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

Lux23 wrote: »

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

Indeed, sooner Fianna Fáil are back in power the better.

stuff.hunter wrote: »

..are you for real? we've got example off ff ruling this country a few years back...

Is it wrong to support FF? I certainly wouldn’t support FG they’re making our country look like a joke. You can’t blame FF for the economic downturn alone as it was global...

JMMCapital wrote: »

Is it wrong to support FF? I certainly wouldn’t support FG they’re making our country look like a joke. You can’t blame FF for the economic downturn alone as it was global...

...yeah, ff didn't make our country a laughing stock for sure (loads of irony here)
..oh boy, people got such a short memory these days

overkill602 wrote: »

After 9 years am sure they have accumulated wealth under many an off shelve company and enjoying the lime light while new mortgage holders subsidized.
will they try a book on this later...

are you for real

accumulated wealth in off shore companies

id say they are broke

Cyrus wrote: »

where did you get the idea he ran a successful catering business, define successful?

Just going by multiple reports saying he operates a successful catering business ,
I'd say he's making money and also got a very favourable write down agreement with the bank,

At this stage the debt write off /down should have been torn up and made repay the full debt

Gatling wrote: »

Just going by multiple reports saying he operates a successful catering business ,
I'd say he's making money and also got a very favourable write down agreement with the bank,

At this stage the debt write off /down should have been torn up and made repay the full debt

reporters are next for lack of financial acumen

JMMCapital wrote: »

One man doesn’t represent the entire party.

The problem in this case it does.

eagle eye wrote: »

I can't believe the whole back the greedy vulture fund attitude.
Like if we lived in a country that looked after it's people then fair enough but we don't so I'm in the **** the banks camp. I've paid for them screwing us over along with everybody else who worked over the last ten years.
As a result I like seeing banks suffer. This next depression which is coming is going to hurt lots of people again because those same banks didn't learn from the last time and we are all going to pay for it again.
Meanwhile we have loads of people in here giving out about two people not paying their mortgage and backing these same banks that caused us all hard times and will again.
I'm not saying these people are saints, far from it, but I just don't understand the attitude towards them in here. You should be angry at the bank who gave them the mortgage.

the banks aren't even lending at the minute they'll suffer f*** all.

punisher5112 wrote: »

Suppose it has something to do with they live the high life and live in a very fancy pad all on the backs of us that could only dream of such a lavish lifestyle......

Us fools again bailing them and developers and banks out again....

Education and a go-getter attitude and you can be just like them. no need to be jealous capitalism works.

eagle eye wrote: »

I can't believe the whole back the greedy vulture fund attitude.
Like if we lived in a country that looked after it's people then fair enough but we don't so I'm in the **** the banks camp. I've paid for them screwing us over along with everybody else who worked over the last ten years.
As a result I like seeing banks suffer. This next depression which is coming is going to hurt lots of people again because those same banks didn't learn from the last time and we are all going to pay for it again.
Meanwhile we have loads of people in here giving out about two people not paying their mortgage and backing these same banks that caused us all hard times and will again.
I'm not saying these people are saints, far from it, but I just don't understand the attitude towards them in here. You should be angry at the bank who gave them the mortgage.

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.

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

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