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Thread: Strategic Mortgage Default 101

  1. #1

    Default Strategic Mortgage Default 101

    What's the best way to plan a strategic mortgage default? If government now forces the banks to write down some of the mortgages in arrears it doesn't make a lot of sense for healthy mortgages holders to continue to pay for properties in negative equity either. Is it a good time to engage in a strategic mortgage default and drive down one's mortgage debt and force the lender to take a hit as well?

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    Politics.ie Member Dublin 4's Avatar
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    Yer neck needs a buff-up


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    Politics.ie Member firefly123's Avatar
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    Step 1. Buy a modest home for your family within range of work at a ridiculous price because that is what you were told was the sane thing to do by 'experts'.

    Step 2. Lose your job or take paycuts due to collapse of economy.

    Step 3. Listen to smug gits who didn't but a house because they couldn't afford to or were pissing their money away at the time but who now all claim to be financial geniuses who saw it coming.

    Step 4. Worry like crazy that you and your children will become homeless because everyone is paralysed with fear that someone somewhere might be scoring out of this debacle.

    Step 5. Watch as those responsible for it all ride off in to the sunset, or worse, get feted in the media as they provide 'solutions'.

    Step 6. Buy a high powered rifle and look for a church tower....
    Last edited by firefly123; 13th March 2013 at 06:39 PM.
    Life is hard
    That's why no-one survives

  4. #4

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    If government now forces the banks to write down some of the mortgages in arrears...
    When did they announce that ?

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    Politics.ie Member emulator's Avatar
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    Quote Originally Posted by firefly123 View Post
    Step 1. Buy a modest home for your family within range of work at a ridiculous price because that is what you were told was the same thing to do by 'experts'.

    Step 2. Lose your job or take paycuts due to collapse of economy.

    Step 3. Listen to smug gits who didn't but a house because they couldn't afford to or were pissing their money away at the time but who now all claim to be financial geniuses who saw it coming.

    Step 4. Worry like crazy that you and your children will become homeless because everyone is paralysed with fear that someone somewhere might be scoring out of this debacle.

    Step 5. Watch as those responsible for it all ride off in to the sunset, or worse, get feted in the media as they provide 'solutions'.

    Step 6. Buy a high powered rifle and look for a church tower....
    I'm surprised every day that number 6 hasn't happened already....

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    What's the best way to plan a strategic mortgage default? If government now forces the banks to write down some of the mortgages in arrears it doesn't make a lot of sense for healthy mortgages holders to continue to pay for properties in negative equity either. Is it a good time to engage in a strategic mortgage default and drive down one's mortgage debt and force the lender to take a hit as well?
    But are not going to force the banks to do anything! The targets are relative to offers to customers; not what the banks actually do. The Central Bank has said they recommend that banks look at a "revised principal sum" as part of the suite of measures to be assessed when trying to improve the sustainability of mortgages in arrears. This is a long long way from "force".

  7. #7

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    Quote Originally Posted by Taxi Driver View Post
    But are not going to force the banks to do anything! The targets are relative to offers to customers; not what the banks actually do. The Central Bank has said they recommend that banks look at a "revised principal sum" as part of the suite of measures to be assessed when trying to improve the sustainability of mortgages in arrears. This is a long long way from "force".
    it's a reality and it's way overdue. I know a number of cases who got a little present from the banks recently. it's not sustainable to pretend a house has a value of 250k or 400k if it actually can't be sold at 125k or 250k respectively. I understand that who ever raked in the initial amount is a happy camper now but the people in negative equity feel like real ejeets to be forced to continue to service these fantasy mortgages.

  8. #8

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    it's a reality and it's way overdue.
    Forced mortgage write downs are a reality ? Great , since when?

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    Politics.ie Member Happytolearn's Avatar
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    Quote Originally Posted by emulator View Post
    I'm surprised every day that number 6 hasn't happened already....
    patiently waits ....
    I'm a better man now than I was that day

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    it's a reality and it's way overdue. I know a number of cases who got a little present from the banks recently. it's not sustainable to pretend a house has a value of 250k or 400k if it actually can't be sold at 125k or 250k respectively. I understand that who ever raked in the initial amount is a happy camper now but the people in negative equity feel like real ejeets to be forced to continue to service these fantasy mortgages.
    What's negative equity got to do things? It's about people's ability to pay. If you don't need to move and you can afford to service the debt then it's tough I'm afraid.

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