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08-03-2019, 19:16   #16
tylercheribini
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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.
They certainly didnt get off "scott free" as it were,their own legal fees would have been considerable.
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08-03-2019, 19:18   #17
 
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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.
So what if they are moving away? They still owe the mortgage. A non recourse system just for the rich doesn’t cut it.

Last edited by Franz Von Peppercorn; 08-03-2019 at 19:26.
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08-03-2019, 19:20   #18
 
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The reactions here will be quite different than some ordinary joe schlo not paying his mortgage in Blanch.
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08-03-2019, 19:21   #19
Fr Tod Umptious
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I'm guessing their credit rating is shot to **** too.

Hardly an enviable situation
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08-03-2019, 19:22   #20
 
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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.
Unique to Europe perhaps. The US has this, in most States.
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08-03-2019, 19:23   #21
 
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I'm guessing their credit rating is shot to **** too.

Hardly an enviable situation
Heart goes out.
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08-03-2019, 19:23   #22
jam_mac_jam
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Originally Posted by Fr Tod Umptious View Post
I'm guessing their credit rating is shot to **** too.

Hardly an enviable situation
As it should be.
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08-03-2019, 19:28   #23
Arthur Daley
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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.
It's got to be fairly obvious at this stage that Ireland is some sort of experiment in this regard. Go across the water to Britain, and you'll be out on your ear after 90 days past due (not 9 effin years), and little to no public sympathy for your sob stories either.
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08-03-2019, 19:31   #24
Mad_maxx
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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.
Some people have incredibly hard necks
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08-03-2019, 19:32   #25
Fr Tod Umptious
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Originally Posted by Franz Von Peppercorn View Post
Heart goes out.
Don't matter if it does or not.

The point is that, contrary to what some here think, not paying a mortgage for 9 years, getting ones house repossessed and having a terrible credit rating is not a good outcome for the family.

Last edited by Fr Tod Umptious; 08-03-2019 at 19:58.
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08-03-2019, 19:36   #26
Atlantic Dawn
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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.

With the €374,000 they saved they could simply buy a modest 3 bed outright with zero mortgage, what a country we live in, utter kip.
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08-03-2019, 20:11   #27
DubCount
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Living rent free is not unique to this case. The sate subsidises many rent payments through HAP/Rent Allowance, Landlords subsidise rent payments for non-paying tenants and banks pick up the tab for non-paying mortgages. What makes this case different is getting to live rent free in a trophy house while having an income to make at least a contribution, but not paying.

Once again, Ireland needs to decide what to provide to those who "cant pay" and what to do with those who "wont pay". There are lots of anti-eviction protesters who seem to think nobody should have to pay anything. For some reason we seem unable to have a conversation about this topic without going completely communist.
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08-03-2019, 20:29   #28
Arthur Daley
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Originally Posted by Fr Tod Umptious View Post
getting ones house repossessed
At no point was this 'their' house that's the point. Same for all of us until we honour the contract after a life time of toil. It's just two fingers up to the working population this stuff.
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08-03-2019, 20:43   #29
Still waters
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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.
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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.
Ye do realise left and right in Ireland are mirror images of each other
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08-03-2019, 20:51   #30
 
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Originally Posted by Fr Tod Umptious View Post
Don't matter if it does or not.

The point is that, contrary to what some here think, not paying a mortgage for 9 years, getting ones house repossessed and having a terrible credit rating is not a good outcome for the family.
Not paying a mortgage saved them 300k+.
The hypocrisy here is beyond belief.

Last edited by Franz Von Peppercorn; 08-03-2019 at 20:55.
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