What happens if I stop paying my mortgage?

Discussion in 'Housing and mortgage arrears - policy issues' started by cremeegg, Mar 5, 2018.

  1. cremeegg

    cremeegg Frequent Poster

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    Last edited: Apr 16, 2018
    I just want to pick up on a point that a number of posters seem to have missed, Carnmore encapsulates it here.

    The question was, what would happen, not what should happen.

    and here

    It was a question not a proposition. My narcissi were late this year by the way, and are looking very bedraggled at the moment in the rain.
     
    Last edited: Apr 16, 2018
  2. usernameinuse

    usernameinuse Registered User

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    Last edited: Apr 29, 2018
    Correct. And it was not always 100% the borrowers fault. The Banks were the Mortgage Experts, with decades of experience, and gave advice in their area of expertise. It was their job to know their job. The fact the banks themselves had to be bailed out shows they did not. If and when that advice they gave was incorrect they should pay for it. During the Celtic Tiger, Ireland was known worldwide in banking circles as "the Wild West", because certain bankers here behaved so recklessly.

    Should a lender have lent money if they knew the borrower would be unable to pay it back, for example if the loan is 15 times the persons salary? Morally at least, no. As someone else said, how would it be if for example a nurse or doctor gave you incorrect information regarding medication or treatment for say your 6 year old Child or your 80 year old Mother and it caused them serious harm. Would the nurse be to blame or would it be your fault for being stupid in acting on her expert advice?


    You could look at it like that, but I think its a bit more complicated. Your point about the audacity of certain bankers is true. Remember the ex managing director of one small bailed out Irish Building Society,who retired with a pension of over 20 million, and he gave 2 fingers to our government? He was said to be the sole person in that little building society who made lending decisions, depending on his humour that day, if the borrower was a journalist or not etc.

    Very few people in the financial arena have been held to account in Ireland. However, things are changing. In Iceland, a country with a population a fraction the size of Irelands, a few more bankers have been jailed recently, bringing the total there to over 30 I believe. I think people in Ireland are angry about how certain bankers got away with it and rode over the horizon with big bonuses and pensions after wrecking the country.
     
    Last edited: Apr 29, 2018