How Are Posters Effected By Recession

Multivan

Partizan wrote: »

What will happen here is that the banks will take back the house but the tenants will not be evicted. Instead the bank will come to an agreement to lease or rent out the house to defaulted tenants for nominal sum every month. By agreeing to this the tenants will have relinquished any ownership to the property and the ownership will revert to the bank. Bankruptcy laws are different here in Ireland. You cannot just drop the keys into the bank (jingle mail) and walk away. You are still liable to pay off the outstanding mortgage debt to the bank even if you no longer own the property.

Thanks to the property porn engineered by Zanu FF and their builder buddies along with their VI's from the sidelines, hundreds of thousands of young people have been condemned to a lifetime of servitude to the banks. You can call it a modern form of slavery.

Thats a good post! best one ive read on here.


Irish people consume consume consume, i dont think there are many people who look too far into the future and think well if i have spare money in my pocket i will save it, no they see the new opel astra add and say oh ill get that, and yes the credit institutions are to blame as they pimped out these people to gain profits, weve turned into america in 10 years with everything getting bought on CREDIT,

I am angry by all this as i want to buy a house but I refuse to buy at these prices its just not worth it, but these people who think oh i have to buy a house i know im 22 but my friend has got two she rents the other one out, i mean it got too mad here and that fueled the house prices for a long time.

gscully

Multivan wrote: »

Thats a good post! best one ive read on here.


Irish people consume consume consume, i dont think there are many people who look too far into the future and think well if i have spare money in my pocket i will save it, no they see the new opel astra add and say oh ill get that, and yes the credit institutions are to blame as they pimped out these people to gain profits, weve turned into america in 10 years with everything getting bought on CREDIT,

I am angry by all this as i want to buy a house but I refuse to buy at these prices its just not worth it, but these people who think oh i have to buy a house i know im 22 but my friend has got two she rents the other one out, i mean it got too mad here and that fueled the house prices for a long time.

That's your opinion. A lot of people would rather live for today and if they have the money at the time, and they choose to spend it then good luck to them. No-one can predict the future. The housing boom started 10-15 years ago and prices started to sky-rocket. If anyone had aspirations of being a homeowner it was a case of buy now. When I wanted to buy my house in 2001, my folks advised me to wait a few years and save (rather than take out a sizeable mortgage). The thing is, house prices were increasing faster than anyone could save. I bought my house for 150k euro and it practically doubled in value in 4 years. I'd never have saved that much money in 4 years, so I'm glad I did it. I know people with mortgages twice as much as mine for the same house. It's prudent to wait sometimes, but person-by-person, case-by-case it's different.

longshanks

after the revolution there will be free houses for all. and swimming pools, yeahh!!

viva la deise

robtri

Partizan wrote: »

What will happen here is that the banks will take back the house but the tenants will not be evicted. Instead the bank will come to an agreement to lease or rent out the house to defaulted tenants for nominal sum every month. By agreeing to this the tenants will have relinquished any ownership to the property and the ownership will revert to the bank. Bankruptcy laws are different here in Ireland. You cannot just drop the keys into the bank (jingle mail) and walk away. You are still liable to pay off the outstanding mortgage debt to the bank even if you no longer own the property.

Thanks to the property porn engineered by Zanu FF and their builder buddies along with their VI's from the sidelines, hundreds of thousands of young people have been condemned to a lifetime of servitude to the banks. You can call it a modern form of slavery.

Actually what normally happens is that when you default enough on your mortgage, the first thing the banks tries is to set up a new monthly figure to help you out, if that fails then they bring you to court, get permission to take ownership and sell your house. If the house is sold for less than the amount you owe they seek a court ruling, requiring you to pay x amount back per month till the remainder of the loan is paid....

do not blame FF or the builders for this.... they only provided what the majority of people wanted, HOUSES, the cost was based on what people would pay, if people refused to pay the prices, the prices would have come down sooner.....Call it a modern form of slavery but this is by choice....

merlante

It's business as usual for me thankfully.

I have sympathy for the lads working in construction, but in fairness, ye made out like bandits for a long time. The lads who left school in the mid-90's, went into construction, built their own house, etc., etc., made my decision to go to college look like a joke. I guess it's a boom bust industry.

Sully

At the moment running the businesses part time (well full time over the next few months) and its been busy enough since the new year. I have noticed people are being more wise with their money from speaking with them and rightly so.

I have a few big jobs lined up for the next few months which is a great start as I had thought that the recession would hit hard this year. Hopefully it will continue that way.

jimbojazz

It's good to see that most people on here havent been affected too badly (apologies for earlier typo).

There seems to be a lot of negativity towards the construction industry and I can understand why. But it must be stated that the vast majority of building contractors, general craftsmen and labourers faired out no better than anyone else during the boom.

Waterford never really got the construction boom like they did in other cities and towns (we all know why and who caused a lot of this).

Most contracts had to be won by tendering and to get these you had to be competitive and keep profit margins keen.

We all pulled in a good wage but we worked long and hard to get it. I know a lot of lads in the industry who are having a really bad time of it at the moment - I know of one lad who has been in hospital the last two months with a stress related illness. He has a young family and no income at the moment as he was self employed.

It was the developers who cleaned up but the rest of us who worked for small and medium sized firms are in a lot of bother at the moment.

Go down to any labour exchange and talk to any of the construction workers there and they'll tell you exactly the same thing.

counterpointaud

jimbojazz wrote: »

Waterford never really got the construction boom like they did in other cities and towns (we all know why and who caused a lot of this).

Most contracts had to be won by tendering and to get these you had to be competitive and keep profit margins keen.

Sorry bud I have to call you on this. I bear no ill-feeling towards tradesmen, but I know of a local guy who was earning €1800 a week as a plastering contracter. That is just not sustainable. I have no doubt that he works hard, and is very good at what he does, but c'mon...

Also, ALOT of tenders, especially those for government projects were not won by the applicant with the keenest price. In the good times this was often about who you knew, and how well you were versed at filling out extensive forms.

Nathan

jimbojazz

counterpointaud wrote: »

Sorry bud I have to call you on this. I bear no ill-feeling towards tradesmen, but I know of a local guy who was earning €1800 a week as a plastering contracter. That is just not sustainable. I have no doubt that he works hard, and is very good at what he does, but c'mon...

Also, ALOT of tenders, especially those for government projects were not won by the applicant with the keenest price. In the good times this was often about who you knew, and how well you were versed at filling out extensive forms.

Nathan

Well, Nathan, like I said there was those who probably did make that type of money, but that was the exception and you can be damn sure if he was making that type of money he wasnt working a 40hr week.

As for the government tenders being on who you knew - I know of this going on as well - but that's exactly the point i was making - it was the ones who were in the know that got these tenders and who made it difficult for the rest even during the boom - but the majority of private jobs were tendered fairly.

deisemum

My husband is a self-employed carpenter so our income is down but he's managing to get a couple of days work most weeks. He has a few things in the pipeline once people get their wages for January.

We're fortunate that I used all my SSIA money to reduce the term of our mortgage so have just over 2.5 years left to pay on it. Our monthly repayments are low. I think we've less than €10,000 to pay back. We don't have a car loan but hubby has a loan for his van through his business.

I've got a few grands worth of prize bonds that I won to fall back on if needs be plus some in a special savings account for their education. Our children are very good at saving and both have a lot of money in the credit union. We might have to get a loan from them. At least when they were smaller we used to encourage them to save for the rainy day and now they see the importance of it.

We've been through this before. We bought our home in London when prices were at their peek and lived through the recession of the 90's. We sold it 10 years later for less than we bought it for. Typical 6 months later the prices shot up. Then again we bought our current home for IR£58,500 so it's swings and roundabouts.

Partizan

deisemum wrote: »

My husband is a self-employed carpenter so our income is down but he's managing to get a couple of days work most weeks. He has a few things in the pipeline once people get their wages for January.

We're fortunate that I used all my SSIA money to reduce the term of our mortgage so have just over 2.5 years left to pay on it. Our monthly repayments are low. I think we've less than €10,000 to pay back. We don't have a car loan but hubby has a loan for his van through his business.

I've got a few grands worth of prize bonds that I won to fall back on if needs be plus some in a special savings account for their education. Our children are very good at saving and both have a lot of money in the credit union. We might have to get a loan from them. At least when they were smaller we used to encourage them to save for the rainy day and now they see the importance of it.

We've been through this before. We bought our home in London when prices were at their peek and lived through the recession of the 90's. We sold it 10 years later for less than we bought it for. Typical 6 months later the prices shot up. Then again we bought our current home for IR£58,500 so it's swings and roundabouts.

You are lucky. There are hundreds of thousands of young people who are now mortgage slaves, unable to pay back their loans - car and house.