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08-03-2019, 15:51   #1
Nobodysrobots
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Buy house, don't pay mortgage, live rent-free for 9 years. MOD WARNING POST #268

https://www.independent.ie/irish-new...-37893072.html


A dangerous precedent especially with the looney left pushing anti-eviction bills through the dail. This is why we have one of the highest mortgage interest rates in the Eurozone.
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08-03-2019, 15:54   #2
GingerLily
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The house is being repossessed this summer? Or am I missing something?
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08-03-2019, 15:56   #3
JDD
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I do find it odd that Tanager, one of the more vilified "vulture funds" has allowed a couple with good earning capacity to surrender the home and not have to pay the balance of the mortgage. I don't think many others (apart from that lady who made headlines with having half her mortgage written off after engaging a PIP) have been afforded the same courtesy.

Or maybe they have, and the vulture funds aren't that bad after all?
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08-03-2019, 15:57   #4
punisher5112
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Absolutely nuts.

Now saying that I don't like the vulture fund system either but at the end of the day all costs and the outstanding balance from the loss in the sale will be paid by the tax payer just as we had to in the crash.

Imagine 9 months free, I can't get my head around 9 years.....
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08-03-2019, 16:02   #5
jlm29
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Originally Posted by GingerLily View Post
The house is being repossessed this summer? Or am I missing something?
It’s being repossessed, but only after they’ve had 9 years of rent free, mortgage free living. And no responsibility for the legal fees involved
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08-03-2019, 16:02   #6
JDD
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Now saying that I don't like the vulture fund system either but at the end of the day all costs and the outstanding balance from the loss in the sale will be paid by the tax payer
Not if its a vulture fund as non-recoverable loans would have no effect on current mortgage rates. I suppose you could say that if vulture funds make less profits than they expect to a from a tranche of distressed mortgages, they'd bargain down the price of the sale of any further tranches which would have a knock on effect on a banks profitability and therefore the rates they set for customers. But there's a lot of steps in there, and most vultures wouldn't be publishing their profit figures, so they'd be on shaky ground negotiations wise.
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08-03-2019, 16:23   #7
klaaaz
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Quote:
Originally Posted by Nobodysrobots View Post
https://www.independent.ie/irish-new...-37893072.html

A dangerous precedent especially with the looney left pushing anti-eviction bills through the dail. This is why we have one of the highest mortgage interest rates in the Eurozone.
Eh, it's the looney right who have been in power since(and before) the crash and oversaw the lack of evictions including helping this entitled wealthy couple living in a free house for 9 years.
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08-03-2019, 17:13   #8
hmmm
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It's very clear now that we have a non recourse mortgage system, unique to the Western world. You'd be mad not to buy. Interest rates will remain elevated here, and probably rise.
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08-03-2019, 17:21   #9
meeeeh
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They are walking away from the property. You might be outraged but considering how expensive legal action is it's better to achieve an agreement without protracted repossession. The vulture fund also got the mortgage at discounted rate and the settlement will only affect their profit margin. Taxpayer already paid for it by bailing out the bank and wouldn't get a cent back.
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08-03-2019, 18:04   #10
JJJackal
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They are walking away from the property. You might be outraged but considering how expensive legal action is it's better to achieve an agreement without protracted repossession. The vulture fund also got the mortgage at discounted rate and the settlement will only affect their profit margin. Taxpayer already paid for it by bailing out the bank and wouldn't get a cent back.
It’s worth noting no one would want to be in their shoes.

House bought for 1.2 million - still only worth 800,000. At least that’s what I gather could be wrong. 3 failed restaurants in recession. Picture all over the news.
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08-03-2019, 18:29   #11
Dav010
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It’s worth noting no one would want to be in their shoes.
I’d say a lot of people would like to live rent free for 9 years without any financial repercussions. I’m sure a lot of them reading that article are wondering why the hell they are paying a mortgage on a property that is worth less than what is paid.
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08-03-2019, 18:33   #12
tylercheribini
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Just proves the value of a legal team financially out of reach for the majority of us plebs.
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08-03-2019, 18:47   #13
JJJackal
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Originally Posted by Dav010 View Post
I’d say a lot of people would like to live rent free for 9 years without any financial repercussions. I’m sure a lot of them reading that article are wondering why the hell they are paying a mortgage on a property that is worth less than what is paid.
Will they be able to get a mortgage again? Very stressful. We would need to know more
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08-03-2019, 19:12   #14
pyramuid man
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It wouldn't surprise me if they have been saving enough to buy another house in that nine years....
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08-03-2019, 19:14   #15
AmberGold
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From what I have read about this case I think there was an issue with the mortgage being sold a number of times, this meant the legal process had to be started again. Personally I wouldnt fancy living with this hanging over me for close to 10 years with 4 children in tow.
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