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Second person I met who stopped paying his mortgage

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  • 07-12-2011 5:23pm
    #1
    JohnnyTodd
    Closed Accounts Posts: 287 ✭✭


    Hi all,

    Was talking to an old friend in town there.

    He purchased an apartment for 350k in the boom. Upon the advice of his solicitor he stopped paying the mortgage 18 months ago. His thinking was the apartment would never be worth that again.

    He has a small house in town which he rents out. He stopped paying that too. He's working on the side and in reciept of dole!

    He's putting the money from the 2 mortgages away to buy a house in cash.

    Fair play to him but does that make your blood boil?

    I'd never have the neck to do that.


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    #2
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    JohnnyTodd wrote: »
    Hi all,

    Was talking to an old friend in town there.

    He purchased an apartment for 350k in the boom. Upon the advice of his solicitor he stopped paying the mortgage 18 months ago. His thinking was the apartment would never be worth that again.

    He has a small house in town which he rents out. He stopped paying that too. He's working on the side and in reciept of dole!

    He's putting the money from the 2 mortgages away to buy a house in cash.

    Fair play to him but does that make your blood boil?

    I'd never have the neck to do that.

    Why fair play? Nothing about it strikes me as fair.


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    #3
    kippy
    Registered Users Posts: 18,408 ✭✭✭✭kippy


    It's very unfair when you look at it.
    I wonder are the banks he has the mortgages with pursuing him for the outstanding amounts?


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    #4
    Leeg17
    Closed Accounts Posts: 14,127 ✭✭✭✭Leeg17


    As if the country wasn't in bad enough state with people not being able to pay mortgages (not least the banks and all that shiz), before people choose not to.

    He wasn't forced to buy two houses.

    Claiming dole and working, and then not paying 2 mortgages. I'd report the cúnt, personally.


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    #5
    Pope John 11
    Registered Users Posts: 161 ✭✭Pope John 11


    If he is working on the side and claiming dole then he is doing something that is illegal and morally wrong.

    You can report him to the social welfare, in secret as far as I know


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    #6
    JohnnyTodd
    Closed Accounts Posts: 287 ✭✭JohnnyTodd


    Your right its not fair play what hes doing.

    I know him pretty well though, I could never report him. The bank s have been on to him threatening repossession but it hasnt happened yet.

    He told them he's not working and cannot simply pay.


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    #7
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    JohnnyTodd wrote: »
    Fair play to him...
    :confused: What?


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    #8
    Jarren
    Closed Accounts Posts: 4,692 ✭✭✭Jarren


    JohnnyTodd wrote: »
    Hi all,

    Was talking to an old friend in town there.

    He purchased an apartment for 350k in the boom. Upon the advice of his solicitor he stopped paying the mortgage 18 months ago. His thinking was the apartment would never be worth that again.

    He has a small house in town which he rents out. He stopped paying that too. He's working on the side and in reciept of dole!

    He's putting the money from the 2 mortgages away to buy a house in cash.

    Fair play to him but does that make your blood boil?

    I'd never have the neck to do that.

    So his solicitor advised him to stop paying the mortgage

    Can I get his number please?:rolleyes:


    The lender can repossess your home in order to recover the amount you owe


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    #9
    DublinWriter
    Registered Users Posts: 9,555 ✭✭✭DublinWriter


    JohnnyTodd wrote: »
    He stopped paying that too. He's working on the side and in reciept of dole!
    The moral majority may go 'tsk tsk tsk' and encourage you to rat on him, but to be honest, the more I see this the way this country is heading, the more I think everyone for himself.

    Yes I know, shame on me for not denouncing him for not doing his fair share to bail out the banks like the rest of us have to...maybe we're the mugs here?


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    #10
    Pope John 11
    Registered Users Posts: 161 ✭✭Pope John 11


    JohnnyTodd wrote: »
    Your right its not fair play what hes doing.

    I know him pretty well though, I could never report him. The bank s have been on to him threatening repossession but it hasnt happened yet.

    He told them he's not working and cannot simply pay.

    Of course you can report him. After all if he leaves the houses behind then the rest of the persons in Ireland have to pick up the tab, through their taxes. I understand if you are leaving the country next year, then thats not your problem. But if everyone looked at it that way then there is not much hope for this country.

    If he buys a house here via his cash only, how is he going to justify with what money did he buy the house with? Revenue will be onto him, especially if he is ONLY claiming social welfare! Unless of course the house has a value of €10,000 (One year dole approx.)

    Also, there is nothing to stop the government from changing the law in relation to ones personnel assets, especially if one is not willing to pay for their negative equity assets.


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    #11
    kippy
    Registered Users Posts: 18,408 ✭✭✭✭kippy


    DublinWriter wrote: »
    The moral majority may go 'tsk tsk tsk' and encourage you to rat on him, but to be honest, the more I see this the way this country is heading, the more I think everyone for himself.

    Yes I know, shame on me for not denouncing him for not doing his fair share to bail out the banks like the rest of us have to...maybe we're the mugs here?

    It depends on how you look at it tbh.
    The guy mentioned in the first post is acting the b0llox in a big way.
    I'd have more sympathy for a guy who had one house, bought for his family with the intention on staying in it, however came on hard times, lost job etc. The guy in the post is just making an ass of the rest of us and were we all to behave in a similiar manner, we'd be back to civil war in no time.


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    #12
    Valda
    Registered Users Posts: 2 ✭Valda


    Fair play???

    Who does he think is picking up the tab for him? Disgusting!


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    #13
    patwicklow
    Registered Users Posts: 1,937 ✭✭✭patwicklow


    Hes working and claiming dole? well if you know him well or not he sould be reported. when you see there cutting the blind and handicapped he is taking the money out of there pockets, and he has two houses its unreal this guy getting away with this he sould be made pay back every penny he has stolen.


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    #14
    DoesNotCompute
    Registered Users Posts: 1,375 ✭✭✭DoesNotCompute


    JohnnyTodd wrote: »
    Hi all,

    Was talking to an old friend in town there.

    He purchased an apartment for 350k in the boom. Upon the advice of his solicitor he stopped paying the mortgage 18 months ago. His thinking was the apartment would never be worth that again.

    He has a small house in town which he rents out. He stopped paying that too. He's working on the side and in reciept of dole!

    He's putting the money from the 2 mortgages away to buy a house in cash.

    Fair play to him but does that make your blood boil?

    I'd never have the neck to do that.


    Quite frankly, I'd not only report your mate to Social Protection, but I'd be reporting his 2 bit solicitor to the Law Society of Ireland as well.


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    #15
    mathie
    Registered Users Posts: 5,093 ✭✭✭mathie


    Poor trolling OP.

    2/10 for effort.


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    #16
    Victor
    Registered Users Posts: 78,278 ✭✭✭✭Victor


    Leeg17 wrote: »
    I'd report the cúnt, personally.
    kippy wrote: »
    The guy mentioned in the first post is acting the b0llox in a big way.

    Can we spare the bile please?
    Leeg17 wrote: »
    Claiming dole and working
    If someone is working part time, they may be entitled to some payment.


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    #17
    kippy
    Registered Users Posts: 18,408 ✭✭✭✭kippy


    Victor wrote: »
    Can we spare the bile please?

    If someone is working part time, they may be entitled to some payment.

    Apologies. (I honestly thought the thread was in AH)
    He is acting in a very ungentlemanly manner.


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    #18
    Victor
    Registered Users Posts: 78,278 ✭✭✭✭Victor


    kippy wrote: »
    Apologies. (I honestly thought the thread was in AH)
    Hardly a reasonable excuse.


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    #19
    kippy
    Registered Users Posts: 18,408 ✭✭✭✭kippy


    Victor wrote: »
    Hardly a reasonable excuse.
    Well, in my head that language is perfectly acceptable in AH in the right circumstances and I firmly believe the example given, were it true and referring to a person who cannot be identified, warrants a response of that nature.
    Anyway,
    That kind of behaviour isn't to be admired.


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    #20
    royaler83
    Registered Users Posts: 497 ✭✭royaler83


    He's not going to be evicted, that is why he was advised to stop paying his morgage.
    There is no way thousands of families will be left on the streets, the banks have a certain amount of bad debts written off on their books, while they may try to pursue all debts they know they won't get a certain percentage of them......that doesn't make what this person is doing is right, he's just playing the odds


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    #21
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    royaler83 wrote: »
    He's not going to be evicted, that is why he was advised to stop paying his morgage.
    There is no way thousands of families will be left on the streets, the banks have a certain amount of bad debts written off on their books, while they may try to pursue all debts they know they won't get a certain percentage of them......that doesn't make what this person is doing is right, he's just playing the odds
    Surely that would only apply to people that can't pay, not those that won't.


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    #22
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    royaler83 wrote: »
    He's not going to be evicted, that is why he was advised to stop paying his morgage.
    There is no way thousands of families will be left on the streets, the banks have a certain amount of bad debts written off on their books, while they may try to pursue all debts they know they won't get a certain percentage of them......that doesn't make what this person is doing is right, he's just playing the odds

    In fairness to him that €350k apartment is a noose & needs to be got rid.
    Media are to blame for a lot of this soft defaulting as they talked up debt forgiveness.

    Last thing he should do is buy another asset which could be seized to repay the shortfall on the 2 other properties.

    Tell him not to worry, one of my neighbours has gone 3 years without paying a cent. The council were paying mortgage interest supplement in 6 month spurts but even that's gone now. He's told the bank to issue proceedings but they keep offering more breaks & interest only periods. Essentially the lad & his family have been living rent free for 3 years. When you see people getting ill from money stress & even people committing suicide I say fair play to the lad.


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    #23
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    JohnnyTodd wrote: »
    He's putting the money from the 2 mortgages away to buy a house in cash.
    Hope revenue steps in and takes all three...


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    #24
    Leeg17
    Closed Accounts Posts: 14,127 ✭✭✭✭Leeg17


    Victor wrote: »
    Can we spare the bile please?

    If someone is working part time, they may be entitled to some payment.

    Of course Victor, sorry about that.

    I know you can claim the dole and work part time, but it's fair to probably assume he's working more than the allowed hours. Even if he isn't and it's legit dole, he's still refusing to pay 2 mortgages.


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    #25
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Rabidlamb wrote: »
    Tell him not to worry, one of my neighbours has gone 3 years without paying a cent. The council were paying mortgage interest supplement in 6 month spurts but even that's gone now. He's told the bank to issue proceedings but they keep offering more breaks & interest only periods. Essentially the lad & his family have been living rent free for 3 years. When you see people getting ill from money stress & even people committing suicide I say fair play to the lad.

    Interesting perspective.
    Do you know if the neighbour is hoarding the repayments or spending it?


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    #26
    JohnnyTodd
    Closed Accounts Posts: 287 ✭✭JohnnyTodd


    Zamboni wrote: »
    Interesting perspective.
    Do you know if the neighbour is hoarding the repayments or spending it?

    Hes hoarding them. Going to get a family member to purchase a house for him with his savings.


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    #27
    air
    Registered Users Posts: 2,822 ✭✭✭air


    Rabidlamb wrote: »
    Essentially the lad & his family have been living rent free at the taxpayers expense for 3 years.
    FYP


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