4 adults now sleeping under a bridge after not paying their mortgage

Foxhound38

Read the article there this morning, as it's all over social media.


My initial reaction upon seeing the headline was one of sympathy (I still have some sympathy for them on a human level - it's a crap situation they are now in) but having read and reread the article, unless I'm missing something there were 4 adults living in that house (himself, 2 29 year old sons and one of their girlfriends), and the mortgage was €52,700. Repossession would not have taken place unless no attempt was made to service the debt, which at the amount it's at should have been very managable between 4 people even assuming that they are all on the dole.

Maybe I'm missing something here but what did they think was going to happen? I do really hope they get a roof over their heads but how is this anyone elses fault?

theteal

What's a lifetime mortgage?





Edit - that google thing is handy. Equity release that's paid back upon death (I guess that means the house is sold to pay it????). So were these former occupants paying towards it at all?

amadangomor

Strange. What would a repayment on 52,000 mortgage be? 500/600 per month

Even if all on the dole surely they could get they together between four adults?

BPKS

amadangomor wrote: »

Strange. What would a repayment on 52,000 mortgage be? 500/600 per month

Even if all on the dole surely they could get they together between four adults?

Of course they would but then they would have no money for takeaways, cans and drugs:rolleyes:

Akabusi

You're not missing anything. They have no excuse and don't deserve our pity. This is Ireland not America even if they had made a token effort to pay they would still have a roof over their heads.

cruizer101

theteal wrote: »

What's a lifetime mortgage?

It is a mortgage that only has to be paid off when you die from the proceeds of the estate, frees up money from an asset you have.

So it seems the grandfather took one out on the house he then died in 2015 and the mortgage should then have been paid off from the proceeds of selling the house.
Instead it seems the father and sons stayed on, possibly with some agreement to service the mortgage, can only guess at the full details.

Id does seem strange that 4 adults couldn't service the debt in some way to avoid eviction.
I have some sympathy but it is not a case of a single father and young children as is being implied by some headlines

AlphaDelta1

Very rough situation for them all tbh. Not the place to be with Winter closing in around them. I hope they find something ASAP.

As an aside there is no way is the woman in that picture is 36??? She looks mid 50's to me.

hurikane

Sounds like the father sold the house for x amount and was allowed live there until he died?

Now he has died, the house is being handed over?

Akabusi

Yes, there are four of them of working age there to contribute to the debt payments. Even without work their dole could easily pay it.

gmisk

I had a quick read but tbh
There are a lot of adults there..4?!...none of them working? The mortgage would be tiny.

Something off with this story imo.

B-D-P--

Hold on, Worked in bar until covid, So he got covid payment? Hows that an excuse

doc22

A 52,700 loan in 2007 with vulture type interest rates on equity release would be alot more than 50k in 2020

gmisk

B-D-P-- wrote: »

Hold on, Worked in bar until covid, So he got covid payment? Hows that an excuse

He said he didn't get his last two payments....
But clearly a lot more to this story, they don't just hoof people out of a house if they are attempting to pay the mortgage

893bet

Father was a sick **** clearly.


Who calls their son John when their last name is Johnson.

doc22

gmisk wrote: »

He said he didn't get his last two payments....
But clearly a lot more to this story, they don't just hoof people out of a house if they are attempting to pay the mortgage

It's not their mortgage to pay

banie01

When the article starts out with an address of Assumpta Park, Moyross!
You cant have too much faith in the actual accuracy of the reporting, given Assumpta Park is in Kings Island and nowhere near Moyross!
Still, easier for non-limerick folk to get antsy over Moyross.

Fair play to the father who took out a reverse mortgage in 2007 for 52.7k for a house down there, shows how mental house prices went in the Tiger :pac:

That himself, 3 sons and a GF cant club together and afford to house themselves is quite odd.

Limerick_dude

Address is wrong in the independent article Assumpta Park is not in Moyross and from the Irish Times article the figure is almost double the €52k @ €101,599

https://www.irishtimes.com/business/financial-services/fund-gets-possession-of-property-under-loan-taken-out-8-years-before-owner-s-death-1.4171568

banie01

doc22 wrote: »

It's not their mortgage to pay

By the same token, its also not their house to live in.

Akabusi

I hope they got to see Claire Byrne last night so that they know how to keep warm when they are drinking their cans.

Gunmonkey

hurikane wrote: »

Sounds like the father sold the house for x amount and was allowed live there until he died?

Now he has died, the house is being handed over?

He died in 2015, and the €53000 bill for the remortgage came due. So either:

A- the financial institution was playing hardball the past few years and demanding it upfront (unlikely, almost all of them know its easier to get some money over time rather than a huge lump sum out of folks), had enough and went for repossession.

or

B- there was a payment system in place....which didnt get paid into for those 5 years.


But there will be no way to discuss this while not blaming "de banks/de guberment" without being branded heartless/no compassion/no sympathy.

Dempo1

Foxhound38 wrote: »

Read the article there this morning, as it's all over social media.


My initial reaction upon seeing the headline was one of sympathy (I still have some sympathy for them on a human level - it's a crap situation they are now in) but having read and reread the article, unless I'm missing something there were 4 adults living in that house (himself, 2 29 year old sons and one of their girlfriends), and the mortgage was €52,700. Repossession would not have taken place unless no attempt was made to service the debt, which at the amount it's at should have been very managable between 4 people even assuming that they are all on the dole.

Maybe I'm missing something here but what did they think was going to happen? I do really hope they get a roof over their heads but how is this anyone elses fault?

Good points however I noticed the actual debt seems to have arisen from the Father's decision to take out a life mortgage (basically borrow on the equity, repaid on death etc).

Yes I do sympathise but find it hard to understand why four adults couldn't pay off what is an astonishingly low mortgage amount, mother of God, even if they were all on basic welfare the monthly payments could have been met on this amount.

More alarming is the fact any home could be permitted to be reposssesd for such a small amount let alone in the middle of a pandemic.

punisher5112

Drink and drugs seems to be higher on their priorities list.....

Padre_Pio

banie01 wrote: »

When the article starts out with an address of Assumpta Park, Moyross!
You cant have too much faith in the actual accuracy of the reporting, given Assumpta Park is in Kings Island and nowhere near Moyross!
Still, easier for non-limerick folk to get antsy over Moyross.

Fair play to the father who took out a reverse mortgage in 2007 for 52.7k for a house down there, shows how mental house prices went in the Tiger :pac:

That himself, 3 sons and a GF cant club together and afford to house themselves is quite odd.

It's strange that 5 people (father, three sons, girlfriend), all of working age can't pay off 10k each over X number of years. There's definitely more to the story than what's being reported. The average cost of rent would be far more than the repayments on that loan.

Cyrus

AlphaDelta1 wrote: »

Very rough situation for them all tbh. Not the place to be with Winter closing in around them. I hope they find something ASAP.

As an aside there is no way is the woman in that picture is 36??? She looks mid 50's to me.

she is certainly living a hard life if she is 36

OhToBeByTheSea

They would have been given plenty of opportunities to move out voluntarily. The bank didn't just send the bailiffs in without warning to the family. Also, 6 adults sharing a house and none of them are working or claiming any social welfare payment...? 6 adults sharing a house and not one of them has one relative or friend whose couch they could sleep on...? Even someone's floor would be better than a bridge.

Also, the part of the story about the bailiffs covering everything in bleach...:pac: There's no way that happened. Whatever was left in the house, the bank would want it assessed to see if there's anything worth selling to recover some of the debt owed. Out of 6 adults sharing a house, there was surely an assortment of furniture and appliances that could be sold. Even if the stuff in the house was worthless, the bank would still want it properly assessed, after the 6 adults had left, before "dousing" it all in bleach:rolleyes::pac:

In relation to the loan due on the property, the bank would have been happy to set up any sort of repayment schedule with 6 adults of working age. Setting up a repayment schedule of any amount would be better than the alternative, getting nothing from them.

breezy1985

banie01 wrote: »

When the article starts out with an address of Assumpta Park, Moyross!
You cant have too much faith in the actual accuracy of the reporting, given Assumpta Park is in Kings Island and nowhere near Moyross!

This happens all the time and not just with the Island. Ballynanty, Kileely, Thomondgate doesn't matter every working class estate in North Limerick gets called Moyross

retalivity

This story is obviously a lie.



No way is the girlfriend 36 years old.

Man Vs ManUre

Akabusi wrote: »

I hope they got to see Claire Byrne last night so that they know how to keep warm when they are drinking their cans.

That outdoor gear is fairly expensive to buy. Mountaineering is a sport enjoyed mostly by wealthy folk.

banie01

breezy1985 wrote: »

This happens all the time and not just with the Island. Ballynanty, Kileely, Thomondgate doesn't matter every working class estate in North Limerick gets called Moyross

Oh I know, and tbh with some of those areas I can see why there maybe that type of "consolidation".
eg, Ballynanty and Kileely in particular, they aren't Moyross never have been and woe betide ya if someone says they are!
But, they are at least Moyross adjacent, Assumpta Park is in D'Island and a 2 parishes over FFS

Water2626262

Dempo1 wrote: »

Good points however I noticed the actual debt seems to have arisen from the Father's decision to take out a life mortgage (basically borrow on the equity, repaid on death etc).

Yes I do sympathise but find it hard to understand why four adults couldn't pay off what is an astonishingly low mortgage amount, mother of God, even if they were all on basic welfare the monthly payments could have been met on this amount.

More alarming is the fact any home could be permitted to be reposssesd for such a small amount let alone in the middle of a pandemic.

Why pay for anything then. Fairly sure I’d be out on my ear fairly quickly for not paying rent. The person made the decision to take the equity out of the house and it’s clear nothing has been done to sort “the small amount” in five years.

This was on joe Duffy a year or two ago. Middle aged children shocked that it had to be paid back. In those cases a lot of them had benefited from the initial equity release.

osarusan

The original owner and now dead grandfather borrowed 52,700.


While alive, the grandfather did not have to repay it in any way, but the debt exists and interest accrues, and upon his death in 2015, that's the trigger for repayment of the principal and interest. Generally this occurs through sale of the house.

If the remaining family have enough money to pay off the debt, they can do so and keep the house. If not, the house gets sold to pay the debt (most of these mortgages have a no-negative equity clause so that if even if the eventual debt is greater than what the house sells for, it's just the bank's loss).

Seems like the mortgage worked as it was supposed to tbh. Unless the family had no knowledge that the late grandfather had taken the loan in the first place, they'll have known for years that this was coming down the tracks. Even if they didn't know, they'll have known since his death.



As an aside, just compare the IT and Indo articles to see the chasm in quality between the two. The Indo is such a f**king rag.