Repossession is a valid outcome for someone in arrears

jman0war said:

I've been browsing estate agents and real estate websites in USA.
There are tons and tons of foreclosed houses for sale.
I believe this has always been the case there.
It is a necessary and normal function within a property market.

Is anybody making the case that foreclosed houses = destroyed economy?

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It's as lazy as the argument that not guaranteeing Anglo-Irish would have stopped ATM's running, even though Anglo-Irish didn't actually have any ATM's.

Wish I was you. Never made a mistake in your life.
Many people made what ate now obvious errors of judgement in mortgage. Then lost job and now facing eviction and/or emmigration.
Where is your compassion?

Gerbo said:

Wish I was you. Never made a mistake in your life.
Many people made what ate now obvious errors of judgement in mortgage. Then lost job and now facing eviction and/or emmigration.
Where is your compassion?

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Where is your compassion for those who carefully avoided risk and are now being scolded for not jumping into the boiling hot water too?
i.e. drop the appeal to emotion please and try to base your argument on something approaching sense.

P.S. You know nothing of my personal circumstances. For all you know, I might be the proud owner of a neg equity shoebox but I'm keeping up the repayments and not attempting to pull strokes to get somebody else to pay it for me.

In your world we would still gave hanging and deportation for petty crime.
I know that some people are what they call strategic defaulters but in my experience most are genuine. One could say that a young couple were foolish to take out s mortgage based on both earning and never anticipated job loss for one or even worse for both.
I don't know of a good solution but I do know eviction is bad for society as a whole. All it will do is a) drive some to suicide and b) will end up costing more in the long run as whether you like it or not we are a social democracy aiming to help ALL our citizens, not just those wise virgins who kept oil for their lamps.

Gerbo said:

a social democracy

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Since when??? I must have missed that one!

I know what u mean, but at least that's he theory.

So if a bank repossesses, they may soon have no outlet to sell the property

http://www.independent.ie/irish-new...event-unnecessary-repossessions-29580169.html

Asked if the IMHO would seek a similar agreement from other estate agents and auctioneers, Mr Hall said: "We will be seeking an identical commitment from every single auctioneer throughout the country. We will be saying clearly that sales of repossessed family homes will only take place where everyone agrees that the property must be sold. It can only be done in our view when a deal has been done on the entire debt by consent. Only then can it be sold. We want the entire deal to be triggered at the moment the property is sold when it is done by agreement."

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Whats people's view on this?
Surely there's a anti-competitiveness angle to this, especially if say all the other EA's signed similar agreements.
Why would anyone possibly consider paying their mortgage on their PPR if this new agreement works....you just have to say you don't want to leave your PPR, and your untouchable.
And this only makes more problems for the banks, possibly leading to more funding being needed (as it's clearly debt forgiveness that Hall is alluding to above)....so all will pay to keep the minority in their unaffordable houses or give them 100% clean slates if they walk away.
And do Buy to Lets fall into this?

Another sad day in the banama republic