Posted by Daz on June 01, 2011 at 10:21:55:
In Reply to: re: Settin record straight on mortgage arrears posted by Cloud on May 31, 2011 at 20:47:21:
JJ posted an article with plenty of statistical backup, it seemed pretty clear and well-informed to me.
If you can't pay your full mortgage, there seems to be plenty of scope to deal with the lender- this despite the fact that you were aware of how a mortgage worked when you entered the deal.
It's clear that the mortgage payment shortfall in the country must be addressed- normally you'd imagine that the Govt would direct the banks to simply extend the mortgage by 10/20 years in the case of a borrower with difficulties, but with the banks themselves so fragile it's likely that a deluge of watered-down current-day payments would only destabilise things even further.
Of course, there's an argument that says the govt doing anything to prevent repossession in the case of non-payment of a mortgage is, in itself, interference in a housing market that hasn't yet found its own level.
NAMA has been quiet enough lately, but if people won't buy because banks won't lend because there's too much uncertainty over house prices, it's clear enough that the price of property has a ways to go yet.
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