jm78 Posted February 21, 2009 Share Posted February 21, 2009 From MSE: http://forums.moneysavingexpert.com/showth....html?t=1505247 Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted February 21, 2009 Share Posted February 21, 2009 Yet another personal tragedy. I know the line on here is often that nobody forced them to do it, but the gross irresponsibility of Brown, the BoE, mortgage lenders, property "experts", and most importantly the blatantly ramping media (step forward the BBC) actively encouraged this sort of stupidity for years. You have to be pretty independently-minded to reject the combined message of all these sources, plus all the people you knew who kept repeating it. It would be nice to see the villains of the piece in the dock, but it won't happen will it? Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted February 21, 2009 Share Posted February 21, 2009 Yet another personal tragedy.I know the line on here is often that nobody forced them to do it, but the gross irresponsibility of Brown, the BoE, mortgage lenders, property "experts", and most importantly the blatantly ramping media (step forward the BBC) actively encouraged this sort of stupidity for years. You have to be pretty independently-minded to reject the combined message of all these sources, plus all the people you knew who kept repeating it. It would be nice to see the villains of the piece in the dock, but it won't happen will it? Very succinct. +1 Quote Link to comment Share on other sites More sharing options...
the primitive Posted February 21, 2009 Share Posted February 21, 2009 Yet another personal tragedy.I know the line on here is often that nobody forced them to do it, but the gross irresponsibility of Brown, the BoE, mortgage lenders, property "experts", and most importantly the blatantly ramping media (step forward the BBC) actively encouraged this sort of stupidity for years. You have to be pretty independently-minded to reject the combined message of all these sources, plus all the people you knew who kept repeating it. It would be nice to see the villains of the piece in the dock, but it won't happen will it? Read it all, her Mum got them "on the ladder". Tend to agree that MSM and politicians have a lot to answer for, althoguh slightly uncomfortable absolving people of ALL their responsibility. Multiply this story by 100,000 in the next year or 2 as well... grim Quote Link to comment Share on other sites More sharing options...
hedgefunded Posted February 21, 2009 Share Posted February 21, 2009 A sad tale but I still find it pretty difficult to have sympathy. What the hell did she think was going to happen to her Mum if they got repo'ed? Did they imagine that NR would say "It's alright love, your Mum sounds nice......she can keep her money". Regardless of all the pressure to buy a home, you really have to be some kind of idiot to take on a vast mortgage without even for a moment thnking 'what if...' Quote Link to comment Share on other sites More sharing options...
jm78 Posted February 21, 2009 Author Share Posted February 21, 2009 I was surprized by the number of people that had they same thing happen to them. ie. NR selling all these houses "below" asking prices. Denial abounds. When will people wake up? Quote Link to comment Share on other sites More sharing options...
Nicolaj Posted February 21, 2009 Share Posted February 21, 2009 you really have to be some kind of idiot to take on a vast mortgage without even for a moment thnking 'what if...' the country is full of them/world...so where does that leave the rest that did stop and think first...we're all in the same boat whether or not we went on the binge. Quote Link to comment Share on other sites More sharing options...
Johnny Storm Posted February 21, 2009 Share Posted February 21, 2009 Nice find. Im sorry I have no sympathy. These are the same people who said "House prices only ever go up" Who looked at us as if we were crazy when we suggested they could crash down again. And who mocked us for renting, "its dead money you know" Quote Link to comment Share on other sites More sharing options...
A.steve Posted February 21, 2009 Share Posted February 21, 2009 Regardless of all the pressure to buy a home, you really have to be some kind of idiot to take on a vast mortgage without even for a moment thnking 'what if...' The magic part is that there is no shortage of such idiots. Quote Link to comment Share on other sites More sharing options...
hedgefunded Posted February 21, 2009 Share Posted February 21, 2009 the country is full of them/world...so where does that leave the rest that did stop and think first...we're all in the same boat whether or not we went on the binge. Speak for yourself. I'm not contemplating suicide having spaffed every penny my mother has on a house. Quote Link to comment Share on other sites More sharing options...
deadman Posted February 21, 2009 Share Posted February 21, 2009 I see she's being directed towards The Samaritans rather than told to face up to her financial difficulties. (((hugs))) Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted February 21, 2009 Share Posted February 21, 2009 (edited) Some humans are powerful some humans are powerless some humans are knowledgeable some humans are ignorant some humans are intelligent some humans are thick the rest is just the details Edited February 21, 2009 by Steve Cook Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted February 21, 2009 Share Posted February 21, 2009 The poor woman sounds distraught. There is no easy way out at the moment. The number of individual tales of woe are collectively large enough to overwhelm our financial system. This is happening right now as governments and monetary authorities try to dilute individual problems by making them societal problems. I fear that they will succeed which will guarantee that we all live the life of the weakest link in the chain no matter what we have done to live our financial live in as responsible a manner as possible. Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 21, 2009 Share Posted February 21, 2009 Very succinct.+1 You going soft Charlie boy? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 21, 2009 Share Posted February 21, 2009 From a purely pragmatic stand point, it makes me wary of ever buying a repo. With this kind of emotion flowing, one could, perhaps, receive a visit from someone with a grudge. Obviously, no blame should be attached to the purchaser, but I think I'd rather wait a few years for this whole sorry mess to unwind and buy 50% to 60% below peak price, at generally perceived market value, rather than try to "snap up a bargain" now. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted February 21, 2009 Share Posted February 21, 2009 The poor woman sounds distraught.There is no easy way out at the moment. The number of individual tales of woe are collectively large enough to overwhelm our financial system. This is happening right now as governments and monetary authorities try to dilute individual problems by making them societal problems. I fear that they will succeed which will guarantee that we all live the life of the weakest link in the chain no matter what we have done to live our financial live in as responsible a manner as possible. yes Quote Link to comment Share on other sites More sharing options...
Woot Posted February 21, 2009 Share Posted February 21, 2009 From MSE:http://forums.moneysavingexpert.com/showth....html?t=1505247 It really is a very sad story - however you can't get past the fact that so many are still so foolish and haven't made the connection between what an asking price and what buyers are willing to pay. Several posters on that thread mention, quite indignantly, houses being sold for thousands less than the asking price, as though they would otherwise have magically attained that price; and yet we can all see lots of houses that have been stagnating on the market for months simply because the asking price is so removed from the current market value. Can you imagine this in a greengrocers - hmmm those bananas cost £16, no I think I'll look elsewhere. It's bizarre. Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted February 21, 2009 Share Posted February 21, 2009 (edited) WHAT I don't understand about all of this is the following- Firstly- the Banks (who have escaped the whole sale "personal grief scenario's" up till now- appear to have LOST an awful lot of money, and are themselves being BAILED OUT due to ineptitude and inability to repay. This individual, whose life is in tatters, is now frustratingly seeing the banks selling their home at a huge loss. IF- the Bank had GIVEN the huge loss to the INDIVIDUAL- as a WRITEDOWN- or RESET- The Banks would still have a customer- and the individual would still have a home. Maverick thinking? YES but, think about the implications of pursuing both available courses of action. Quite honestly- the banks will lose far more by selling cheap- Sum1- Bank writes down a percentage of customers debt- in so doing, the house, and the debt is revalued- and they will now have a customer able to afford repayments, OVER THE REMAINING PERIOD- which will no doubt add up to an awful lot of money in interest. They could even just reset the value of the property, BUT- have a covenant on the property that says, while the new mortgage value must be paid off in full, there will be a covenant put on the property that says that when the house is sold, the outstanding balance (no interest applied) will also have to be paid in full. Sum 2- Bank pulls whole deal, forces customer to sell house (and probly force occupants to go on the social) and gets a knockdown price for it- and thats it- finito- no interest, nothing.. Edited February 21, 2009 by KingCharles1st Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 21, 2009 Share Posted February 21, 2009 ...............Quite honestly- the banks will lose far more by selling cheap-............ The banks aren't selling cheap though, they're selling at market value. Although it will take a few years for the majority to realise that. Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 21, 2009 Share Posted February 21, 2009 WHAT I don't understand about all of this is the following-Firstly- the Banks (who have escaped the whole sale personal grief scenario's up till now- appear to have LOST an awful lot of money, and are beign BAILED OUT. This individual, whose life is in tatters, is now seeing the banks selling their home at a huge loss. IF- they had GIVEN the huge loss to the INDIVIDUAL- as a WRITEDOWN- or RESET- The banks would still have a customer- and the individual would still have a home. Maverick thinking? YES but, think abotu the implications of pursuing both avaiable courses of action. Quite honestly- the banks will lose far more by selling cheap- Sum1- Bank writes down a percentage of customers debt- in so doing , the house, and the debt is revalued- and they will now have a customer able to afford repayments, OVER THE REMAINING PERIOD- which will no doubt add up to an awful lot of money. They could even just reset the valuse of the property, BUT- have a covenant on the property that says, once the new mortgage valuse is paid off in full, there will be a covenant o nthe property that says that when the house is sold, the outstanding balance 9no interest applied) will be papyable in full Sum 2- Bank pulls whole deal, forces customer to sell house (and probly go on the social) and gets a knockdown price for it- and thats it- finito- no interest, nothing.. Maybe they have the realisation that the prices are heading towards zero so getting out now is the best worst option Also I like your radical thinking but you dont expect the banks to help out "ordinary" people do you? Quote Link to comment Share on other sites More sharing options...
bogbrush Posted February 21, 2009 Share Posted February 21, 2009 My take on this is that the woman is in a terrible mess and whilst she's going to have to fight throughher own mess, only a complete tw@t would gloat over her problem. Trouble is, although there's nothing on this thread thankfully, there are some complete tw@ts on this site who will. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted February 21, 2009 Share Posted February 21, 2009 My take on this is that the woman is in a terrible mess and whilst she's going to have to fight throughher own mess, only a complete tw@t would gloat over her problem.Trouble is, although there's nothing on this thread thankfully, there are some complete tw@ts on this site who will. This is a tough one. I do not see how we get to fair values for houses without lots of people going through similar hardship and duress. While I am happy to see those who exploited the system in the boom struggle during the bust, there are a lot of innocents who are going to suffer as well. I get back to the regulators. They makes sure that our cars are safe, that we don't smoke in the pub, that insurance policies aren't missold etc etc. Where were they when it came to preventing a massive speculative and probably fraudulent bubble in house prices? Quote Link to comment Share on other sites More sharing options...
Ted Posted February 21, 2009 Share Posted February 21, 2009 ah jesus. We are screwed. It's just going to get worse, I can't stand to read stories like this and MSE is full of them Quote Link to comment Share on other sites More sharing options...
ImA20SomethingGetMeOutOfHere Posted February 21, 2009 Share Posted February 21, 2009 OK who posted this then? Sorry, but how do you expect some first time buyer to come along, pay your full asking price, and then be able to live a life? It's !!!!less, irresponsible whingers like you that have taken out unaffordable mortgages to drive property prices out of reach of reasonable people. You did this to other people. Are they now saying they're going to commit suicide because they can't afford a house -- no, they're listening to people like you demand a bailout. You and your mum won't be the first to go bankrupt and you won't be the last. Get over it.And enough of the emotional blackmail of threatening suicide. And this one? Awwww dont be upset. Think of it this way, someone out there who couldnt afford a home at last years prices will be able to now. So its not all bad news! Come on, own up! Quote Link to comment Share on other sites More sharing options...
libspero Posted February 21, 2009 Share Posted February 21, 2009 OK who posted this then? Some people have a chip and it is quite sad. This girl was almost certainly not the one saying things will always go up. I can empathise with her. If I had not researched the market in quite so much depth I could easily have been in her position. It is the Sibsters of this world that told her prices would only go up.. we would all have been far better off if the boom had never happened. Quote Link to comment Share on other sites More sharing options...
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