Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since '02!

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DeeFox

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I only caught part of the programme but was confused by the story of the lady who was about to have her house repossessed.

Am I right in saying she hadn't made any efforts to pay her mortgage since 2002? Surely it would have been repossessed long before now if that was the case?

Additionally, and perhaps this is a bit mean of me, I couldn't help noticing all the prizes for pony/horse riding - isn't this considered an expensive hobby even by those with plenty of money?

I found it hard to have sympathy for her. But perhaps I got the wrong impression as I didn't see the full programme - did anyone else catch it?
 
Re: Prime Time Investigates (25th May 09)

Yes, the main thing that caught me with it was that it seemed she had not made any payments since 2002 - the lady herself didn't deny this - but i do feel if i dont pay my mortgage for 6-7 years that the bank are within their rights to take back my house - they do own in anyways!
 
Re: Prime Time Investigates (25th May 09)

I was confused by it too, i caught the last 20 mins of it. Not sure if we were supposed to feel sorry for her or what. She told the bank she couldnt afford the mortgage payments back when she took over the mortgage and she went ahead anyway. Not sure what the point of it was other than she made a very bad financial decision (ditto the bank).

I thought apart from the builders who were made redundant through no fault of their own, the rest of the people profiled seemed to me to be victims of their own greed (especially in the case of the guy with 15 properties, are we seriously supposed to feel sorry for him) or pure bad financial decisions (like the guy in his 50's with the 1.5Million euro loan on a piece of land that isnt worth much today).
 
Re: Prime Time Investigates (25th May 09)

The only people I felt sorry for were the builders (Martin and Dani) who had done nothing wrong. Everyone else seemed to want society to feel sorry for their loss of 'wealth' and the guy who had the 15 properties in the most expensive parts of dublin who claimed that he could be made homeless, sorry but I just dont believe this one bit! Who in their right mind would finance the family home against residential properties as a business (to rent). And if he bought his first rental more than 18 years ago, surely this would be paid off by now with the massive rents he would have been charging throughout the 1990's and 2000's ( I heard €200,000 a year on one property alone mentioned)

The American stocktrader took the biscuit though, seemed to think he was above everyone and looked down on those who were homeless. These guys are making their fortunes on the backs of ordinary people losing their fortunes in the stock market
 
Re: Prime Time Investigates (25th May 09)

I totally agree about that guy with the '€24m' property 'empire'. For crying out loud man, flog one of the houses and make a profit, then pay off the family home and play Monopoly with the rest of them, safe in the knowledge that you at least have a place to live if it all goes Pete Tong !

No sympathy for him.



btw, Viper Foley, Debt Collection ?
 
Re: Prime Time Investigates (25th May 09)

elefantfresh said:
but i do feel if i dont pay my mortgage for 6-7 years that the bank are within their rights to take back my house - they do own in anyways!
Click to expand...
Exactly, if, like a lot of people in the 2000-2007 time frame, borrowed most of the money (95+%) then did not replay the borrowings, they can't call the house "theirs". It's the banks house that they are living in.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

DeeFox said:
But perhaps I got the wrong impression as I didn't see the full programme - did anyone else catch it?
Click to expand...

Catch up online? [broken link removed]
Unfortunately it's not available on the excellent RTE Player.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

'Who in their right mind would finance the family home against residential properties as a business (to rent).'

Plenty of people I would say have done that because they believed that house prices would go up indefinitely. I remember (I think) the teacher on RTE radio. You know, the one on €63,000 who mortgage part of the family home for a property in Bulgaria.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since



This guy was buying property as a business, the rental income seemed to be his only income. Its a well known fact that you never bring your family home anywhere near your business as it will be the first thing to go if all goes belly up!! Selfish and foolish IMO
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

Was it not the case that the lady who hadn't paid any of her mortgage since 2002 actually wanted to sell the property when there was enough equity in it to clear the mortgage and give her enough to get a 1/2 bed cottage was hampered in doing this by the bank not being able to locate the deeds or some such? I think that was the case.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


I totally agree it's not only selfish and foolish but madness as well. I'm afraid a lot of people re-mortgaged to get into the property game. Didn't even the big developers offer their own homes as security?

There's nothing worst then the madness of crowds.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since



This lady didn't want to sell, as far as I understood, as the house had been in her family for generations, which is why she was so sorry to lose it. It never explained why she did not make any repayments since 2002. She also said that the bank never gave her legal advice, which i find hard to believe as I'm sure banks say in writing that you should or have the right to legal advice on the loan you are about to take. You can choose to waive this right.

I did not feel sorry for her or for your man with ten houses. Boo hoo to him... lots of us are overpaying for the one house we could barely afford a few years ago while him and his type got tax breaks and incentives from banks to push house prices up.

The only people I felt sorry for were the two builders who were let go and didn't seem to have any prospects for further work. They and people like them are the real victims here.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


from what i understood, she seperated from her husband back then. she told the banks she couldn't afford the mortgage on her own and wanted to sell to buy something smaller, but by the time the land registry sorted the title deeds out for her, the bank had slapped on mutlple late fees etc and it all snowballed from there..sounded to me like the banks were not very flexible in working with her to resolve the situation.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


I thought it was something like that, anyhow should have been sorted long ago between her and the bank most likely down to intransigence of both parties. The guy with the 15 houses I feel as sorry for him as any other business man going out of business now becasue they over extended, thats just the risk you take when setting out.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

What did ye think of the builder doing the letting go? He's Jerry Beades, good friend of Bertie Aherne and a member of the Fianna Fail national executive. He gave those guys their notice in front of the cameras. Either that, or the whole thing was staged. He was crying about having to sell his apartments at a loss because of the recession, but the truth is Mr. Beades could have finished the development (which is in Fairview, Dublin) years ago except he couldn't get planning permission for his original development. By the time he redesigned and scaled down, it was too late.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

A developer friend of Berties couldn't get planning permission ??

Shurely shome mishtake ?
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


This is all fine in theory and I agree that this guy seems particularly reckless but as someone who has worked in lots of very small businesses and comes from a family of small business owners of one kind or another (although no property-related ones), you often won't get finance (particularly for working capital requirements) without a personal guarantee. In manufacturing and retail businesses it would be really difficult to get off the ground without having huge start-up funds, the kind of which, if you had you wouldn't be setting up a small business with in the first place. It's the people who take these kind of risks who have paid for my comfortable lifestyle growing up and now pay my wages. Yes, the consequences are rough if it all goes wrong but often these kind of businesses will involve the wife/partner as a co-director so it's not done behind their back. One thing's for sure with the house on the line, the business won't go without a massive fight.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


The guy was a slum landlord whose "business plan" involved flaunting planning laws, not the next Bill Gates.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

did this woman pay nothing to the bank, no even like 50 euro a week or something to show she had some intention of trying to pay something?
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

room305 That's why I said:

MissRibena said:
... I agree that this guy seems particularly reckless ...
Click to expand...

No-one I was talking about are Bill Gates types either. Just making somewhere from meagre to comfortable livings and that was during the boom. I'm not defending the guy on PrimeTime or saying that business owners are altruistic, just that without the risk takers many businesses and the related jobs wouldn't exist.
 
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