View Poll Results: Should Mortgage Payers "Strike" on Payments To Bring things to a Crunch ?

Voters
81. You may not vote on this poll
  • Yes

    62 76.54%
  • No

    17 20.99%
  • Don't know

    2 2.47%
Page 2 of 8 FirstFirst 1234 ... LastLast
Results 16 to 30 of 118

Thread: Mortgage Debt Write Off - Yes or No ?

  1. #16
    Join Date
    Mar 2010
    Posts
    794

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    Goverment are about to head off on a 3 month holiday, in the mean time more houses will be taken off people, forgetting the fact those people were given every incentive know to man to go out and by them.

    Nothing matters these days except for NAMA and Stags.

  2. #17
    Join Date
    Mar 2010
    Posts
    2,251

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    Watch the unemployment numbers surge while FF are on holidays.

    As citizens, we should be taking over the empty parliament and declaring a new republic.

  3. #18

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    What happens when you become unemployed and ask your lender for a moratorium. Firstly the Social Welfare insist this is what you do. So off I went. Ulster bank (used to be first active but they transfered me to ulster when they left the market) looked at my record of never missing a payment and that I never borrowed to the hilt etc. Offered me 6 month interest only payments. I said no the SW had said 12 months moratorium. They came back with 6 months moratorium and then 6 months interest payments only. 6 months no mortgage; but wait, he says I will have to pay all the interest on the 6 months moratorium at a higher rate, that the interest only period will raise my mortgage to beyond my resources €196.00 pw SW. So I say I will pay some of the mortgage, no apparently cant do this, only interest only or moratorium?

    So, I'm screwed if I do and screwed if I don't. And what a surprise the bank wins again.

  4. #19

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    Quote Originally Posted by ang View Post
    Hi MotgageBroker and welcome aboard great to have you participating, so whilst we have you.... do you believe there is anything in this that could put a false floor in the housing market?
    sorry for the delayed response! I don't think there is anything that can put a floor on the market, even if the state decided that it would do only that and nothing else it would probably fail due to the total size of the market, the absence of demand and the huge over supply, people are smart enough to see for themselves when they spot value. obviously in a bubble people don't see that but we all have a very different set of eyes in our collective heads now!

  5. #20
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    Quote Originally Posted by MortgageBroker View Post
    sorry for the delayed response! I don't think there is anything that can put a floor on the market, even if the state decided that it would do only that and nothing else it would probably fail due to the total size of the market, the absence of demand and the huge over supply, people are smart enough to see for themselves when they spot value. obviously in a bubble people don't see that but we all have a very different set of eyes in our collective heads now!
    From what I've just been reading, the EU is unlikely to let Lenihan attempt to use NAMA to create a false floor. It seems that NAMA properties will be sold sooner rather than later, leaving me scratching my head over all those stories about properties to be held for 10 years until the next bubble comes along and we are all super rich again.

  6. #21
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response

    An increase in 600 reposession cases in the High Court reported for last month.


    PRESS RELEASE
    600 new repossession cases before High Court in just 1 month, full breakdown needed - Flanagan


    Full detail of breakdown of 600 cases needs to be provided immediately and not later this year as advised by Master of High Court


    It is extremely worrying that there has been an increase of 600 new cases of repossessions before the courts in just one month according to Fine Gael Housing Spokesman Terence Flanagan TD.

    Deputy Flanagan said that this information was revealed by the Master of the High Court but no clear breakdown as to where this figure is coming from was provided. A monthly breakdown of the number of repossession orders and actual repossessions is needed to ascertain to which institutions the orders are originating from.

    “With court repossession orders only accounting for less than one-third of cases we also need greater transparency in relation to the balance of repossession cases. Many of these involve ‘voluntary surrender’ and are generally dealt with outside the court system. The term ‘voluntary surrender’ implies that the homeowner has a choice, which is rarely the case.

    “Historically, the Court Services provided regular reports in relation to Circuit and High Court actions but that service appears to have been halted. There can be no longer a drip feed of information coming from the courts and other sources as to the extent of this country's repossession problem.

    “The Master's office needs to start providing a monthly breakdown as to the number of repossession orders and actual repossessions so that it is known as to which institutions repossession orders are originating from.

    “The public are entitled to full accountability and reporting of the actual situation and full information should be placed on the Courts Service website on a monthly basis. I will be writing to the Master of the High Court in this regard.”

  7. #22
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    Interest only mortgages are driving people deeper into debt.

    http://www.breakingnews.ie/ireland/i...bt-466423.html

  8. #23
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    More mortgage increases announced in the news this evening.

    Permanent TSB going up.

  9. #24
    Join Date
    Feb 2010
    Posts
    2,866

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    So how high will interest rates go? They seem to be climbing at an alarming rates now that we have swallowed the banking scam http://www.rte.ie/news/2010/0723/permanent.html.

    I thought the whole point of being in the EU was to have a single market and a single currency. We effectively now are a different currency to other members (interest rates define a currency) and we have not single market in consumers in anything that would be useful like for example cars or banking. There is no reason why I should not be able to bank in France or motor in Derry without restriction.

    The single currency is turning into a bad joke. It is keeping our prices for exporting high but of no use to us in the other direction as we are required to borrow in special Irish Euroland. It would be a lot more straight forward to set our own interest rates rather than leaving it to private banks and rating agencies. Frankfurt is basically telling us that we are on our own.

    So much for deflation making us more competitive, we could be heading into a stagflation crunch if this keeps up.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

  10. #25
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    Quote Originally Posted by Xray View Post
    So how high will interest rates go? They seem to be climbing at an alarming rates now that we have swallowed the banking scam http://www.rte.ie/news/2010/0723/permanent.html.

    I thought the whole point of being in the EU was to have a single market and a single currency. We effectively now are a different currency to other members (interest rates define a currency) and we have not single market in consumers in anything that would be useful like for example cars or banking. There is no reason why I should not be able to bank in France or motor in Derry without restriction.

    The single currency is turning into a bad joke. It is keeping our prices for exporting high but of no use to us in the other direction as we are required to borrow in special Irish Euroland. It would be a lot more straight forward to set our own interest rates rather than leaving it to private banks and rating agencies. Frankfurt is basically telling us that we are on our own.

    So much for deflation making us more competitive, we could be heading into a stagflation crunch if this keeps up.
    We're not the only state to be in this situation. In eastern Europe, some States have tied their currencies to the euro, and borrowed in euros, back in the days when the market took that to mean a common currency. They can't come off the euro peg now as they owe billions in Euro.

    We are in those seconds in which a car crash is happening, and which seems to be taking place really slowly.

  11. #26
    Join Date
    Feb 2010
    Posts
    2,866

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    Quote Originally Posted by C. Flower View Post
    We're not the only state to be in this situation. In eastern Europe, some States have tied their currencies to the euro, and borrowed in euros, back in the days when the market took that to mean a common currency. They can't come off the euro peg now as they owe billions in Euro.

    We are in those seconds in which a car crash is happening, and which seems to be taking place really slowly.
    The thought has flashed into my mind if we left the Euro would my mortgage debt still remain in Euro as it is with a foreign owned bank. Might be a very important issue yet.

    I like the idea of the Euro and always supported it, but the benefits have to be real and I think we are being short changed.

    The Euro federalists were not long evaporating when the going got a bit tough. The disdain the EU is held in by USA and UK nationalists is starting to look justified in some senses.

    Germany and France really have shown no leadership to the rest of the EU in this crisis, they have looked to domestic need. That is all fine and well, but when the minnows get to their feet in a year or two I don't think there are going to want to hear about the EU again. All we heard here was how important the last vote we had on the EU was. Now it is as if it never happened.

    We are now in a world where Euro interest rates are only available to ordinary people via tracker rates and they are closed down to new business. So the interest rate is not our interest rate at all, international bond markets and private domestic banks set them at punt levels for us. That is not a single currency. We are less competitive for having a strong currency also.
    Last edited by Xray; 23-07-2010 at 11:33 PM.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

  12. #27
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    There's something constantly forgotten in this discussion and I had to go back to the old Tok! blog to remind myself of it.

    http://blogtok.wordpress.com/2010/01...ces-in-the-eu/

    The idea of the EU is supposed to be an even playing field ... that clearly doesn't exist.
    So, what in reality happened is that the whole EU territory was opened up as a market for the strongest exporting countries, but without them having any long term fiscal responsibility in terms of redistribution and support for weaker regions.

    It couldn't possibly be sustainable, unless the periphery accepts an impoverished and semi colonial relationship.

    Ireland appeared to buck the trend for a while, in offering a back door entrance for US goods wanting access to the EU, and US firms wanting grants and tax write-offs. Neither the US government nor the EU wants that arrangement to continue.

  13. #28
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    http://www.financialregulator.ie/pre...n12months.aspx

    Report on mortgage arrears and repossessions from the Financial Regulator.

    Karl Deeter on Newstalk lunchtime was saying that interest only arrangements were doing people no favours.

  14. #29
    Join Date
    Jul 2010
    Location
    Out of my mind
    Posts
    12,153

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    Quote Originally Posted by C. Flower View Post
    Karl Deeter on Newstalk lunchtime was saying that interest only arrangements were doing people no favours.
    I think, it's about time to abandon any hope for favours from this government and the banks it's sponsoring with our money.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  15. #30
    Join Date
    Mar 2010
    Posts
    794

    Default Re: Mortgage Arrears and Personal Debt Report - Government Statement and FG Response - Reposessions

    I've had 3 mortage rate hikes this year. One thing I dont understand is, when everyone had money and plenty of jobs about, mortage rates were dropping.

    Now very few people have money, very few people have jobs yet mortage rates keep creeping up??

Page 2 of 8 FirstFirst 1234 ... LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us