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

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    #452
    Arthur Daley
    Registered Users Posts: 4,383 ✭✭✭Arthur Daley


    Graham wrote: »
    I don't think there's anything in this paragraph that's accurate.

    Well you could argue semantics or word play all day. But it's what most people accept, understand and manage to comply with.


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    #453
    eagle eye
    Registered Users Posts: 37,512 ✭✭✭✭eagle eye


    Cyrus wrote:
    there are lots of things you can do if you dont care about your reputation or your character, but most will chose not to.
    Personally I don't care what other people think about me but I have a moral compass and strong belief in what's right and wrong.
    I hate all these vulture funds and like to see them lose but I'd never do what these people have done.
    I think it's more a case that they only think of things being void for themselves and nobody else. They could be borderline sociopaths.


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    #454
    knucklehead6
    Registered Users Posts: 6,737 ✭✭✭knucklehead6


    eagle eye wrote: »
    Personally I don't care what other people think about me but I have a moral compass and strong belief in what's right and wrong.
    I hate all these vulture funds and like to see them lose but I'd never do what these people have done.
    I think it's more a case that they only think of things being void for themselves and nobody else. They could be borderline sociopaths.

    So you have a moral compass, and a strong belief in what's right and wrong, yet you like to see legitimate business lose when they go after someone for breach of contract?


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    #455
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    Lumen wrote: »
    1. When you stop paying your mortgage you don't gain anything, from an accounting perspective, since the missed payments and interest are added to your debt. I'd be interested to read an accounting treatment of their overall position.

    Original debt was circa 800k, current including interest is circa 1,200k.

    I think repayments would have been roughly 5-6k per month originally but would be closer to 10k a month considering the increased debt and term loan.
    Lumen wrote: »
    2. They are not alone in having been treated gently by the system. Number of repos where there is engagement with the courts (as basic as turning up and answering questions) is very low.

    What engagement did they do, turn up for court?
    Lumen wrote: »
    3. The value of the property has been going up since 2012, so whichever parties have held theoretical security over this debt have seen an increase in the book value of it, along with the probability of recovering money. Not sure whether that will have offset legal costs.

    Right now, the debt holder has a stake in a asset that the Irish legal system has said effectively denied them any ability to liquidate.

    For Ronan, it's obvious he is holding out for a significant debt writedown and retaining ownership of the house.


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    #456
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    eagle eye wrote: »
    Personally I don't care what other people think about me but I have a moral compass and strong belief in what's right and wrong.
    I hate all these vulture funds and like to see them lose but I'd never do what these people have done.
    I think it's more a case that they only think of things being void for themselves and nobody else. They could be borderline sociopaths.

    People forget its not a case of vulture funds winning or losing

    In most of these cases, the Irish tax payer has funded the write down on these houses. We are paying for this family to live in this house


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    #457
    coolshannagh28
    Registered Users Posts: 1,476 ✭✭✭coolshannagh28


    These write downs are historic , and were an integral part of the restructuring of our banks which incidentally they have been slow to pass on ; in this case the write down was passed to the vulture fund who are fair game for any strategy this couple can use to achieve a similar write down for themselves.


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    #458
    Arthur Daley
    Registered Users Posts: 4,383 ✭✭✭Arthur Daley


    coolshannagh28 wrote: »
    These write downs are historic , and were an integral part of the restructuring of our banks which incidentally they have been slow to pass on ; in this case the write down was passed to the vulture fund who are fair game for any strategy this couple can use to achieve a similar write down for themselves.

    It's the fact that it sets a precedent for future case law. It's unconstitutuonal to do sweetheart deals with one cohort of the population over another and it is demoralising for people who do pay mortgages/rent. It also prevents this supply of houses from being available to families who will pay their rent/mortgages.

    It is not victimless. Money does not grow on trees.


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    #459
    coolshannagh28
    Registered Users Posts: 1,476 ✭✭✭coolshannagh28


    Arthur Daley wrote: »
    It's the fact that it sets a precedent for future case law. It's unconstitutuonal to do sweetheart deals with one cohort of the population over another and it is demoralising for people who do pay mortgages/rent. It also prevents this supply of houses from being available to families who will pay their rent/mortgages.

    It is not victimless. Money does not grow on trees.

    Your username belies your true nature .


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    #460
    Arthur Daley
    Registered Users Posts: 4,383 ✭✭✭Arthur Daley


    Capitalism without destitution is like religion without hell. It doesn't really work.


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    #461
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    Arthur Daley wrote: »
    Capitalism without destitution is like religion without hell. It doesn't really work.

    you really managed to draw out "people should take personal responsibility for themselves"


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    #462
    Spanish Eyes
    Registered Users Posts: 15,865 ✭✭✭✭Spanish Eyes


    This kind of thing is happening all over the place. Others availing of sweetheart deals like this are not Slebs though.

    No wonder our mortgage rates are so high relatively speaking.

    Ironically the debt vulture companies will come after you with a ton of bricks for defaulting on a small enough debt now. Big debts, nah..... off you go and live there mortgage free for as long as you want.

    It seems!


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    #463
    Wtf ?
    Banned (with Prison Access) Posts: 343 ✭✭Wtf ?


    I am getting grief from my landlord over a months rent then I read this... FFS ! Ps I am here 8 years and its Clontarf too.
    https://www.independent.ie/irish-news/courts/vulture-fund-tanager-must-pay-legal-bill-of-up-to-100k-in-battle-over-ronan-ryans-clontarf-house-38631193.html


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    #464
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Sickening


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    #465
    nc6000
    Registered Users Posts: 3,221 ✭✭✭nc6000


    'Huge weight off our minds' - Pamela Flood and Ronan Ryan to sell home after deal with vulture fund

    "High-profile restaurateur Ronan Ryan is to sell the family home he shares with his wife, former Miss Ireland Pamela Flood, under a deal hammered out with a vulture fund.

    The agreement will wipe out a €1.2m mortgage debt Mr Ryan owes to the Tanager fund and will leave the celebrity couple in a position to downsize to a new home.

    In an interview with the Irish Independent, the restaurateur said an agreement had been reached which both sides were happy with."

    https://www.independent.ie/irish-news/huge-weight-off-our-minds-pamela-flood-and-ronan-ryan-to-sell-home-after-deal-with-vulture-fund-39208408.html


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    #466
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    He needs to string it out for another 2 yrs so he can but it back at a reduced price and keep it going for another decade.


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    #467
    jay0109
    Registered Users Posts: 2,669 ✭✭✭jay0109


    Lets see how long this agreement holds...


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    #468
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    What's funny is it say they want to downsize. How can you downsize from what they have with 4 kids. It's an hovell and its quite shocking how you can run up a million on it


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    #469
    blueythebear
    Registered Users Posts: 1,070 ✭✭✭blueythebear


    nc6000 wrote: »
    'Huge weight off our minds' - Pamela Flood and Ronan Ryan to sell home after deal with vulture fund

    "High-profile restaurateur Ronan Ryan is to sell the family home he shares with his wife, former Miss Ireland Pamela Flood, under a deal hammered out with a vulture fund.

    The agreement will wipe out a €1.2m mortgage debt Mr Ryan owes to the Tanager fund and will leave the celebrity couple in a position to downsize to a new home.

    In an interview with the Irish Independent, the restaurateur said an agreement had been reached which both sides were happy with."

    https://www.independent.ie/irish-news/huge-weight-off-our-minds-pamela-flood-and-ronan-ryan-to-sell-home-after-deal-with-vulture-fund-39208408.html

    This is why we have such high interest rates. Partly to do with his carry on but just as bad is the lack of balls of the vulture fund. They should have made an example of him particularly with the level of media coverage hes courting.

    I really dont know why people are so dead against vulture funds when no bank wojld have given them such a sweetheart deal.


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    #470
    StackSteevens
    Closed Accounts Posts: 873 ✭✭✭StackSteevens


    lomb wrote: »
    What's funny is it say they want to downsize. How can you downsize from what they have with 4 kids. It's an hovelland its quite shocking how you can run up a million on it

    By 'downsizing' they probably mean relocating to a less salubrious area of Dublin! The downsizing would apply to their self-esteem!


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    #471
    StackSteevens
    Closed Accounts Posts: 873 ✭✭✭StackSteevens


    blueythebear wrote: »

    I really dont know why people are so dead against vulture funds when no bank would have given them such a sweetheart deal.

    It's probably a semantical thing.

    I have an organ donor card - if it was renamed a Vulture Card, I suspect that less people would carry one!


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    #472
    ButtersSuki
    Registered Users Posts: 53,028 ✭✭✭✭ButtersSuki


    nc6000 wrote: »
    'Huge weight off our minds' - Pamela Flood and Ronan Ryan to sell home after deal with vulture fund

    "High-profile restaurateur Ronan Ryan is to sell the family home he shares with his wife, former Miss Ireland Pamela Flood, under a deal hammered out with a vulture fund.

    The agreement will wipe out a €1.2m mortgage debt Mr Ryan owes to the Tanager fund and will leave the celebrity couple in a position to downsize to a new home.

    In an interview with the Irish Independent, the restaurateur said an agreement had been reached which both sides were happy with."

    https://www.independent.ie/irish-news/huge-weight-off-our-minds-pamela-flood-and-ronan-ryan-to-sell-home-after-deal-with-vulture-fund-39208408.html

    I think I'll ring my bank this afternoon and ask them to wipe my remaining mortgage payments as I've saved them the hassle of having to poursue me through the courts for monies owed and didn't stop paying them over the years. It's a fraction of €1.2m so I'm sure they'll be happy to oblige.


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    #473
    thomasdylan
    Closed Accounts Posts: 514 ✭✭✭thomasdylan


    8thAre they planning on 'downsizing' by buying another House with cash? They won't get another mortgage so they must have money squirreled away somewhere.


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    #474
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    I believe it when it sells. I'd say they will be there another decade.


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    #475
    eagle eye
    Registered Users Posts: 37,512 ✭✭✭✭eagle eye


    blueythebear wrote:
    I really dont know why people are so dead against vulture funds when no bank wojld have given them such a sweetheart deal.
    Vulture funds were responsible for a 'tsunami' of evictions worldwide. I used the word tsunami as I've read it so often in the media in relation to evictions by vulture funds.
    This seems like a change of approach by them and my guess is that there was a growing number of investors who didn't want their money associated with vulture funds due to the bad press they were getting.


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    #476
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    eagle eye wrote: »
    Vulture funds were responsible for a 'tsunami' of evictions worldwide.

    That or:

    Not paying a mortgage was the main cause of evictions worldwide.


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    #477
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    Wow what a life to live, pay for nothing, still come out on top.....


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    #478
    eagle eye
    Registered Users Posts: 37,512 ✭✭✭✭eagle eye


    Graham wrote:
    Not paying a mortgage was the main cause of evictions worldwide.
    Like dah, did that need to be said? Once we are talking vulture funds we are long past that being a factor.


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    #479
    Uncle Pierre
    Registered Users Posts: 1,460 ✭✭✭Uncle Pierre


    Just coming to this thread, and expected this to be a real luxury home altogether, but is this the one? - https://www.daft.ie/dublin/houses-for-sale/clontarf/136-mount-prospect-avenue-clontarf-clontarf-dublin-2514786/

    Asking price €695,000 for what's basically a 1,500 sq. ft. semi-d with a small back garden? And it cost nearly twice that when they first "bought" it?

    I don't pay much attention to property matters in Dublin or anywhere else, but it's times like this that I'm glad I live "down the country".


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    #480
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    For 700 I'd want the house next door as well. I like the cooker though! That's the house though.I think the payments were 4.5k a month for 35 years when he took it out which means you would need to make 100k pay the tax on it and then pay the mortgage just to keep it afloat without anything for yourself. What could go wrong?

    The little house next door sold for 665 a few years ago https://www.myhome.ie/priceregister/136a-mount-prospect-ave-dublin-3-clontarf-dublin-3-680569


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    #481
    Uncle Pierre
    Registered Users Posts: 1,460 ✭✭✭Uncle Pierre


    Crazy what people either pay or are expected to pay.

    This one caught my eye on the price register that you linked to, and I thought at least it wouldn't be toobad for around €700k -
    https://www.myhome.ie/residential/brochure/50-howth-road-clontarf-dublin-3-do3-ew63/4334912

    But then I looked at the photos of the inside, and saw the state of it. You'd want another couple of hundred thousand just to make it habitable.

    Edit - looking again, I see you'd only be getting half what I originally thought, because the main photo is basically of two semi-ds together as well. I thought at first it was a larger stand-alone house.


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