Losing home

NewFrockTuesday

Ive just heard a friend of mine is going to lose their house due to not being able to afford the mortgage anymore as they have been made redundant and really have no hope of finding another job in their sector - conveyencing solicitor ironically enough.

Im really upset for her as she saved long and hard to get the deposit togeather and is not a 5 house owner. She just wanted her home and now shes going to lose it most likely. Its hard trying to talk to her on when shes so down. Maybe she will get a job - she would do anything I think really as a job in order to keep it, shes a very clever girl and she wouldnt be the one I would most worry about not making it. But, in todays climate, who knows?

I was wondering, just as a straw pole, how many people here are in trouble or are worried about being laid off and losing their home. How many people are ok and how many bought years ago and are sitting pretty or bought years ago out the country and now regret it and are stuck miles away from where they want to be.

No smart comments re serves them right etc. Im not talking about the greedy bubble bunnies but ordinary people who just wanted a home to call their own, raise a family in and now find them selves in serious trouble between redundancy and creche etc.


The poll is of course anon.

Just noticed I should have a choice in there for "Im okay - no panic yet". Can mod add please?

ntlbell

I'm more than likely going to lose my job but I'm not overly worried about it.
I've always had some form of a job from a very young age and I wouldn't be worried about putting my hand to something and making enough to keep me ticking over.

I'm not worried about losing my home, but anything could happen.

helimachoptor

Bought nearly 2 years ago, small enough mortgage and will probably drop to about 800 a month now in April. The Gfs sister lives with us and pays 350 a month. So we'll be paying 450 a month for our mortgage.

At the moment my Gfs job si 100% safe and it looks like she'll be getting a big promotion in the next month or two and will get about a 20k rise.

My job situation is up in the air at the moment and will know next tuesday if I have a job or not. If I keep my job I'm getting what amounts to a 20% pay cut. But even if both of us lose of jobs we have enough savings to pay our mortgage for 2 years at the current payment levels.

jimmycrackcorm

Over the last few years i marvelled at how many single people were buying when it used to be two incomes were usually required. Boom or no boom, no job = no home.

CamperMan

the problem is, far to many people went way over their heads getting a mortgage, they were getting houses for over €250,000 when in reality, all they could afford was a house for €80,000, pure madness!! The €250,000 houses would have at one time been for the very well off, solicitors, company directors, brain surgeons, etc, then all of a sudden, everyone did whatever they could to jump on the property ladder, some people "exaggerated" their incomes just to get a big mortgage... crazy, it's reality time now and people will have to buy what they can actually afford.

We lost our home in the early 90's recession in the UK, we bought it for £38,000 and within 2 years, it was worth half that and interest rates were over 14%... even back then we though getting a house for £38,000 was a stretch.

John Mason

i bought my house nearly 5 years ago, my job is a bit shakey at the moment and i am worried about paying the mortgage.

The mortgage is €900 p/m and i get €500 p/m from renting a room but still if i lose my job, things will be very thight

coup1917

My job is very quiet at the mo, but there doesn't seem to be any sign of redundancies.......pharmaceutical sector.....am fairly safe as well knowing that they are always short of people in my job area, ie. they would most likely relocate you within the company before letting you go.
I've worked in my current job for the last 12 years also so if redundancy does arise, I hope I'll get by for a while a least.......but I suppose you never know..
I have to say, anyone that took out a 100% mortgage really can't be complaining now....it was madness. Yes the banks were at fault with offering this product but no-one had there arms twisted to buy into them either........??
I think if Fianna Fail want to rescue themselves at all, these bankers need to be jailed....such is the level of anger out there now....... There is also a serious split developing between public and private sectors.......

jimmycrackcorm

CamperMan wrote: »

the problem is, far to many people went way over their heads getting a mortgage, they were getting houses for over €250,000 when in reality, all they could afford was a house for €80,000, pure madness!! The €250,000 houses would have at one time been for the very well off, solicitors, company directors, brain surgeons, etc,

I respectfully disagree. They could obviously afford it when they bought otherwise they would only have paid a month worth back. The issue now is not the amount but job security. It comes down to the length of time you have before you lose your home not how much you borrowed.

NewFrockTuesday

Hey! Youre taking liberties with my poll!

NewFrockTuesday

I respectfully disagree. They could obviously afford it when they bought otherwise they would only have paid a month worth back. The issue now is not the amount but job security. It comes down to the length of time you have before you lose your home not how much you borrowed.

Agreed. This is not about bashing people who bought above their means. The friend in question didnt and never wanted to be a Property pin - as in the quote, its a question of job security. She just wanted a family home.

And also, who can blame anyone if fear was a driver? Another topic entirely. Please take the final option off. and in future, if you want to discuss an addition, I would ask you to discuss it with me. This isint a laughing at peoples misfortune poll - (read the end part of my first post)....put the boot in on your own thread. Thank you.


Hhmmm....poll looks like its staying and 2 people so far have voted re unsuitable purchases - thought that was covered in the dont like where I live, but it seems like a relevant choice if its getting used so ok Mod. You win.

tHE vAGGABOND

It was said the other day there have been zero repossessions so far this year, and only 2 the whole of last year..

Things are far worse this year with all the people loosing their jobs, but remember that you have to be realistically *years* behind on your payments to be at risk of loosing your home in this day and age? I think the banks are very willing to listen to each case work through it

the_syco

Deepsense wrote: »

Ive just heard a friend of mine is going to lose their house due to not being able to afford the mortgage anymore as they have been made redundant and really have no hope of finding another job in their sector - conveyencing solicitor ironically enough.

Um, pretty sure there was something in the news last week about there being a freeze in repossions for the next year or so?

RollerGirl

tHE vAGGABOND wrote: »

It was said the other day there have been zero repossessions so far this year, and only 2 the whole of last year..

Not true - from the Irish times archive from 2007-

Specialist lender Start Mortgages had the highest number of repossession and mortgage suits before the High Court at the end of 2007. The company had 171 suits before the court, according to figures released by the Court Services.

GE Capital had 55 suits, Allied Irish Banks had 36, IIB Bank had 30 and Bank of Ireland had 11.

The applications, known as orders of possession, increased by just under 50 per cent in 2007 when 465 were applied for; 311 were applied for in 2006. The most recently available figures show that the granting of such orders, in the Chancery Court, has been growing steadily, from 116 in 2003 to 199 in 2006.

From earlier this month -

AN “AVALANCHE” of new home repossession court cases is anticipated, but banks cannot expect to have it all their own way in this recession “of historic proportions”, the master of the High Court has warned. Options other than repossession orders might be preferred by the courts.

Edmund Honohan said the number of repossession cases was increasing weekly and, because few cases to date appeared related to recent job losses, he expected an “avalanche” of new cases over the rest of this year and next.

It can take approx 2 years for a bank to get court time, so there may be a backlog...

The_Conductor

Deepsense wrote: »

Hey! Youre taking liberties with my poll!

Soweee- that was me!

S.

johnnyskeleton

smccarrick wrote: »

Soweee- that was me!

S.

Fiend!

How about the options "No, I rent" and "Yes, my landlord is a jerk who'd put me out on the streets lickedy split if I was a penny short". Just to be fair.

The_Conductor

johnnyskeleton wrote: »

Fiend!

How about the options "No, I rent" and "Yes, my landlord is a jerk who'd put me out on the streets lickedy split if I was a penny short". Just to be fair.

The current version of vBulletin only allows a limited number of poll options. I'll leave it at the OPs discretion as to whether she is happy with the current choices- or wishes them further changed.

To be honest- a poll aimed at people who are currently renting and how they view their current and future prospects would sit nicely alongside this poll. Note: I'd suggest this as a seperate poll- not additional choices on the current poll.

S.

seamus

Where's the plain old, "No, I bought pretty recently and I love my place" option?

spockety

Most of the big banks will hold off repossessing people's homes unless it's a totally final last resort, but just wait and see them go after the 'buy to let' brigade. There are a serious number of 'amateur landlords' in this country, who fulled the bubble with 40 year interest only mortgages, renting out their 'portfolio' of 2/3/4 houses and apartments to migrant workers etc. Well, with people emigrating back home, Irish people emigrating out, unemployment rising, and the rental market flooded and prices crashing there too, there are going to be a lot of BTL'ers in the sh1ts.

Home repossessions maybe kept at bay, but houses as assets being repossessed? You betcha.

NewFrockTuesday

Where's the plain old, "No, I bought pretty recently and I love my place" option?

Thats a whole other world. This is more the gloomy side of things given that I posted on the day I was chatting to a friend who has been put in an awkward situation.

But Im happy for you. NIce to hear someone hasnt regretted their decision to purchase now.

Smccarrick - naughty but I think I did admit it was relevant before you admitted to your tampering ways