In Reply to: re: Dublin Repossession posted by Mairt on March 06, 2015 at 19:45:43:
There was a well publicised case last year in the Castleknock area of Dublin where a couple were turfed out and the bank would not accept an offer, to buy at market value from the tenants. Family and friends had got the money together for the couple. If the banks reposes your home, you are then out of the picture except that you still owe the borrowings on it. If the bank sell it on for half the amount you or the market think its worth, you are still left with a debt to pay. You have no say whatsoever regarding the price the bank sells it for. There are currently over 7,000 family homes with repossession orders before the courts, where banks want people out. Also, don't forget that the banks are now in profit again, as a result of being bailed out by you and me, but remember that because house prices are increasing again, it now makes more financial sense for the banks to evict, because those houses are now appreciating assets and as such make the bottom line look better. I wonder how much of the banks profits are benefitting from increase in house values they have repossessed? In my opinion there should be a scheme in place where tenants are able to rent their house from the banks, in return for giving up ownership. An alternative, is that once a family home is handed back to the banks, the debt should "die" then. After all, the money was borrowed to purchase the house, if the tenants can't manage the mortgage, they should be allowed to hand back the house to the banks and that's the end of it. Some states in the U.S. operate such a scheme and we should too. If you borrow money from a car finance company to buy a car, if you don't make the repayments, you car can be taken back. Do you still owe the money to the car finance company? (and I don't actually know the answer to that). The banks can't have it all their own way. And I do appreciate that if you borrow money, you have an obligation to repay as agreed.
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