Why wont people wake up and ask for the contracts.

[PiedPiper]

[broken link removed]

I am reading this in today’s paper and thinking why are these people so stupid they nearly deserve what’s coming to them. How can they think they are better off.

They have no contract with the buyer of the loan who is bringing them to court. This is a major win for the 2nd buyer of a loan who most likely bought any loan at a massive discount and are laughing and not entitled to possession anyway.
They are well covered as the original lender is long gone.
If the home owner takes a case the chances of this new party turning up are slim or none.
The question is always asked who will pay; we will all pay for the cost of re-housing all these families and the huge social cost.
The only moral hazard I see is bad banks and bad government.

 

[44brendan]

The contract is with GE Money. That contract was sold to a 3rd party for a discounted sum. The contract remains enforceable despite the fact that it has been transferred. Court proceeding can still be taken on foot of the original contract by the new owner.

 

[PiedPiper]

This is something I read online so I am not standing over it but ..............

Pepper backed by goldman sachs have taken over Pepper, they have 3,500 subprime mortgages on their books...bought at 40% of the book value, people have started receiving letters, have a brilliant lawyer all set to go after peppers juggler but need to get the word out there to all who have received these letters, if poss, thank u ...message

If anyone has received a letter to voluntarily hand their keys in/sell their home from Pepper/GE mortgages, can people contact AET or mediation Ireland, we've now heard of a few letters being sent out but there is strength in numbers, so would like to get people together on this, please share, people need to know they are not alone in this...http://www.mediationireland.eu/
Mediation Ireland
www.mediationireland.eu
...

 

[PiedPiper]

You are correct

The contract is with GE Money. That contract was sold to a 3rd party for a discounted sum. The contract remains enforceable despite the fact that it has been transferred. Court proceeding can still be taken on foot of the original contract by the new owner.

I so dont want to get banned because of this but there has to be something in the contact that allows it to be sold, its not that easy.

 

[Wishes]

Pepper is allowing the sale of the property for a minimum of 90k. If this wasn't so serious it would be hilarious. What property on the Malahide Road is only worth 90k????

 

[orka]

What property on the Malahide Road is only worth 90k????

Could be a run-down house in towards Marino. Or maybe Artane/Coolock - the Malahide Road is long... Also, a lot of the newer estates near Clare Hall/Northern Cross have 'Malahide Road' in their address.