As far fetched as it might sound - this is the actual thinking out there. The amount of people that have said to me that they are planning on the doing all of the above is unreal. People are actually expecting to purchase with cash in the next three years.
Where they think there savings will be safe is beyond me?
I can see the 'plan' working for the 'let the bank take back the properties' point of view but I don't see how the savings will work. Apart from the fact that it's pretty much pure theft collecting rent but not passing it on the mortgage provider, how are they going to explain the sudden appearance of many thousands of euros in x years time? Money laundering legislation makes it quite difficult to just spend a huge amount of cash so they could find themselves screwed that way (although I'm just wondering whether there would actually have been any law broken concealing money from the bank while going through reposession).They want to stop paying everything, save the 'rental' from the Dublin property for a year or two while the bank takes back the property, also 'save' the mortgage amount on the house they live on while the bank takes that property. When the banks have taken back the properties, they will go and rent. ... Eventual plan is to save and buy and family home at the rock bottom prices that they see all around them for much better properties for their large family.
Nothing? What about furniture, household effects etc.? Aren't they fair game in this situation?the sheriff (nothing to take)
Nope. The sheriff is not interested in small potatoes like that. A Rembrandt on the wall or a Porsche parked outside yes, a crappy 3 piece suite from Ikea no.Nothing? What about furniture, household effects etc.? Aren't they fair game in this situation?
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