Criteria to meet repossession

[Dauhee]

So Twink paid no money on her mortgage for 5 years
http://www.thejournal.ie/twink-court-mortgage-3026006-Oct2016/

Is it right that every "paying" mortgage customer in the country has to foot the bill for people like this?

It could be falsely argued that the bank is waiting for market value to rise, having the result of reduced/no net loss on loan + benefit of more grace/compassion for what is effectively a squatter. If that was the case with current market projections than why not let every defaulting customer sit pretty for a decade or so and everything will be dandy . . . . . .

There is something seriously wrong with the proposition that people in Ireland have an inherent right to live in a house of their desire (and not of their means). Yet these prolonged repossessions make that delusion a reality, and make the variable rate cohort pay dearly for it.

 

[Delboy]

We've had a lot of threads on this topic. It always boils down to those who believe repossessions are part of a normal functioning property market....let them happen, let property prices find a floor, don't have people pay high interest rates to subsidise those not paying etc.
Then there are those who scream 'think of the kids', 'the Government made them buy the houses' etc.

 

[dub_nerd]

Is it right that every "paying" mortgage customer in the country has to foot the bill for people like this?

That's what your government decided on your behalf (... the last two governments, in fact). The fact of the matter is the country is still broke and we are still dependent on NAMA getting it's sales away at inflated prices. That's why the government is conspiring to keep prices high (not a conspiracy, in fact, they've come right out and said it). That's why they are letting foreign vulture funds away with tens of billions in tax through Section 110 and SPVs. Eventually NAMA will have sold its stuff, the vulture funds will have left, and property will find its natural value at a much lower level than today, sparking the next crisis.