negative equity - share your personal experiences

ad83

Before you attack me for bringing up a subject that has been done to death however many times i just want to note that although i hear about people in this situation daily and know many personally i have rarely heard people discuss in detail their personal situations. I have a friend who now has partner and a baby living in his one bedroom apartment in which he expects to achieve a position of zero equity in by 2026 yet he never says a word about it. From watching prime time specials you'd think its all people talk about but honestly no one i know ever actually talks about it. I have a schoolfriend who bought a house around the end of his apprenticeship as a carpenter for 900k which is now valued at 350. Doesnt speak a word of it.

Just wondering if people want to share their experiences, where they stand and what, if anything, they plan to do.

If this has been done already feel free to post a link and shut this thread down

Thanks all

Mena

Carpenter? 900k house?

Lol.

Norfolk Enchants

ad83 wrote: »

I have a schoolfriend who bought a house around the end of his apprenticeship as a carpenter for 900k which is now valued at 350.

I hope that there are a few typos in that sentence.

ad83

Mena wrote: »

Carpenter? 900k house?

Lol.

Yeah exactly. In fairness he probably says nothing and quietly plans to claw his way out of trouble. Says he will go to college and do engineering. He has a long road ahead of him.

ad83

Norfolk Enchants wrote: »

I hope that there are a few typos in that sentence.

Haha no spell checker. to summarise. Friend is qualified carpenter with 900k mortgage on a house he might get 350k for.

sovereign121

A carpenter with a 900k mortgage, are you for F***ing real, he deserves to lose his bollox for being so stupid to take out such a loan, or else you're talking ****e

ad83

sovereign121 wrote: »

A carpenter with a 900k mortgage, are you for F***ing real, he deserves to lose his bollox for being so stupid to take out such a loan, or else you're talking ****e

He setup his own business and showed healthy income at the time i suppose. Not making this up. I dont think this is the most extreme case ever?

SuperS54

And he did all this....

around the end of his apprenticeship

?:rolleyes:

sovereign121

SuperS54 wrote: »

And he did all this....
?:rolleyes:

Its bull****

ad83

sovereign121 wrote: »

Its bull****

Who cares if its bull5h1t, which its not. He was a business owner at the height of the property bubble( one small correction, he was actually an electrician ) Hardly beyond the realms of possibility. The thread was not about this one guy. Maybe someone out there has a similar example? I could ask the guy to come on to boards and verify but as you know he doesn't really talk about it.

demanufactured

Paid 170k for my house in 2006....its worth about 55 k now

sovereign121

ad83 wrote: »

Who cares if its bull5h1t, which its not. He was a business owner at the height of the property bubble( one small correction, he was actually an electrician ) Hardly beyond the realms of possibility. The thread was not about this one guy. Maybe someone out there has a similar example? I could ask the guy to come on to boards and verify but as you know he doesn't really talk about it.

Dude piss off, your full of crap, an electrician now is it???? who could afford a 900k mortgage after setting up a business not long after finishing an apprenticeship???? what f uc king world do you live on? Stop trolling and if you want to talk crap and doom and gloom about the economy and go watch prime time instead. Personally I never bought a house in this hole of a country and anybody who is in negative equity because they bought at the height of the boom deserves it for being retarded enough to buy a house at those extortionate prices. No sympathy, simple as that!!!!!

Frank Black

ad83 wrote: »

Yeah exactly. In fairness he probably says nothing and quietly plans to claw his way out of trouble. Says he will go to college and do engineering. He has a long road ahead of him.

Good idea - the engineering sector is booming at the moment.


In the Middle East anyway.

KillerShamrock

No one talks about it because it doesn't exist! Not until you have sold the house for less than the out standing mortgage. So if you never have any intention to sell you are never in it, its just media/political bs tbh.

ScumLord

ad83 wrote: »

Yeah exactly. In fairness he probably says nothing and quietly plans to claw his way out of trouble. Says he will go to college and do engineering. He has a long road ahead of him.

At the end of the course he can celebrate by buying a top of the range Mercedes.

I hate borrowing money, I don't trust banks. The more money they offered me the more suspicious I got and have no plans to ever take part in any banking scams like "mortgages", "investments" or "insurance".

The Backwards Man

I have a similar experience. Every asshole in my year left school at fifteen, and by the time they were 18 they were all 'business owners'. Houses, Range Rovers, jetskis, the lot. I futered away and did me own thing, despite being laughed at and told I was mad for not jumping on the bandwagon.

Most of them are on the dole now, or working in England for a pittance, and all have massive debts hanging over them.

I have my house bought and paid for in full, a nice wee business that is ticking over, and live within my means as much as I can.

Fcuk them all I say.

donegal_road

this story is typical of many trades-people who were given a king's ransom by the banks to buy property. I have many similar stories and worse of ordinary people who were given 7 figure sums to invest on property, on the strength of their business. Needless to say the property isnt worth a quarter of what they paid for it now, and the banks now own their business.

ad83

sovereign121 wrote: »

Dude piss off, your full of crap, an electrician now is it???? who could afford a 900k mortgage after setting up a business not long after finishing an apprenticeship???? what f uc king world do you live on? Stop trolling and if you want to talk crap and doom and gloom about the economy and go watch prime time instead. Personally I never bought a house in this hole of a country and anybody who is in negative equity because they bought at the height of the boom deserves it for being retarded enough to buy a house at those extortionate prices. No sympathy, simple as that!!!!!

Trolling? I actually started the thread hoping people could share their plans for emerging from this tough situation, not to talk of doom and gloom. Op was not about this one guy(who most probably got a motgage of 10x his salary. Has this ever happened before? Construction boom. Guy earning 90k as self employed. Was able to get alot of business as he had many contacts through a family member whom he worked with all through school and for 4 years after.

Im not going to respond to calling the country a hole or whether people were stupid to pay the prices required to get on the ladder

anncoates

ad83 wrote: »

Before you attack me for bringing up a subject that has been done to death however many times i just want to note that although i hear about people in this situation daily and know many personally i have rarely heard people discuss in detail their personal situations. I have a friend who now has partner and a baby living in his one bedroom apartment in which he expects to achieve a position of zero equity in by 2026 yet he never says a word about it. From watching prime time specials you'd think its all people talk about but honestly no one i know ever actually talks about it. I have a schoolfriend who bought a house around the end of his apprenticeship as a carpenter for 900k which is now valued at 350. Doesnt speak a word of it.

Just wondering if people want to share their experiences, where they stand and what, if anything, they plan to do.

If this has been done already feel free to post a link and shut this thread down

Thanks all

Hurry up.

That article won't cut and paste itself by tomorrow, you know.

Soups123

sovereign121 wrote: »

Dude piss off, your full of crap, an electrician now is it???? who could afford a 900k mortgage after setting up a business not long after finishing an apprenticeship???? what f uc king world do you live on? Stop trolling and if you want to talk crap and doom and gloom about the economy and go watch prime time instead. Personally I never bought a house in this hole of a country and anybody who is in negative equity because they bought at the height of the boom deserves it for being retarded enough to buy a house at those extortionate prices. No sympathy, simple as that!!!!!

You must have slept through the Celtic Tiger this was quite normal. I had plenty of mates who left school got a trade and where 'business owners' they bought nice houses and nice cars.

joe stodge

305k empty 2 bed apartment, now being sold for 105k fully furnished.

theteal

sovereign121 wrote: »

Dude piss off, your full of crap, an electrician now is it???? who could afford a 900k mortgage after setting up a business not long after finishing an apprenticeship???? what f uc king world do you live on?

slight overreaction there, boss. What's so hard to believe?

I actually know someone in a very similar situation, sparks, own business, paid €700k on a second property (not his ppr which isn't a bad bunch of bricks either). He doesn't moan/talk about it, he just gets on with it

Mr Benevolent

There's no way he got a 900k mortgage. He's having you on. His monthly repayments would have been two thirds of his net monthly income or about €36k per year. He's lying through his arse.

space_man

Totally debt-free.
Don't owe nobody a sausage.
Cleared all my mortgages pre 2005.
Own a few properties, and currently in the market for good-priced bank repossessions.

looking_around

My partner has a 200,000 mortgage on a house worth bout 40,000.
He was an idiot and his parents were assholes. They sold him the house at 150,000. A house that needed work, to build their own. No way did their house cost 150grand to build. No ways.
Partner with his ex went and added 50G's to the mortgage. Meant to be spent on house repairs ..but most of it got spent on junk.....

It bothers me some..I'm extremely sensible with money and hate, hate debt of any sorts.....but I love the idiot.
He doesn't talk about. Partly because I think its avoid the issue than the accept it. I mean it's a pretty emotional thing to be paying for a house..owing ..that's no where near worth what you owe..and how long will it be before it is worth it again?
You can't really sell up and say to hell with this mistake..kinda stuck.

And wasn't their talks of forcing people to come up with the money that their house isn't worth? Yeah..it's easier for people to avoid the issue and not think about it.

ad83

space_man wrote: »

Totally debt-free.
Don't owe nobody a sausage.
Cleared all my mortgages pre 2005.
Own a few properties, and currently in the market for good-priced bank repossessions.

Congrats. That was my plan but didnt quite work out. I guess i wont ask what your plan is to emerge from this situation haha

Ush1

Zero sympathy for anyone who got a 900k mortgage.

Honestly, who the f*ck did they think they were??

space_man

Ush1 wrote: »

Zero sympathy for anyone who got a 900k mortgage.

Honestly, who the f*ck did they think they were??

totally agree.
off the wall stuff.

problem with a lot of these 1 off houses is architecturally and aesthetically they are appalling.
many were built by/for farmers cum builders, and more often than not they are a blot on the landscape.

Jazbee

Bought for €275k, worth €140k...nice house but small..hope to be able to move on at some stage as it will be very tight for space with 3 teenagers. But realistically it will be at least 10/15years. We would consider renting it out if we could get a decent sized house nearby, but there are not many on the market.

Lots of my friends talk about it, but they're not moaning about it, just being realistic about where they are in life.

ad83

Jazbee wrote: »

Bought for €275k, worth €140k...nice house but small..hope to be able to move on at some stage as it will be very tight for space with 3 teenagers. But realistically it will be at least 10/15years. We would consider renting it out if we could get a decent sized house nearby, but there are not many on the market.

Lots of my friends talk about it, but they're not moaning about it, just being realistic about where they are in life.

Thanks Jazbee. Nice to hear that your friends at least discuss it and that you are thinking of what you will do over time

ad83

Ush1 wrote: »

Zero sympathy for anyone who got a 900k mortgage.

Honestly, who the f*ck did they think they were??

Was actually a very humble guy in school. Obviously got caught up in the frenzy. He is back to being humble now

ad83

ad83 wrote: »

Thanks Jazbee. Nice to hear that your friends at least discuss it and that you are thinking of what you will do over time

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

For Forks Sake

Deleted User wrote: »

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

Unless he's a financial panther.....

https://www.youtube.com/watch?v=h3XvvZ05KKs

Irishcrx

Bought for 320k , it's worth about half of that now. TBH I don't really care , it's a family home that I've been ale to labour away at and make my own and don't plan on moving anywhere else so **** it.

Fratton Fred

A friend/neighbour who I am helping rent out a property for got very drunk one night and poured his heart out.

They owe €1m on a house they bought for 450k and remortgaged several times. At the peak similar properties were going for€1.2m, they now sell for about €550.

They bought a place in the Balearics for €350k and pissed the rest away on a big Volvo, XK8 and holidays. They now live in Majorca and rent their place here praying it will be repossessed and they can keep their Spanish home.

No sympathy for them whatsoever.

Ush1

ad83 wrote: »

Was actually a very humble guy in school. Obviously got caught up in the frenzy. He is back to being humble now

He must have thought his sparkin' was so unique and revolutionary at the end of his apprenticeship that he has to live next door to Bono.

ad83

[Deleted User] wrote: »

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

Why would friends discuss a huge issue in their lives? Should friends only talk superficially of all their wins in life

ad83

Ush1 wrote: »

He must have thought his sparkin' was so unique and revolutionary at the end of his apprenticeship that he has to live next door to Bono.

Haha maybe. Tge house is in a nice suburb in dublin. Not exactly a trophy house. Must have thought that if he's making so much at that stage, just imagine what he will be making in 2013, 5 years post qualification. And with the house value rising 8% every year .......

ad83

ad83 wrote: »

Why would friends discuss a huge issue in their lives? Should friends only talk superficially of all their wins in life

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

ad83

[Deleted User] wrote: »

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

Do you want to talk about it on pm? Only joking. Your point is fair enough. Probably the same attitude all my mates have

IM0

I predict this thread will have a soft landing

space_man

IM0 wrote: »

I predict this thread will have a soft landing

this thread is unique unlike all those other threads from Japan and elsewhere.
Irish people have a special affinity for discussion, doubtless a result of our unique colonial past.
as such we are special, so we can ignore the usual doomsayers.:D

Turtyturd

Thesis thread.

Fratton Fred

[Deleted User] wrote: »

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

it is, but the eejits that were rubbing their range sport and four properties in your face five years ago now seem to be quite proud of their debt levels and the supposedly brilliant scheme they have devised to avoid paying it back.

Celly Smunt

"rent is dead money"

Ha,tell that to my savings account.

CruelCoin

ad83 wrote: »

I have a schoolfriend who bought a house around the end of his apprenticeship as a carpenter for 900k which is now valued at 350. Doesnt speak a word of it.

Idiot, pure gob****e.

There is no way in hell you could justify a million quid home on a tradesmans income. Ridiculous.

That's one person who deserves to be in negative equity.


My older brother bought his home for 295k. I'm now looking at buying something in the same estate for 95k. HA!

jimgoose

I bought a little bohán in the 'burbs there in 2005 for €254,000 and now it's worth, I don't know, €160,000 or something, depending on who you ask. And I don't give a rattling furk. I can afford it, I have a nice life, plenty work and a small fleet of beloved ****heaps (two- and four-wheeled) to amuse me. I seem to be surrounded by fellas going around like stunned mullets however, who had pubs in Spain and bouncy-castle businesses - Polish guys doing the actual work, mind you - and can't figure out how they now haven't an arse in their britches.

ad83

Turtyturd wrote: »

Thesis thread.

Yeah im taking this one all the way to yale. My thesis is that whilst attempting to have people share their personal experiences and plans anonomysly over the internet, i will be accused within 30 replies of starting a thesis thread, trolling and being an outright liar.

ad83

space_man wrote: »

this thread is unique unlike all those other threads from Japan and elsewhere.
Irish people have a special affinity for discussion, doubtless a result of our unique colonial past.
as such we are special, so we can ignore the usual doomsayers.:D

I agree totally. If it goes south it will have been due to macro conditions a a result of a lehman thread. This thread is fundamentally sound and fully funded until next year

space_man

pmcmahon wrote: »

"rent is dead money"

Ha,tell that to my savings account.

as a LL i wholeheartedly concur.:D

jimgoose

space_man wrote: »

as a LL i wholeheartedly concur.:D

Ah. That explains your frantic gibbering about appreciating house prices in spite of the fact that everyone is either gone or unemployed and the Government are busy strangling whatever activity is left to wring money out of the place to give to the Germans. Laffer be damned, and his Curve 'long with him!