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Moved Country. Not paying my mortgage anymore

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    #242
    strandroad
    Closed Accounts Posts: 4,676 ✭✭✭strandroad


    durano wrote: »
    I understand pipe bomb but as to your analogy's relevance to this discussion I'm baffled.

    And so you will remain, if a simple analogy baffles you so much.


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    #243
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    OP can you explain exactly how you bought a house in 2005 and then, probably in negative equity, you were able to then afford to buy a second house in 2009 in a rapidly falling market. Thanks.


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    #244
    strandroad
    Closed Accounts Posts: 4,676 ✭✭✭strandroad


    durano wrote: »
    Or he could just default which is allowed for under the terms of the contract he signed.

    There was no clause in his contract allowing him to default and dump the debt while keeping what he likes. There was one allowing him to go through bankruptcy, or alternatively through repossession with the remainder owed. You must know that.


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    #245
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    kegzmc wrote: »
    Hi all,

    It appears I have upset some people here by choosing to default on a mortgage I hold in Ireland. This wasn't my intention so I apologise to those who got upset.

    Just to be clear on the reason I have chosen this route and I hope everyone can understand why...

    I can purchase a house for 60,000 EURs. I am going to pay 50-60% of this and have a small mortgage which I hope to clear in say 5 -6 years. This leaves me with only the other mortgage I have in Ireland.

    Why should I continue to pay for a house in Ireland which I know for sure will never be worth the same again. I bought it in 2009 and it is worth at least 50k less than I paid for it.

    I have discussed this on 2 occasions with the bank and offered to sell the house and take a loan on the remainder of EQ owed to them. I am extremely busy at work and cannot be going to Ireland every time a problem arises at one of the properties (tenent moving out etc). One house is managable but not two.

    I am aware that I took out the loan and its my responsibility to pay it back. Yes I could probably afford it but why should I? Why pour money into something that I know for sure I will never want again?

    Hope you understand.

    Kegs

    Because you f***ing bought it, pretty clear and simple really, why do you think we should pay for it for the likes of you? Maybe your sister in law would pay it for you instead or are you hoping to screw her over on the new house only?


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    #246
    Damie
    Registered Users Posts: 341 ✭✭Damie


    Give him a minute, takes him time to log out and log back in as durano....andy goram complex me thinks!

    I'm trolled out too....*door slam*.


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    #247
    kegzmc
    Site Banned Posts: 153 ✭✭kegzmc


    monkeybutter wrote: »
    OP can you explain exactly how you bought a house in 2005 and then, probably in negative equity, you were able to then afford to buy a second house in 2009 in a rapidly falling market. Thanks.

    No problem.

    I took a mortgage out to purchase an elderly family members house from the council. This house was bought at a discount so it wasnt in NE when I purchased the home I wanted to live in.


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    #248
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    This thread should be moved to After Hours in fairness


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    #249
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    durano wrote: »
    Thank god you're back,some people were calling me you and it was getting very confusing.

    You should continue to pay for the house because our government has decided to make us liable if you aren't.Therefore,you should forget the terms of the contract you signed and put yourself in debt for the next 30 years to save us.:D


    HAHAHAHAHAHAHA, do you really think that will fool anyone, so absolutely ridiculous its just hilarious, funny the OP comes back on around the time we are accusing you of being the OP. HAHAHAHAHAHAHAHAHAHAHAHAHA what a complete joke Durano


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    #250
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    kegzmc wrote: »
    No problem.

    I took a mortgage out to purchase an elderly family members house from the council. This house was bought at a discount so it wasnt in NE when I purchased the home I wanted to live in.

    I would imagine you got a massive discount on that property so I am sure the savings you have would easily cover the remainder of the mortgage on it or at the very least would cover the NE part of it, but I suppose that would mean you would have to take some responsibility for your actions.


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    #251
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    kegzmc wrote: »
    No problem.

    I took a mortgage out to purchase an elderly family members house from the council. This house was bought at a discount so it wasnt in NE when I purchased the home I wanted to live in.

    Ok, thats fair enough, then if you can get away with it, then you should walk away, as people continually say, you should treat the buying of a house as a business decision and the good business decision is to walk away. Normally the downside would be losing deposits, credit history and the capital you have paid off, but in this instance, this has already been lost, so theres no downside other than credit history/burning you bridges in ireland.


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    #252
    userod
    Registered Users Posts: 327 ✭✭userod


    donalg1 wrote: »
    Because you f***ing bought it, pretty clear and simple really, why do you think we should pay for it for the likes of you? Maybe your sister in law would pay it for you instead or are you hoping to screw her over on the new house only?

    he will lose money if he keeps paying his loan on the council house? why would you lose money on a loan like that? he isn't even going buying the new house with the second mortgage it is his own money


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    #253
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    userod wrote: »
    he will lose money if he keeps paying his loan on the council house? why would you lose money on a loan like that? he isn't even going buying the new house with the second mortgage it is his own money

    Well boo hoo for him, he bought the house, he should pay for the house. He is taking out a third mortgage now and is going to ask his sister in law to put it in her name so that it cant be taken from him if he is pursued for defaulting on the second mortgage that he is now not bothered paying


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    #254
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    thats a smart business move, fair play to him.


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    #255
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    monkeybutter wrote: »
    thats a smart business move, fair play to him.

    I know I am still waiting for him to PM me her details so I can see if she wants to pay my mortgage for me.


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    #256
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    donalg1 wrote: »
    I know I am still waiting for him to PM me her details so I can see if she wants to pay my mortgage for me.

    When did you buy yer house Donal?


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    #257
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    monkeybutter wrote: »
    When did you buy yer house Donal?

    Was a couple of years ago now, but I was thinking I could transfer it to her I could pay the mortgage take out a personal loan using the house as collateral, emigrate and live it up in a sunnier climate.


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    #258
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    Come on man, be more specific, a couple of years is 2010. Was it 2010?


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    #259
    durano
    Registered Users Posts: 132 ✭✭durano


    monkeybutter wrote: »
    Come on man, be more specific, a couple of years is 2010. Was it 2010?
    donalg doesn't like to look back in time,makes him nervous.


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    #260
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    monkeybutter wrote: »
    Come on man, be more specific, a couple of years is 2010. Was it 2010?

    Yeah it was 2010


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    #261
    monkeybutter
    Registered Users Posts: 3,777 ✭✭✭monkeybutter


    What made you buy in 2010 exactly?


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    #262
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    durano wrote: »
    donalg doesn't like to look back in time,makes him nervous.

    Oh your back well yippee, you are the one that asked me why I keep looking back yet it was you that was doing it and still doing it thats the issue there kegzmc saying I am doing something that you are actually doing although it could be difficult and confusing for you when you are swapping between your logins all the time, your nonsensical ramblings continue to amuse me though.


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    #263
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    monkeybutter wrote: »
    What made you buy in 2010 exactly?

    I wanted to buy a house


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    #264
    tunedout
    Banned (with Prison Access) Posts: 448 ✭✭tunedout


    monkeybutter wrote: »
    What made you buy in 2010 exactly?
    this is donalg1 here. this is my other account. i bought back in 2010 because i got mortgage approval etc then and it was the best option for me at the time. i was paying high rent and the mortgage looked like a good option. do you think it was the wrong decision?


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    #265
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    tunedout wrote: »
    this is donalg1 here. this is my other account. i bought back in 2010 because i got mortgage approval etc then and it was the best option for me at the time. i was paying high rent and the mortgage looked like a good option. do you think it was the wrong decision?

    This is tunedout here, this is my other account, what he, no I no he said, oh wait Im confused, Durano / Kegzmc how do you do it?


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    #266
    tunedout
    Banned (with Prison Access) Posts: 448 ✭✭tunedout


    actually its monkeybutter


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    #267
    tunedout
    Banned (with Prison Access) Posts: 448 ✭✭tunedout


    whats wrong with just defaulting on the house? why don't you like that?


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    #268
    Sleepy
    Registered Users Posts: 24,238 ✭✭✭✭Sleepy


    kegzmc wrote: »
    Why should I continue to pay for a house in Ireland which I know for sure will never be worth the same again.
    Because you agreed to, signed a contract to and are morally and legally obliged to.

    The only way you can legally default on these mortgages is if the bank agree to this whilst in full possession of the facts of your situation or if you're unable to service them and sacrifice all your assets to make as much restitution towards your creditors as possible under bankruptcy proceedings.

    So, what you're proposing is illegal. It's akin to me asking why I shouldn't torch my car and claim on the insurance since it's not worth what I paid for it any more....

    Rabidlamb - I never took out a mortgage because I was sensible enough to understand that property prices were over-inflated and unsustainable. I did borrow too much on credit cards, personal loans etc. and I'll be paying those back for the next 3 years or so. That's my responsibility: I took out loans, signed contracts and am obliged to uphold my side of those agreements.


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    #269
    durano
    Registered Users Posts: 132 ✭✭durano


    donalg1 wrote: »
    Oh your back well yippee, you are the one that asked me why I keep looking back yet it was you that was doing it and still doing it thats the issue there kegzmc saying I am doing something that you are actually doing although it could be difficult and confusing for you when you are swapping between your logins all the time, your nonsensical ramblings continue to amuse me though.
    I was just just looking at the terms of the contract and you for some reason kept on saying there's no need to look back,it's like you don't actually understand the difference between looking "back for no reason" and looking "back at the terms of the contract".
    Glad to see you are amused:Dyou didn't sound amused earlier though,you sounded kinda angry.


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    #270
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    tunedout wrote: »
    actually its monkeybutter

    actually its pighead


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    #271
    tunedout
    Banned (with Prison Access) Posts: 448 ✭✭tunedout


    actually it's baboonmarmalade


This discussion has been closed.
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