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29% of buy-to-let loans in arrears

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  • 28-11-2012 1:51pm
    #1
    GetWithIt
    Registered Users Posts: 2,081 ✭✭✭


    This is an awfully big number. Is it that these mortgages had been securitised and nobody gives a rats ass or just more head in the sand-o-nomics?

    http://www.fxcentre.com/news.asp?3009932


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    #2
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    TBF i don't think landlords will ever garner much sympathy in ireland, especially when people are struggling to keep the family home over their heads.

    many of these investors bought into the market at bubble prices and are now finding their rents will no longer cover their mortgages, many of which are now coming off their interest only period and are having to make K repayments also.
    they should never have got involved in a market they knew little about. i bet many/most of them wished they never had.

    TBH i'm surprised the % is not higher, but i expect it to increase for some time to come.


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    #3
    Spindle
    Registered Users Posts: 500 ✭✭✭Spindle


    What happens to renters though who are living in proprieties where the landlord is in arrears?

    If the banks start repossessing the properties will they just keep on the tenants?


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    #4
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    Spindle wrote: »
    What happens to renters though who are living in proprieties where the landlord is in arrears?

    If the banks start repossessing the properties will they just keep on the tenants?

    well that depends.
    i imagine the banks will want vacant possession.
    such are the joys of renting.


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    #5
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    goodie2shoes wrote: »
    well that depends.
    i imagine the banks will want vacant possession.
    such are the joys of renting.

    Tenants have rights though so the bank will not be able to evict them on a whim. There have been stories on the pin about tenants being instructed to pay rent to the bank instead of the landlord as it is legally easier to do that repossessing the property itself.


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    #6
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    gaius c wrote: »
    Tenants have rights though so the bank will not be able to evict them on a whim. There have been stories on the pin about tenants being instructed to pay rent to the bank instead of the landlord as it is legally easier to do that repossessing the property itself.

    getting the tenants to pay rent direct to the bank might be a possible solution, but i think you'll find if the property is repossessed and the bank wants them out, then they will have very little option but to vacate.


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    #7
    quad_red
    Registered Users Posts: 5,561 ✭✭✭quad_red


    goodie2shoes wrote: »
    getting the tenants to pay rent direct to the bank might be a possible solution, but i think you'll find if the property is repossessed and the bank wants them out, then they will have very little option but to vacate.

    Fat chance trying to get a bank to respond to maintenance issues. (And the landlord certainly won't if the rent is going direct to the bank!)


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    #8
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    goodie2shoes wrote: »
    getting the tenants to pay rent direct to the bank might be a possible solution, but i think you'll find if the property is repossessed and the bank wants them out, then they will have very little option but to vacate.

    They can want vacant possession all they want but if the tenant has a lease or part 4 tenancy in place then they have certain rights that the bank can't just walk all over.


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    #9
    Milk & Honey
    Banned (with Prison Access) Posts: 1,950 ✭✭✭Milk & Honey


    gaius c wrote: »
    They can want vacant possession all they want but if the tenant has a lease or part 4 tenancy in place then they have certain rights that the bank can't just walk all over.

    Practically all mortgages have a clause stating that the borrower cannot lease the property unless the bank consents in writing. As a result the lease is void. When the bank takes possession the tenant becomes a trespasser.

    There is no at in Ireland such as this one in America.

    THE PROTECTING TENANTS IN FORECLOSURE ACT (S. 896, P.L. 111-22)
    1.
    If you have a lease and the home or apartment that you rent has been foreclosed on after May 20, 2009, then the new owner must honor your existing lease. The only exception to that is if the new owner wants to occupy the home as his personal residence, in which case s/he must give you at least 90 days notice before terminating your tenancy. If there are less than 90 days to the expiration of your lease, then the new owner must give you at least 90 days notice before terminating your tenancy.


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    #10
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    gaius c wrote: »
    They can want vacant possession all they want but if the tenant has a lease or part 4 tenancy in place then they have certain rights that the bank can't just walk all over.

    i think you'll find in the case of a repossession the tenant will discover their arrangement with the landlord will be about as much use as tits on a bull.


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    #11
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Fair enough. Point taken.


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    #12
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    gaius c wrote: »
    Fair enough. Point taken.

    good man i knew you'ld see the light.:D


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    #13
    Cuddlesworth
    Registered Users Posts: 13,994 ✭✭✭✭Cuddlesworth


    I would say the bank would tread lightly though. A forced eviction can take a awfully long time.


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    #14
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    There was a tenant recently who came home to find the bank had foreclosed on his landlord and changed the locks. He was locked out and all his belongings were inside. The next dau he came back and found a security company taking away his stuff.


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    #15
    goodie2shoes
    Banned (with Prison Access) Posts: 702 ✭✭✭goodie2shoes


    Jo King wrote: »
    There was a tenant recently who came home to find the bank had foreclosed on his landlord and changed the locks. He was locked out and all his belongings were inside. The next dau he came back and found a security company taking away his stuff.

    i've heard of similar stories.
    having worked for a UK bank for many years, my experience leads me to believe the institution will evict the tenants if it suits them.


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