Z
z107
Guest
Debt forgiveness for mortgage holders seems to be gathering steam. There seems to be more articles in newspapers about it, and I also noticed this today:
http://www.breakingnews.ie/ireland/noonan-banks-have-capital-for-debt-forgiveness-518454.html
I expect that what may happen is that anyone with mortgage arrears on a certain date (eg 1 jan 2012, after the next budget when the scheme may be announced) could have chunks of their mortgage written off. If any other approach is taken, then we'll end up with no one paying back their mortgage.
So the question is, to maximise my chances of this, should I stop paying my mortgage now? Instead put the money way, then if there is no debt forgiveness on the horizon, I'll just pay it off. My mortgage also allows me to take back money I've already overpaid. I might as well get this back anyway.
Could be worth it to get a few thousand written off.
http://www.breakingnews.ie/ireland/noonan-banks-have-capital-for-debt-forgiveness-518454.html
Finance Minister Michael Noonan said today that the capital is already in Irish banks to allow them to write off loans in a debt forgiveness scheme.
Minister Noonan said that it is a pressing issue for some families and will have to be dealt with, but insisted that it is manageable.
I expect that what may happen is that anyone with mortgage arrears on a certain date (eg 1 jan 2012, after the next budget when the scheme may be announced) could have chunks of their mortgage written off. If any other approach is taken, then we'll end up with no one paying back their mortgage.
So the question is, to maximise my chances of this, should I stop paying my mortgage now? Instead put the money way, then if there is no debt forgiveness on the horizon, I'll just pay it off. My mortgage also allows me to take back money I've already overpaid. I might as well get this back anyway.
Could be worth it to get a few thousand written off.