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11-03-2019, 16:34   #46
happyfriday74
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Yep. The slow repo process is why we pay such high rates.

I was in Spain recently and was shocked at the level of homelessness. A Spanish mate told me that once you bounce a few mortgage payments action is taken fairly quickly.

the other side of this is their rates are much cheaper and sub 2%
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11-03-2019, 18:04   #47
JDD
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It's the same in the UK. Miss three payments and you're in court a month later. If you don't pay the entirety of the arrears the day you are in court a repossession order is given and you're out the next month.
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11-03-2019, 20:34   #48
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The family fights back!

https://www.independent.ie/irish-new...-37900137.html
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11-03-2019, 20:35   #49
Marcusm
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They played the game. They realised a sale at 500kwas not acceptable. Tanager left them in place so that the house was not abandoned. Surprised that they have not had to agree to any future payments at all.
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11-03-2019, 20:42   #50
beauf
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Paints a different story alright. It didn't make a lot of sense up till now.
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11-03-2019, 21:39   #51
dubrov
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Not much of a defence to be honest. At no point is there any suggestion that they would have to take any personal responsibility for the losses they had accumulated.
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11-03-2019, 22:02   #52
beauf
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You get what you can negotiate. It would be interesting to know the exactly details of how all the different deals worked out. But I doubt we will ever know.
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12-03-2019, 09:23   #53
JJJackal
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Impossible to make any real comment on this case - sounds very complicated and all we have is very superficial information.

If he tried to sell the houses 3-4 times and wanted to leave there isnt much more in could do

Leaving for the sake of leaving the house would not have helped the situation
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12-03-2019, 09:34   #54
Kivaro
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If he tried to sell the houses 3-4 times and wanted to leave there isnt much more in could do

Leaving for the sake of leaving the house would not have helped the
The husband's 'defense' of the situation is full of holes.
He said that they were told not to make payments on the house: Who told them that? Threshold? A friend down the road?

He also claims that they tried to sell the house a number of times, but could not because the offers were not high enough. By not accepting these multiple offers, it allowed him and his family to continue living in the house without having to make any payments.
His spin of the situation does not compute.
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12-03-2019, 09:35   #55
JJJackal
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The husband's 'defense' of the situation is full of holes.
He said that they were told not to make payments on the house: Who told them that? Threshold? A friend down the road?

He also claims that they tried to sell the house a number of times, but could not because the offers were not high enough. By not accepting these multiple offers, it allowed him and his family to continue living in the house without having to make any payments.
His spin of the situation does not compute.
In this scenario, I imagine the bank dictates what offer is accepted?
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12-03-2019, 09:49   #56
Hoboo
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The husband's 'defense' of the situation is full of holes.
He said that they were told not to make payments on the house: Who told them that? Threshold? A friend down the road?

He also claims that they tried to sell the house a number of times, but could not because the offers were not high enough. By not accepting these multiple offers, it allowed him and his family to continue living in the house without having to make any payments.
His spin of the situation does not compute.
In this scenario, I imagine the bank dictates what offer is accepted?
Exactly. The bank is more than happy with the the outcome, only ones that aren't are the outraged begrudgers.
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12-03-2019, 10:27   #57
Arthur Daley
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Someone told him not to pay the interest - i am not sure he was every paying off the principle.

If your loan was sold 3-4 times is it clear to whom you should be paying money? I have seen a query re a sold loan and to whom money should be paid on a previous thread
I am sure the original bank (presumably Bank of Scotland) serviced the mortgage until they handed over the servicing to a new entity, who would then be ready and eager to receive payment. They would have to communicate all of this by letter, as part of the regulations.

So, no I doubt there is any real excuse here for not paying a mortgage for the guts of a decade. What next, the dog ate the demands, come on.
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12-03-2019, 10:29   #58
beauf
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Indeed, handy to say somebody told me not to pay my mortgage. I had the money, but I held it back. Disgraceful excuse really.
I assume, someone told him there's no point paying if you've lost the house anyway. Makes no sense to pay it, until he knows what debt he actually has to pay. If they negotiates a debt free exit, he be a bit stupid to made any payment.

Look at all the developers and banks which negotiated their way out off massive debts. Who gave them such a risky loan in the first place.
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12-03-2019, 10:44   #59
beauf
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Apart from the whataboutery, the Banks did not default on massive debts. The Bank's debts are to the depositors, large yes and small, including pensions schemes and just ordinary people saving money. These were all fully secure throughout the crisis, albeit with temporary government support, and the Banks came out the other side of the crisis honouring their obligations to their creditors.

People should watch It's a wonderful life at Christmas. My deposits go into your home, and that's the way the system works. Encouraging this kind of behaviour goes completely against these principles. It's new, and it was not the Irish way of doing business generally up to now.
The banks were propped up.

If they had been treated as people want the home owner (?) to be treated we'd have let them go to the wall.

Double standards.
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12-03-2019, 11:21   #60
Graham
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Off topic posts and general digs at the family in question have been deleted.

Read the previous on thread warnings before posting.
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