Over 8 years of non payment and no repossession

NoRegretsCoyote

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A prolonged non-payment period can be combined with accumulating savings in cash, especially if you are in a cash business.

Not that this happened in this case of course.
 

Bronte

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Strategic default works if you owe enough.

Of note also is that people are ripping houses of everything and destroying them. But you won’t find articles about that. I’ve heard about it though. A relation of mine led two banks a long messy merry dance and pocketed rent for a couple of years.

Soon I’m visiting a property the bank took back which they didn’t not know was bought by the old owner.

And I negotiated a write down for half, with interest thrown off with a credit union for another relation. I’ve yet another tied into a personal guarantee who can’t getbout of it and is tied to a sibling for it must be 10 years now with no end in sight.

I was staying in Adare about 15 years ago and a man invited us out to his mansion on which he wasn’t paying a penny and owed millions.

This latest story doesn’t surprise me in the latest. ‘‘Twas all madness really the Celtic Tiger.
 

cremeegg

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Of note also is that people are ripping houses of everything and destroying them. But you won’t find articles about that. I’ve heard about it though.
We were woken about 6am one morning by the noise of a truck in the house opposite. Two men were putting the outside boiler and the gates into the back of the truck.

I called the guards.

The guards sent a squad car, they called me back later to say that it wasn't a robbery it was the owners brother.

The house had been repossessed two months by then.
 

RETIRED2017

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Strategic default works if you owe enough.

Of note also is that people are ripping houses of everything and destroying them. But you won’t find articles about that. I’ve heard about it though. A relation of mine led two banks a long messy merry dance and pocketed rent for a couple of years.

Soon I’m visiting a property the bank took back which they didn’t not know was bought by the old owner.

And I negotiated a write down for half, with interest thrown off with a credit union for another relation. I’ve yet another tied into a personal guarantee who can’t getbout of it and is tied to a sibling for it must be 10 years now with no end in sight.

I was staying in Adare about 15 years ago and a man invited us out to his mansion on which he wasn’t paying a penny and owed millions.

This latest story doesn’t surprise me in the latest. ‘‘Twas all madness really the Celtic Tiger.
That would be 2003/4 It did not stop the Banks Giving out large amount of money known there was already repayments problems Building up,
The Madness is back when you see the likes of KBC giving over 6 times income on joint Mortgages, if one stops working for any reason it could be 12 times income to loan,

If they mortgage holders break up or one stops paying for hundreds of reasons the people who pay there mortgages will be picking up the tab,

When banks lend large amount of money to Joint mortgages holders for large family homes ,is it fair to allow maybe one person to keep living in home, they should down size if the cannot pay ,
all this needs to be tidied up by the Government then we might get different result from the courts ,

The courts hands are tied because of failure to close loopholes and over lending ,

,Banks lending large amounts of money in joint names to people on homes away bigger than there needs,of up to 12 times one income ,Under the present system are looking for trouble,
 
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Delboy

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Ronan wants to give his side of the story but there's not a lot to it by the look of things

https://www.independent.ie/irish-news/courts/when-you-only-have-one-side-of-the-story-it-looks-horrific-restaurateur-ronan-ryan-on-not-having-to-pay-1-2m-debt-on-home-37900137.html
Speaking to Independent.ie, Mr Ryan said the story "looks horrific" when you only have one side of it.
"It's just one side [you hear in court], it looks horrific... it looks like we sat in a house for nine years looking for a free place to live, but we were paying interest all along until we were told not to," he said...
...
"Different people have had the loan over a different period of time. We would have been gone in 2011, 2013 and 2016 only for they wanted the asset to appreciate, which it has massively. Now they walk off into the sunset with the money. I have no animosity towards them but this is the fourth time we've tried to sell the house.
"We had to pack our bags and take my pregnant wife out of the house every Saturday so people could view it the first time around but they weren't happy and wanted the asset to appreciate and we were told to remain in the house."...
....
"We're looking around elsewhere. As soon as we have something else, we'll be out," he said.
The businessman was critical of how they didn't get to give their version of events in the Circuit Civil Court.
When asked to give his side today, he said: "That's a bit like knocking someone down and saying afterwards I could have blown the horn."
Sounds like they had a really tough time of it. Trying to escape from the house but each time the Vulture funds pulled them back in
 
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noproblem

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Ah now lads, we have to give him some credit. He did beat the system whether he knew it or not and i'd imagine a trend might have been set. Listening to the entitled on the Ask Joe show today just makes me fairly certain of that.
 

ClubMan

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"It's just one side [you hear in court], it looks horrific... it looks like we sat in a house for nine years looking for a free place to live, but we were paying interest all along until we were told not to," he said.
He doesn't say who told them to stop paying the interest.

Mr Ryan said the "real story is how a vulture fund buys a loan at a discount and sells it for three times the amount".
Yeah, right!

"Different people have had the loan over a different period of time. We would have been gone in 2011, 2013 and 2016 only for they wanted the asset to appreciate, which it has massively. Now they walk off into the sunset with the money. I have no animosity towards them but this is the fourth time we've tried to sell the house.
Er - the same report says that there's still €1.25M outstanding, €374K in arrears and the legal costs which the lender is footing while the property is worth about €800K at the moment!

The mind boggles...
 

RedOnion

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This gets better.

"Judge Linnane was told today that not only was the couple still in the house but Mr Ryan (48) only days ago had sought and obtained a Protective Certificate under personal insolvency legislation which meant they could not be interfered with by anyone for 70 days."

This is after the fund agreeing to wipe out their debt entirely!

 

Delboy

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Wow...the absolute bare faced cheek of them. The deal they got, after 9 years of zero payments, including not being chased for legal fees and then they pull a stunt like this.
I shouldn't be surprised as this is Ireland but it's really hard not to be on this one
 

Bronte

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Ryan is mad the vulture fund bought his loan low and will make a profit on selling it.

Totally omitting to say that Bank of Scotland took the hit there. Which ultimately means other borrowers, ie taxpayers take the hit in higher mortgage rates. He tries the argument that because BofS sold to a vulture there is no impact on taxpayers. Wrong Mr. Ryan, that the kind of talk we hear from the likes of Ben Gilroy and assorted others.

Also Ryan paid nothing in 9 years. Who stopped him paying. That was adding further costs to the banks, and ultimately other borrowers. He says he’s made five payments this year. And has proof. I’ll laugh if he’s paid say 300 a month for 5 months.

Then we get to the woe is me with the big bad vulture eviction on my wife and four young children. Nothing stopped him leaving and going renting like normal people who both have good incomes.
 
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BilliamD75

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He has made 5 payments in the last 5 months, I have made 5 payments in the last 5 months. He has made 5 payments in the last 108 months I have made 108 payment's in the last 108 months. He got a deal of a life time. No mortgage for 9 years, just leave the house and no additional costs incurred. He is playing the long game by starting to pay his mortgage and have the arrears recapitalised so tanager will sell the debt to a pillar bank at half the nominal value. I am no fan of tanager but I am a big fan of all the silent voices of all the men, women and children who have suffered in our country over the last 9 years making sure their debts are paid when falling due. Send in the sheriff I say.
 

Andrew365

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Trying to play the big bad vulture fund making us homeless card........ I see in an article they say they have new lawyers and have been given new advice and aren't going anywhere. So what is their ideal outcome? My guess is they want the arrears wiped and will agree to restart payments against the amount the vulture fund paid or something similar.

What I can't understand is that they seem to have some misguided belief that the house is rightfully theirs? Things went wrong, they stretched themselves, got caught up in the boom, its terrible but it happens.
 

outsomnia

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They appear to have plenty of cash for the best legal advice (for them) though and there must be a lot of fees involved there. I wonder if they are getting Free Legal Aid if they have no income or something.

It is difficult not to feel angry and bitter at the way some people can or choose to play the system like this, whilst others have lost their homes for much smaller debts. Anyway there will be more to come on this I suppose.
 

bleary

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Poor Ronan, badly advised when taking out the mortgage, badly advised when not making any mortgage payments for 9 years, owes more than the house is worth and than the original mortgage , secured an extra 4 months by agreeing to leave and then an extra 70 days just as that was coming to an end. That’s about 20,000 in rent he has managed to save himself.
And handily timed just as holiday season kicks in ,are civil courts open after the end of July? If it doesn’t get dealt with in the next few days does this mean he is clear until October?
Can the courts protection for 70 days be maintained considering they were extended under what appears to be a mis representation
 

cremeegg

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I have been reading about this with some bemusement for a while, but today I saw a photo of the house in the Indo. I thought these were formerly wealthy people, prominent restauranteur, TV personality what have you. Duh ! Its a 3/4 bed end of terrace, hardly worth all the grief.
 

HollowKnight

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