For those who said that the arrears are in Roscommon...

gaius c

Linky

They also reveal that "jumbo" mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

AKA 3/4 bed semi's in Dublin...

Cuddlesworth

I said before in this forum that I'm aware of 4 properties on a single road in South Dublin that haven't paid a cent on their mortgages in over 3 years. All bought past 2006, all would have been 700k+. All were and are completely unsustainable debts.

riclad

The Worst arrears are probably in south dublin as prices were highest there.
eg a Single person paying 300k-400k plus for a 1bed apartment .
That apartment is probably worth 200k at the moment.
Those loans were risky as they were based on the condition that incomes will
never decrease , taxes won,t increase , property prices will not decrease by any significant amount.

Many investors are in arrears as the rental income is less than the monthly mortgage payment.
Maybe in some cases banks are waiting for prices to rise in dublin before they take the investors to court.

Sleepy

I thought it was the vast bulk of the virtually worthless property in ghost estates that's around that area rather than the bulk of the arrears, no?

Theboinkmaster

Sleepy wrote: »

I thought it was the vast bulk of the virtually worthless property in ghost estates that's around that area rather than the bulk of the arrears, no?

I know of several people with houses bought in SCD whereby they are not paying their mortgages and looking for a deal from the bank.

All couples would be on €100k+ and driving new cars, holidays etc.

I'd say strategic default is widespread, sure why wouldn't you

Ray Palmer

Sleepy wrote: »

I thought it was the vast bulk of the virtually worthless property in ghost estates that's around that area rather than the bulk of the arrears, no?

It depends on how you look at it.

The count of arrears is likely larger outside of Dublin while the value of arrears in Dublin may be worth more.

That is effectively what this article claims. Is that mega mortgages are in Dublin and cost more. There is a big possibility these large mortgages were done by investors and not somebody buying a home.

It is a bit ridiculous to suggest this is a reflection of Dublin house prices. This is about the mega rich of Ireland not high earners. Mega rich property is more likely to be in very small areas in Dublin.

Shiraz 4.99

Theboinkmaster wrote: »

I know of several people with houses bought in SCD whereby they are not paying their mortgages and looking for a deal from the bank.

All couples would be on €100k+ and driving new cars, holidays etc.

I'd say strategic default is widespread, sure why wouldn't you

Why would anyone throw a good money after bad ?.

Moral responsibility . . . eh . . the right thing to do . . . em, that's all very well but if you consciously given up on the house paying another cent off your mortgage is bananas, taking your repayment out & burning it in the back garden will have the same effect on the final amount owed.

In a land where millions has been squirreled away by defaulters through their spouses & children I would have have not the slightest regret making sure my family had a chance to start again.

gaius c

Sleepy wrote: »

I thought it was the vast bulk of the virtually worthless property in ghost estates that's around that area rather than the bulk of the arrears, no?

Folk pushing the "no repos agenda" have been trying to make that link all along but the reality is that people on average wages are paying for folk to live in houses far beyond what could ever be afforded by those on average wages.

Don't forget what Jim Stafford said.

In practice, the PIP will also have to assess the type of house that might be needed for a professional person such as a solicitor, accountant or a hospital consultant as opposed to a house that’s needed by someone who is in the PAYE sector for example

While we are on the subject of Insolvencies, people are aware that there is supposed to be a publicly available register of PIP cases?
Well there is a register and it's online but to access it, you must have the exact first and last name of the person. Doesn't quite seem like they want this process to be transparent at all hmmm?

It's time to start lobbying our elected representatives to throw some light on the scam before it's too late.

air

Shiraz 4.99 wrote: »

Why would anyone throw a good money after bad ?.

Moral responsibility . . . eh . . the right thing to do . . . em, that's all very well but if you consciously given up on the house paying another cent off your mortgage is bananas, taking your repayment out & burning it in the back garden will have the same effect on the final amount owed.

In a land where millions has been squirreled away by defaulters through their spouses & children I would have have not the slightest regret making sure my family had a chance to start again.

Two wrongs don't make a right, it was just this kind of mé féin attitude that got us into the trouble we are in now. The only difference between a bankrupt developer and a strategic defaulter is the scale of the destruction they are causing.

As for the comments regarding certain standards of housing, I never heard such rubbish. This is just blatant snobbery, the same kind of BS that had a receiver (effectively the state) subsidising 4k a month rental expenses & private school fees for the wife of a bankrupt developer.
She should be applying for rent allowance or a council house like anyone else without the means to support themselves.

Ray Palmer

air wrote: »

the same kind of BS that had a receiver (effectively the state) subsidising 4k a month rental expenses & private school fees for the wife of a bankrupt developer.

I think you mixed up frozen assets and access to people's own money rather than the state saying people can be given this money while bankrupt.

It sounds like you are talking about the Quinn's where by they wanted their living expenses out of the money that is being held by the courts.

I don't think it is great but until found guilty they should still be allowed live their lives in the manner they are accustomed. Otherwise they are being punished without ever been found guilty.

air

While I accept your point Ray I wasn't referring to the Quinns.

Shiraz 4.99

air wrote: »

Two wrongs don't make a right, it was just this kind of mé féin attitude that got us into the trouble we are in now. The only difference between a bankrupt developer and a strategic defaulter is the scale of the destruction they are causing.

Are your seriously telling me that you'd "do the right thing" were it your family in that situation.
The bank have got an order of repossession or you have voluntary surrendered, either way you'd make an effort to pay your mortgage right up to the end.
I think you'll find you wouldn't, I think you'd find that years out once you've mentally given up on the home you'd offer the bare minimum to extend the process for what it's worth.

It's not a "mé féin attitude", it's basic common sense.

air

Shiraz 4.99 wrote: »

Are your seriously telling me that you'd "do the right thing" were it your family in that situation.

I am yes.
If I was unable to repay a debt I owed I'd come to an arrangement with the bank and / or sell it and agree repayments on the balance.
If I had kids I'd hope they'd learn from the experience that taking on high levels of debt is a risky move.
We must me one of the most socialist countries in the world at this stage, however the problem with socialism, as is well known, is that eventually you run out of other people's money.