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Thread: The myth that people are "losing their houses": They did not own them in the first place!

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    Default The myth that people are "losing their houses": They did not own them in the first place!

    The myth that people are "losing their houses": They did not own them in the first place!

    I know many people who are worried about losing their houses or indeed have told me they have lost "their investment property"

    What they fail to acknowledge is that the property was never theirs as most of them had 100% or near 100% mortgage finance on the properties.

    A sense of entitlement developed just because they managed to get a mortgage they never could really afford. Now just because they cannot afford the mortgage, or have decided they cannot afford the mortgage, they want to keep the property, or to get a huge discount on it.

    These people were fooling themselves in the first place to think they owned property. What they had was an obligation to service debt repayments for the life of their loans at the end of which the security for the loan would become their property.

    This State cannot afford to be picking up the debts of failed property investors. Many people are making a conscious decision to simply default and walk away from their debts, expecting taxpayers to pay their debts for them.

    There was a time when people saved 25% of the cost of a house as a deposit before they "bought a home". At the peak of the boom many "ought a home on 100% finance and had the mortgage topped up with the price of a car and a wedding.

    At the height of the boom people bragged not about how much their home has risen in value but about how much their House had risen in value! Now when the going gets tough emotive terms like Home come into play. When will the whinging about "losing a home stop"?

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    Politics.ie Member greengoose2's Avatar
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    Quote Originally Posted by Castiel View Post
    Try explaining that to revenue when you refuse to pay property tax! As far as they are concerned its your property.
    No, it's your liability!

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    I think the myth is that there are repossessions in Ireland. There were only 600 repossessions in Ireland last year and two-thirds of those were voluntary surrenders.

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    Politics.ie Member Burnout's Avatar
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    Fact is a lot of people 'rose above their station' and felt that they too could become global property developers because they had a job of any sort in Ireland. We had more helicopters per capita than some larger countries and more Mercs per head than Stuttgart. Where did they get those notions from? the advice they got to ...buy high sell higher was total nonsense and not many spoke loudly if at all against it. Where were Fianna Gael and Labour on this point?

    It really is hard to swallow when we are all paying but we all did not 'party'. However we will eventually have to fix the problem as we are been swallowed up in debt and unemployment which affects us all. Some people should just leave the buildings that they did not ever own and be housed elsewhere. We have to move on or we are all in the chit...forever.

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    Quote Originally Posted by Taxi Driver View Post
    I think the myth is that there are repossessions in Ireland. There were only 600 repossessions in Ireland last year and two-thirds of those were voluntary surrenders.
    Why was that then ? , because the banks and the government are can kicking as they know to deal with the real level of mortgage default would swamp the banks and most likely the country as well .Just how long this can continue is the real question .

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    If this is the case, then the banks should take them back, with no strings attached and allow them to take the financial hit....

    What a stupid thread.

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    Politics.ie Member flibbles's Avatar
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    Well, there's a new record for most bile filled OP.

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    These people were fooling themselves in the first place to think they owned property. What they had was an obligation to service debt repayments for the life of their loans at the end of which the security for the loan would become their property.

    That's not quite how the banks painted it whilst they wheel barrowed the money into the office and stuffed it in to the hapless borrower's pockets.

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    Politics.ie Member Analyzer's Avatar
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    Quote Originally Posted by Castiel View Post
    Try explaining that to revenue when you refuse to pay property tax! As far as they are concerned its your property.
    It is going to get very interesting when the banks are forced to pay Anglo Bondholder Bailout Levy (Residential Property category) on houses that they own.....

    A case of one part of the state system throwing money at another part of the state system, in order to pay for the costs of propping up the first part of the state system.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Quote Originally Posted by bob3367 View Post
    If this is the case, then the banks should take them back, with no strings attached and allow them to take the financial hit....

    What a stupid thread.
    Absolutely . Most people would gladly hand investment properties back at this stage.
    #3amigos

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