NoRegretsCoyote
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Interesting to see how little of the problem mortgage are left with the banks and so many with the funds
RCF/CSFs held three quarters of accounts that made no repayments in 2021, but accounted for the majority of LTMA resolutions
RCF/CSFs have played an increasingly important role in the Irish residential mortgage market, holding a significant proportion of PDH mortgages. At end-December 2021, these firms held 14 per cent of all PDH mortgages outstanding, but 65 per cent of LTMA PDH accounts.
The unwieldy and long drawn out courts process that is very tolerant of those who can't or won't pay?What is stopping them from repossessing here?
The unwieldy and long drawn out courts process that is very tolerant of those who can't or won't pay?
Brendan used to regularly visit and report on the repossession court hearings but I don't know what's happening there these days.
I think what gets missed is that often this is not the only debt such people are not paying. A significant number of people not paying their mortgage are also missing utilities, business debts, personal loans and other forms of credit.Don't pay your mortgage for a year an you are up 24k in the bank tax free (based on 2k a month mortgage), bring that out to 5 years and you have 120k. if you push that out to 10 years, you'd have a quarter of a million. Take the house I don't care, i'll just buy one with cash and still be rent free. Essentially I've I'll never have had to pay either mortgage or rent - suckers.
An extreme situation, but how a system allows anyone to live in a house without paying anything towards it for such long periods is beyond me, and get away with it.
Is the issue not so much that the deluge is simply too much for courts to handle?The worst thing to happen in this area was the grouping of the can't pay with the won't pay people. There is a huge difference between the deals being done by those honestly trying and experiencing some bad luck and those who are outright trying to, and seemingly succeeding in scamming the system.
The courts are backlogged sure, and it is insanely difficult to repossess a house from the won't pay people. The reality should be if someone refuses to pay and not engage, they should be out very very quickly.Is the issue not so much that the deluge is simply too much for courts to handle?
And we probably need dedicated courts to deal with financial debts, and possibly also personal and small business debts?
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