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Threat to protest stops eviction

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Comments

  • Registered Users Posts: 9,606 ✭✭✭gctest50


    So the iCarehousing vultures buy your house off the bank and then rent it back to you

    Then after 25 years you can buy the house from iCarehousing


  • Registered Users Posts: 905 ✭✭✭mikep


    What will iCarehousing do if they stop paying the rent ?


  • Registered Users Posts: 9,606 ✭✭✭gctest50


    mikep wrote: »
    What will iCarehousing do if they stop paying the rent ?


    Give it a few years and rent to iCarehousing will be deducted at source from wages or dole


  • Registered Users Posts: 9,606 ✭✭✭gctest50


    So if you are say ......... 35

    and you can buy your house back from iCarehousing in 25 years time

    What bank is going to give you a mortgage @ 60 years of age ?


  • Registered Users Posts: 6,001 ✭✭✭handlemaster


    gctest50 wrote: »
    So if you are say ......... 35

    and you can buy your house back from iCarehousing in 25 years time

    What bank is going to give you a mortgage @ 60 years of age ?



    maybe icare been non profit will sell you back the house minus the rent you have paid .... NOT


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  • Registered Users Posts: 1,238 ✭✭✭The Student


    gctest50 wrote: »
    So the iCarehousing vultures buy your house off the bank and then rent it back to you

    Then after 25 years you can buy the house from iCarehousing

    I am sorry but the whole ICarehousing just does not add up. From reading on the Indo ICare housing state they purchase the property from the vulture fund/bank they then rent it to you the tenant the same way the social welfare would on a 25 yr lease.

    If at the end of the 25yr lease you can afford to you can purchase the property from ICare Housing at the same price they paid the vulture fund/bank for it.

    Am I missing something here? If someone was smart they could rent their property from ICare for a low rate, while at the same time save money to eventually buy the property back in 25 yrs time and at the same time saving interest payments on the mortgage while ICare housing take care of the maintenance of the property under the rental agreement.

    I just think the ICare model is just to good to be true if my understanding of it is correct.




  • https://m.independent.ie/irish-news/news/repossession-halted-after-protest-threat-by-campaigner-37698013.html

    On the outset no real details of how this situation came about. But the issuing of a threat to protest and then in the background buying the property is not a good road ireland is taking.

    The details are in the article. “In the Cabra case, the woman and her husband bought their home in 1995 with a mortgage from First National Building Society but soon got into difficulties paying off their loan. Start Mortgages took over the mortgage in 2006 and began High Court proceedings the same year”


  • Registered Users Posts: 32,802 ✭✭✭✭NIMAN


    Fair play to ICarehousing.

    What will they do though when the tenant doesn't pay them their rent?
    Which sounds very likely to happen.


  • Closed Accounts Posts: 2,291 ✭✭✭lbc2019


    what happens after 25 years? ICare seem to be the winners here. LA make up difference in full rent and they own the asset


  • Registered Users Posts: 2,128 ✭✭✭Tacitus Kilgore


    lbc2019 wrote: »
    what happens after 25 years? ICare seem to be the winners here. LA make up difference in full rent and they own the asset


    So:

    Icarehousing buys the house, gives tenant 25 year lease, tenant pays means tested equivalent council rent, council makes up difference in rent to market rate? Then tenant has the option to buy the house for what Icare paid for it after 25 years (no inflation etc to worry about?) ?

    I don't really understand..


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  • Registered Users Posts: 905 ✭✭✭mikep


    I'm very dubious of anything that David hall is involved in, I think he was shrieking about a tsunami of repossessions a few years ago...which has not happened.
    if you look a the detail of this case there have been issues for probably about 20 years so something had to be done to resolve it.

    If banks cannot even attempt to rightfully repossess homes the system is screwed..

    It'll be interesting to watch iCarehousing develop over the next few years...


  • Closed Accounts Posts: 2,291 ✭✭✭lbc2019


    So:

    Icarehousing buys the house, gives tenant 25 year lease, tenant pays means tested equivalent council rent, council makes up difference in rent to market rate? Then tenant has the option to buy the house for what Icare paid for it after 25 years (no inflation etc to worry about?) ?

    I don't really understand..

    Icare own the asset and get full market rent for 25 years! Win for them

    If the tenant can't buy the house they get that too! $$


  • Registered Users Posts: 2,128 ✭✭✭Tacitus Kilgore


    lbc2019 wrote: »
    Icare own the asset and get full market rent for 25 years! Win for them

    If the tenant can't buy the house they get that too! $$

    So, it's a vulture fund then? :pac:


  • Registered Users Posts: 3,205 ✭✭✭cruizer101


    lbc2019 wrote: »
    Icare own the asset and get full market rent for 25 years! Win for them

    If the tenant can't buy the house they get that too! $$

    Icare paid for the house so of course they get it.

    If the tenant can buy the house Icare effectively lose out on the inflation of the house price, so in some ways its a bit of a gamble.

    Lets say house worth 300k and iCare pay that for the house, they then make 25 years of rent on it (the same as if they had bought another equivalent house for 300k). At the end of 25 years the tenant can buy the house for 300k, this is effectively a loss for iCare as compared to buying a house on open market the asset is worth far less. Or they continue to own the house and rent it out the same as if they bought another house.

    So in effect they are taking a risk on the tenant buying the house back, whats the gain for them compared to buying a house on open market?
    Guaranteed rent for 25 years maybe??

    Thats my understanding of it anyway.


  • Registered Users Posts: 267 ✭✭overkill602


    Even if they get tenanted for the 25yrs by people who wont engage hence the eviction order are they ever going to pay rent

    there is a cost to maintain, property tax, insurance and increasing regulation administration charges


  • Registered Users Posts: 5,776 ✭✭✭Old diesel


    mikep wrote: »
    I'm very dubious of anything that David hall is involved in, I think he was shrieking about a tsunami of repossessions a few years ago...which has not happened.
    if you look a the detail of this case there have been issues for probably about 20 years so something had to be done to resolve it.

    If banks cannot even attempt to rightfully repossess homes the system is screwed..

    It'll be interesting to watch iCarehousing develop over the next few years...

    iCare been allowed to buy the home from the bank and keep the family in the home but paying rent to iCare is to my mind the exact same outcome for the bank as a reprocession.

    The idea of the reprocession is for the bank or vulture fund to recover some or all of the remaining mortgage owed by selling on the house.

    Selling to iCare achieves this....

    It's a better solution in my view then that family going into emergency accommodation while simultaneously it achieves the same result for the bank as a traditional reprocession.

    Where do we propose these families live instead????




  • Old diesel wrote: »
    iCare been allowed to buy the home from the bank and keep the family in the home but paying rent to iCare is to my mind the exact same outcome for the bank as a reprocession.

    The idea of the reprocession is for the bank or vulture fund to recover some or all of the remaining mortgage owed by selling on the house.

    Selling to iCare achieves this....

    It's a better solution in my view then that family going into emergency accommodation while simultaneously it achieves the same result for the bank as a traditional reprocession.

    Where do we propose these families live instead????

    This is an interesting case. I wonder how many are in the family and their ages. It would appear that the family are being rewarded for avoiding their responsibilities.


  • Registered Users Posts: 9,606 ✭✭✭gctest50


    So, it's a vulture fund then? :pac:

    No, no is Chilean condor fund Mr. Fawlty




    mmxaM0T.jpg
    Vultur gryphus


  • Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    So, it's a vulture fund then? :pac:

    More like a wolf in sheep's clothing


  • Registered Users Posts: 2,267 ✭✭✭twowheelsonly


    NIMAN wrote: »
    Fair play to ICarehousing.

    What will they do though when the tenant doesn't pay them their rent?
    Which sounds very likely to happen.

    Looks to me like it's a clean start for the family which should reduce the liklihood of them defaulting on the rent. Highly unlikely that they were able to come up with the 20/30/50k that Start were demanding but now all they have to come up with is next weeks rent and the worry of eviction is lifted from them.

    BTW the tenants can buy back the house at any time during the 25 years, they don't have to wait for the end of the 25 years. Seems like a good (and sensible!!) deal to me.
    This is an interesting case. I wonder how many are in the family and their ages. It would appear that the family are being rewarded for avoiding their responsibilities.

    Without knowing their own circumstances I think it's a bit harsh to be labelling them as 'avoiding their responsibilities'. Thousands of people end up in dire financial straits for thousands of reasons.

    Never say never !! You're never more than a day away from Death, Jail or Homelessness.


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  • Registered Users Posts: 9,499 ✭✭✭runawaybishop


    It's just a vulture fund that rents houses to people who go on HAP, better than an eviction for the people renting though.


  • Registered Users Posts: 12,472 ✭✭✭✭Varik


    So the tenet pays the going council rate they'd pay if in a council house, and the council pay the rest up to market. So who does the tenet pay to, the council or the owner?

    If the tenant doesn't pay do the council still pay their share unlike hap.

    Edit:
    It's just a vulture fund that rents houses to people who go on HAP, better than an eviction for the people renting though.

    Never mind, thought it was different. So just HAP.


  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    lbc2019 wrote: »
    Icare own the asset and get full market rent for 25 years! Win for them

    If the tenant can't buy the house they get that too! $$
    They could do the long term leasing scheme for 20 years; AFAIK, rent will go directly from the CC to iCare. Then after the 20 years, I'm sure they could do another 10 year long term lease.


  • Registered Users Posts: 9,606 ✭✭✭gctest50


    the_syco wrote: »
    ....,.....

    I'm sure they could do another 10 year long term lease.

    Nope, in 25 years you either buy the house or leave


  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    gctest50 wrote: »
    Nope, in 25 years you either buy the house or leave
    Nope.

    https://www.independent.ie/irish-news/news/repossession-of-widows-home-halted-after-protest-threat-by-leading-campaigner-37698013.html
    If at the end of the 25 years the occupants are still eligible for social housing, they can continue to rent.
    iCare could do back to back 20 year leases for guarantee rent if they wanted.


  • Registered Users Posts: 10,687 ✭✭✭✭padd b1975


    Varik wrote: »
    So the tenet pays the going council rate they'd pay if in a council house, and the council pay the rest up to market. So who does the tenet pay to, the council or the owner?

    If the tenant doesn't pay do the council still pay their share unlike hap.

    Council=Taxpayers.

    Never forget that.


  • Registered Users Posts: 12,992 ✭✭✭✭Geuze


    mikep wrote: »
    What will iCarehousing do if they stop paying the rent ?

    iCare buy the house.

    They lease it to the local authority.

    The LA pay the lease rent.

    The tenant pays the LA.


  • Registered Users Posts: 1,238 ✭✭✭The Student


    Geuze wrote: »
    iCare buy the house.

    They lease it to the local authority.

    The LA pay the lease rent.

    The tenant pays the LA.

    I am not sure this is the case (although I could be wrong). The LA are actively encouraging HAP and have ceased the RAS in all local authorities except Dublin City Council.

    When I enquired with South Dublin County Council why they were ceasing the RAS they said due to non payment of rent by the tenant and the Council are liable for it.

    I suspect the arrangement with ICare will be a HAP scenario.


  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    I am not sure this is the case (although I could be wrong). The LA are actively encouraging HAP and have ceased the RAS in all local authorities except Dublin City Council.

    When I enquired with South Dublin County Council why they were ceasing the RAS they said due to non payment of rent by the tenant and the Council are liable for it.

    I suspect the arrangement with ICare will be a HAP scenario.
    AFAIK;
    HAP = tenant pays CC, and CC then pays LL. If tenant doesn't pay CC, CC doesn't pay LL.
    10 or 20 Year Lease; CC pays LL direct.


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  • Closed Accounts Posts: 1,800 ✭✭✭tretorn


    Where is icare getting the money to buy the house.


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