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Thread: Mortgage Debt Relief & Inheritance Windfalls for some, funded by tax increases for others!

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    Politics.ie Member
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    Default Mortgage Debt Relief & Inheritance Windfalls for some, funded by tax increases for others!

    Do you think that those who will get to write down their mortgages and keep their homes should be allowed to take the full benefit of their family inheritances while the taxpayer gets stiffed?

    This is exactly what will happen in Ireland once debts are written down. The notion of debt relief for on mortgages also transfers the cost to taxpayers at the same time leaving people to benefit form family inheritances just a short while after getting debt relief.

    Fianna Fáil want to dish out Mortgage debt relief in their new bill by simply confiscating the assets of banks (that you own) and giving them to borrowers who cannot pay their mortgages.

    I can't find any mention of them being liable to make good to the taxpayer form their inheritances!

    The Wealthier your parents the more likely you are to benefit form an inheritance.

    Fianna Fáil want to override Banks veto on mortgage debt forgiveness which would generate massive additional bills for the taxpayer.

    This is populism and vote buying gone mad!

    Why should people who get mortgage debt relief funded by the taxpayer be allowed wolf down their inheritances without repaying the tax payer's banks with interest!

    Does the Constitution not protect the Bank's property rights?

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    Politics.ie Member tigerben's Avatar
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    Doesnt matter any more we've Labour working hard to keep the working class poor and bring the middle class to working poor. We've FG working hard to keep the farmers as feathered as they can, We've FF working hard are on pedalling forward with the hope we'll forget the past and SF working hard to be all to all classes except the rich.

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    Politics.ie Member drummed's Avatar
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    Сохранить Украины

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    Politics.ie Member Mr. Bumble's Avatar
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    Quote Originally Posted by drummed View Post
    Do you have a point to make or are you off your face on sheep dip again?
    Cry your hardest now, it opens the lungs, washes the countenance, exercises the eyes and softens down the temper. So cry away.

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    Politics.ie Member drummed's Avatar
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    Quote Originally Posted by Mr. Bumble View Post
    Do you have a point to make or are you off your face on sheep dip again?
    What's the matter there Bungler?

    There's a point certainly but maybe your too dense to see it?
    Сохранить Украины

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    I like Randy Newman

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    Politics.ie Member dizillusioned's Avatar
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    Quote Originally Posted by gatsbygirl20 View Post
    I like Randy Newman
    I like Randy New Men too... but whats that got to do with Inheritance tax and the OP's question?

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    Quote Originally Posted by IbrahaimMohamad View Post
    Do you think that those who will get to write down their mortgages and keep their homes should be allowed to take the full benefit of their family inheritances while the taxpayer gets stiffed?

    This is exactly what will happen in Ireland once debts are written down. The notion of debt relief for on mortgages also transfers the cost to taxpayers at the same time leaving people to benefit form family inheritances just a short while after getting debt relief.
    I think that there should be provision to ensure that future windfalls like an inheritance, Lotto win, etc, would be used to repay any writedown of debt but I imagine that the outcome would be that inheritances would end up skipping a generation, so that if A had a writedown of his or her mortgage, A's parents would leave their estate to their grandchild, B, who wouldn't have to pay off his parent's debt.

    Alternatively and preferably, I think that there should be no writedown of a mortgage without equity being surrendered in exchange. If a person's mortgage is halved, the bank owns 50% of the property but cannot force a sale during the lifetime of the mortgage holder. If the person sells the property during their lifetime, the bank gets half of the sale price. If not, the bank's 50% interest in the property must be paid on the death of the mortgage holder.

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    Politics.ie Member cabledude's Avatar
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    The O.P. has a serious hard on when it comes to the Mortgage write down issue. Whats the matter O.P? Could you not buy a house? Would the bank not give you a mortgage? Whats your problem? Do bankrupts have to forego inheritance when their bankruptcy period is up? No,they do not. The same rule will apply to those few desperate cases of borrowers who get a write down.
    Stand there in silence, look up to the sky and remember how brave they were.

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    Quote Originally Posted by HollyB View Post
    I think that there should be provision to ensure that future windfalls like an inheritance, Lotto win, etc, would be used to repay any writedown of debt but I imagine that the outcome would be that inheritances would end up skipping a generation, so that if A had a writedown of his or her mortgage, A's parents would leave their estate to their grandchild, B, who wouldn't have to pay off his parent's debt.

    Alternatively and preferably, I think that there should be no writedown of a mortgage without equity being surrendered in exchange. If a person's mortgage is halved, the bank owns 50% of the property but cannot force a sale during the lifetime of the mortgage holder. If the person sells the property during their lifetime, the bank gets half of the sale price. If not, the bank's 50% interest in the property must be paid on the death of the mortgage holder.
    I don't think children should be made pay for their parents debts. I agree that debt relief should have a clawback provision as described in the op.

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