I stopped paying the mortgage all together because what I was paying them was not enough.
I am also trying to gather up money in case I need to rent.
I do not mean to sound smart mouthed but please give me the pros of paying what I can when the bank wont accept my offer and will seek repossession anyway.
You say that morally he should pay something. As an opinion that is fine but you put forward no argument to support it., No where have I seen any such argument that goes beyond "he borrowed so he should pay" to address the broader issues.
how many instance have we seen here where people who make every effort to pay are still repossessed by the banks with not even a thank you.
Brendan,
This OP cannot avoid repossession and cannot pay the NE loan that will be left after repossession.
How would he be better off if he made some mortgage payments to the bank now.
If in the 12 months before repossession he paid the bank €10,000 he would be €10,000 worse off after repossession.
You say legally he should pay, well obviously when he doesn't pay the law will take its course and he will suffer the consequences. He will loose his home and his credit rating, but those consequences will be no worse because he paid nothing to his mortgage in the period before repossession.
You say that morally he should pay something. As an opinion that is fine but you put forward no argument to support it., No where have I seen any such argument that goes beyond "he borrowed so he should pay" to address the broader issues.
For a counter argument, how many instance have we seen here where people who make every effort to pay are still repossessed by the banks with not even a thank you.
You just mean financially better off don't you? It is a morality issue. You could as easily say a thief is better off if he steals something - does that make it okay? Living effectively rent-free when you can afford to pay something is a form of theft. You think that's okay - many people don't agree.How would he be better off if he made some mortgage payments to the bank now.
The points raised are on a moral basis. Commonsense asks "do you see nothing wrong" that is a moral question. There is nothing wrong with asking a moral question, but that is the basis of your post.
Morality is personal. The Law is applied morality that society puts in place to regulate our dealings with each other.
Commonsense also asks what are the consequences? We are living in the consequences. People unable to pay their mortgages. New mortgage credit more difficult to find. Unemployment through the roof.
My moral sense tells me that when you say "If people borrow money, they should pay that money back. " You are only looking at half the picture.
If you want to make a convincing argument you must address the issue of the Irish property market in 2006 having been a pyramid scheme. Banks borrowed money from abroad to lend purchasers to buy from developers that banks lent money to buy from landowners.
We ALL took part in the pyramid scheme, even if we didn't understand it. Even people on social welfare who received 3 times the dole that is available in NI.
When the music stopped some of us escaped lightly, some of us were left holding the baby. The moral case that people who bought property in 2006 have to pay a bigger share than people who bought in 2002 say is weak. That is the further argument I would like to see Brendan.
you must address the issue of the Irish property market in 2006 having been a pyramid scheme. Banks borrowed money from abroad to lend purchasers to buy from developers that banks lent money to buy from landowners.
We ALL took part in the pyramid scheme.
You have said the bank have offered you a split but you can't afford it. Surely the offer has to be based on your Standard Financial Statement and the Reasonable Living Expenses
Are you really going to be any better off renting after your house has been sold/repossessed? Will the rent be less than you would pay under the split mortgage.
If you try to get a Debt Settlement Arrangement on the unsecured debt after a repossession/sale it will still be based on your Standard Financial Statement and Reasonable Living Expenses?
Hi Claire, no the split mortgage is not based on SFS and reasonable living expenses it is based on the figure the bank is desired to accept. That is why I am unable to meet my payment. I have offered them all of what I can afford according to my SFS and this has been turned down.
I offered the bank a monthly figure that represents the rent received in the area and they most definitely are not accepting it.
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