I now find myself in a position where a bank expects me to spend the next 16 years of my life (if I live that long) helping to clean up a mess that they created?
All of my adult life the sensible thing to do was to buy property.
I now find myself in a position where a bank expects me to spend the next 16 years of my life (if I live that long) helping to clean up a mess that they created?
Let’s be clear about it. These people are responsible for this mess. All I did was buy a house.
Why should I (and many more like me) have to pay for the reckless, irresponsible, greedy even criminal behaviour of the lending institutions? While at the same time the government (read taxpayer) bales them out.
I can just afford to pay my mortgage, but my thinking more and more is why the hell I should I?
My belief is that it’s going to take a generation for this mess to sort itself out. I don’t have the time to wait for prices to come back. I’m never even going to break even on this house.
I've taken my hit on this house.
The bank isn't responsible for your situation...you are. They didn't force you to buy the property. That's the bottom line. If this was the US you could happily do what you're proposing. However in this country non recourse lending of this kind doesn't exist for home mortgages...there's no "jingle mail" although I'm sure many people wish there was.
Palabra, what I really don't understand is yourself and others whinging about the bad times, bad banks and looking for the easy way out......
Palabra, what I really don't understand is yourself and others whinging about the bad times, bad banks and looking for the easy way out.
Let me tell you how I see it. I am a foreign national and when I came to Ireland some time ago, I was treated like a lesser being because I was not a part of the great Celtic tiger. I saw people rushing to shops and buying huge and overpriced plasma TVs without even looking at the price tag - the more expensive the better. And when the credit card was maxed, they got another one and then headed to the bank for a loan to buy another holiday in Spain, another plasma TV and smirked at me buying my groceries in Lidl because they could afford M&S and dine out and never cook anything in their life. When I asked them how they are going to pay their loans they smirked again and told me I can't understand the miracles of the booming economy because I'm too stupid.
There were enough warning signs in 2007 and enough people who said that an economy cannot function on consume, loans and construction industry permanently.
The same people who were spending like there was no tomorrow are now blaming everybody else but themselves for their decisions. Yes, the banks were handing out mortgages and loans but they were not forcing anybody to take them. I cannot remember anybody telling me, the bank was holding me hostage till I signed the car loan which was too expensive.
It was your own decision to purchase the property - own up to it. Take responsibility for your own actions, you are a grown-up boy and should be able to do so.
I pay my taxes in this country, my own private insurance, never used any social benefit in this country to finance my family abroad and in all honesty, people who do not own up to their own actions and blame everybody else plus always look for the easy way out thus adding to the burden of honest tax-payers simply make me sick.
P.S. Sorry for the rant but there comes a time when enough is enough.
No normal sane person would have bought a property if they knew half of what these bozos were up to behind the scenes.
Your friend will end up paying for defaulting dearly. Could be 200K over her lifetime (legal fees, payments, clearing any neg equity after the bank firesales her house for 120K). There is no way out, she made the big decisions about partners and purchasing somethign massive like a house. She and her family now have to live with the consequences.At the moment she is paying much more in a mortgage that she would renting and she is seriously considering handing the keys back to the bank mostly for the sake of the children. If she does she will have almost 1000 extra a month to live on and not be living with the constant stress of wondering where the money to pay the mortgage, phone bill etc. is coming from. She has gone to Mabs and they have been a help but she is not coping well.
I'm confused by the OPs position. Let's suppose for a second (wishful thinking I know) that the crash never happened.
Their motive was to make profit and the OP should have known this. Their motive certainly wasn't to have somebody default on their mortgage and lose money, requring a govt. bailout to survive.The bankers are the cause of all this, let there be no bones about it. That was their game plan
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?