the crash?

Frank Black · 05-07-2013 09:21AM

ceadaoin. wrote: »

Well that poster had said that noone they knew had this happen, therefore it must never or hardly ever happen. Is that not also a broad generalisation based solely on personal experience? I was just pointing out that it does in fact happen.

No, you actually said that it happens "quite often".

That's a big difference from saying that it happens.

And yes, saying it "never happens" would be just as dumb.

Gongoozler · 05-07-2013 09:22AM

ceadaoin. wrote: »

Well that poster had said that noone they knew had this happen, therefore it must never or hardly ever happen. Is that not also a broad generalisation based solely on personal experience? I was just pointing out that it does in fact happen.

But I didnt say so it must never happen, I said so I dont think it happens a lot. And thats based on having known around 50 renters or more.

Repossession of homes: what's the big deal?

Comments