Defaulting on mortgage while still employed, coordinated mass default?

yes,Jim, I would agree.
Whilst i didnt buy property in ireland in the pre-crash era I did buy abroad (Florida of all property crash places!) , I refused amazingly high offers on my properties because I was greedy and stupid, and I borrowed a fortune for commercial ventures that didn't work out; crazy at may age.
But I should have known better and there's no fool like an old fool. So I blame myself and intend to pay every penny back.

But I really believe that young Irish people , such as a couple of posters in this thread, could not have known what would happen and they were under tremendous pressure to buy,buy.buy.
So, Horus, many people did have a gun put to their heads if you are using that silly phrase in post 13 as a metaphor for being put under tremendous pressure -from the govnt, from the banks, from their peers, from everyone in this country (save for a few McWilliamses.)

I don't know the exact situation of the two posters here who have problems with their mortgages but I fully sympathise with them. I'd understand them throwing the keys back at the banks, much as I know this would not benefit the rest of us.

Anyway this subject has been in so many different threads that it's just about been beaten to death.
 
Jim2007 said:
everyone looses the run of the themselves in a bubble.
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Can't agree with this statement,Maybe more accurate to say "everyone loses".I didn't lose the run of myself during the bubble,in fact i was made out to be a bit of an eejit by some family and friends for not grabbing a bit of the property action in Cork, New York, Dundalk, Gortahork and Glenamaddy.Now i have no problem helping out someone who bought a family "home" at the wrong time(because they were being encouraged by irresponsible and uneducated polititians not to miss the rising tide) and are caught in negative equity.I do have a problem with the speculators who invested in Dubai,Sunny Beach,Carrick on Shannon,Calcutta,Those Islands off the east coast of Whoknowswhere......
 
oldnick said:
Ah, Seantheman, we bow to your foresight, prudence and overall brilliance.
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The patronising doesn't sit that well with ye Oldnick:)
I had actually posted my piece thinking that Jim's was the last post,Didn't realise that there was a second page that you had contributed to,So much for foresight:eek:
Seriously though i thought it was much more to do with commonsense
which most people,despite what was being said at the time,exercised
 
There was no escaping the in your face sales pitches at the time. You couldn't open a newspaper without a glossy property supplement falling on your lap, even parents were putting pressure on the younger ones to buy. How many times over the years did we hear there's money in mortor:rolleyes:
 
Seanthe man:- I suppose I was thinking of my own dumb decisions 5-10 years ago, but that was no excuse for my sarcastic knee-jerk response. Apologies.
 
Banks default all the time, business default all the time but when its the small person trying to make a living its bad..... People we are caught in a continuing spiral of negative equity and austerity measures that we are forced to carry for the rest of our lives and this is WRONG!!!!!
We shouldn't have to bail out the banks and suffer extreme taxes due to bad gov. policy. Bond holders lent to Ireland knowing it was high risk as it was a overheating economy and there was plenty red flags but they continued to lend.
So your say its unjust to default because the Irish tax payer has to foot the bill. Well wake up people you are already footing the bill for wreckless lending between banks and developers and that ok is it? Iceland put up there two fingers to the bond holders and didn't let the IMF in, they are back in the bond markets already, Argentina did the same now its prospering wealthy economy...we under other hand are easy prey form the German/French banks as we have a large export market and an ability to repay so let’s tax the hell out of the Irish, watch the value of their homes plummet to nothing, restrict all capital into the country as its now high risk with devaluing property, its a civilised country and they won’t rise up so let them suffer the debts for the rest of their lives and save the banks.....People unemployment is sitting close to 15%, Houses are still devaluing and will for the next 3-4 years, you are paying for a debt that will never be paid for...a mass default will force the gov to take drastic action to deal will residential negative equity. They can’t bail out the developer and not the residential market when its the people in the residential market bailing out for the recklessness of out financial & bureaucratic system. I have no problems paying for a bad debt that I stupidly invested in when it was an opportunity to get a first time mortgage. How silly was I to think I could own an asset! How silly was I take accept money from an institution who knew full well how much they were lending out to people and the risks they were taking with an overvalued market....they are in the business after all of knowing such things..
 
cormirl said:
Banks default all the time, business default all the time but when its the small person trying to make a living its bad..... People we are caught in a continuing spiral of negative equity and austerity measures that we are forced to carry for the rest of our lives and this is WRONG!!!!!
We shouldn't have to bail out the banks and suffer extreme taxes due to bad gov. policy. Bond holders lent to Ireland knowing it was high risk as it was a overheating economy and there was plenty red flags but they continued to lend.
So your say its unjust to default because the Irish tax payer has to foot the bill. Well wake up people you are already footing the bill for wreckless lending between banks and developers and that ok is it? Iceland put up there two fingers to the bond holders and didn't let the IMF in, they are back in the bond markets already, Argentina did the same now its prospering wealthy economy...we under other hand are easy prey form the German/French banks as we have a large export market and an ability to repay so let’s tax the hell out of the Irish, watch the value of their homes plummet to nothing, restrict all capital into the country as its now high risk with devaluing property, its a civilised country and they won’t rise up so let them suffer the debts for the rest of their lives and save the banks.....People unemployment is sitting close to 15%, Houses are still devaluing and will for the next 3-4 years, you are paying for a debt that will never be paid for...a mass default will force the gov to take drastic action to deal will residential negative equity. They can’t bail out the developer and not the residential market when its the people in the residential market bailing out for the recklessness of out financial & bureaucratic system. I have no problems paying for a bad debt that I stupidly invested in when it was an opportunity to get a first time mortgage. How silly was I to think I could own an asset! How silly was I take accept money from an institution who knew full well how much they were lending out to people and the risks they were taking with an overvalued market....they are in the business after all of knowing such things..
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All the more reason for ireland to change their bankruptcy rules to what they have in england/wales.
Get people free of their debt and let then start from scratch.
If england/wales can do it then why not Ireland.
 
Because the banks control the show and it is not in their interests to allow a change.
 
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