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My thoughts:...I want to default on my mortgage but am still currently employed - ... - we want an accelerated principal repayment scheme of some sorts!
Thoughts....
my house is about 100,000 in neg equity
so i'm looking at options...restructure my mortgage over something like 80years! Or just default and let the bank suffer the debt.developers get bailed out so why not we,after fall we are suffering these austerity measures for a wreckless lending envirnoment and goverment corruption.have you heard of the term jingle mail...i think its only a matter of time before this becomes a commonality.irish people need to wake up and say enough is enough.two fingers to the banks and walk away.if enough people do it they have to enforce some sort of debt forgiveness,but continuing to pay means the ball will always be in their court...they are crooks,and the goverment are crooks, we are the dumb sheep of europe taking it up the rear.the irish are too docile,we need to take on the banks and stop paying for their insolvency!
But going on how the banks are "ours", the taxpayers, and therefore we must pay them (so they can repay,for example, the unsecured loans from foreign speculators) is not the greatest reason to repay a loan.
I'm puzzled how any expert financial scrutiny of Irish bank lending 2000-2006 - or, indeed, the basis of the Irish economy in that period - would consider that here was a low-risk investment opportunity. (I assume of course that financial organisations did some due diligence when investing millions,nay billions, into Irish banks).
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