Kate's Bush 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? Seems to me she's just posting to get sympathy. Not too much detail on how this situation has come about. 'Interest rates went wild' When was this? Why have they split up? She's pregnant with who's baby? I think it's a case of you made your bed, you lie in it. Quote Link to comment Share on other sites More sharing options...
Sinking Feeling Posted February 21, 2009 Share Posted February 21, 2009 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 I feel very sorry for these people really. Quote Link to comment Share on other sites More sharing options...
richc Posted February 21, 2009 Share Posted February 21, 2009 OK who posted this then? That first one was mine. I was, of course, immediately accused of smugness and a lack of sympathy. I'm not smug -- I'm angry. This woman's actions, and the people like her, have taken a huge toll on my life. Now, they want me to pay and sacrifice even more for their selfishness. F that. Quote Link to comment Share on other sites More sharing options...
r thritis Posted February 21, 2009 Share Posted February 21, 2009 Come on - you have to feel sorry for this lady. Just because she wasn't able to see through the "get on the ladder at all costs" mindset that was prevalent until 18 months ago. Very few were. Although not an entirely innocent victim, she hardly deserves this. Quote Link to comment Share on other sites More sharing options...
Johnny Storm Posted February 21, 2009 Share Posted February 21, 2009 RichC1 makes some very good points on the MSE forum, so I expect his posts to be deleted soon. 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. [editors: f eck less is not a bad word.] My mother declared bankruptcy 6 months ago. I've spent the past 2 yours emotionally and financially supporting her through the process. I have quite a bit of incite into the OP's mindset.And, frankly, I am upset by this person's actions. I get to see my partner about 2 hours a week because we work so much, yet we still can't afford a decent home to buy because numpties like the OP have gone and borrowed ridiculous amounts of debt to plough into the property market. Now, our taxes are going up for bail outs to this woman so we can work harder and see each other even less. How is that fair? Explain to me why I shouldn't be angry? Quote Link to comment Share on other sites More sharing options...
Dangerous Woman 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 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.. It's interesting how, for example RBS can write of a £2.5 BILLION loan to a Russian oligarch who still has his gazillion pound house in London, but people like this get thrown on the streets. Perhaps we should take a leaf out of the Russians' book when we are threatened. http://www.urbandictionary.com/define.php?term=Zamochit Quote Link to comment Share on other sites More sharing options...
Kate's Bush Posted February 21, 2009 Share Posted February 21, 2009 Come on - you have to feel sorry for this lady. Just because she wasn't able to see through the "get on the ladder at all costs" mindset that was prevalent until 18 months ago. Very few were. Although not an entirely innocent victim, she hardly deserves this. Like I've said before this is what a House Price Crash looks like. Not pretty is it? And we've only just begun. There's going to be 100's of stories like this over the coming months. Fact is the debts have to be paid back, the banks will chase you down for every last penny they can get. Quote Link to comment Share on other sites More sharing options...
Johnny Storm Posted February 21, 2009 Share Posted February 21, 2009 Like I've said before this is what a House Price Crash looks like. Not pretty is it? I think its beautiful. Quote Link to comment Share on other sites More sharing options...
BTB Posted February 21, 2009 Share Posted February 21, 2009 That first one was mine. I was, of course, immediately accused of smugness and a lack of sympathy.I'm not smug -- I'm angry. This woman's actions, and the people like her, have taken a huge toll on my life. Now, they want me to pay and sacrifice even more for their selfishness. F that. I agree with what you posted. I just don't think you should have posted it where you did. Quote Link to comment Share on other sites More sharing options...
Ted Posted February 21, 2009 Share Posted February 21, 2009 Like I've said before this is what a House Price Crash looks like. Not pretty is it?And we've only just begun. There's going to be 100's of stories like this over the coming months. Fact is the debts have to be paid back, the banks will chase you down for every last penny they can get. Not if you go bankrupt. Moral? Probably not. Smartest thing to do? Probably yes. Do it now before they tighten the law like they have done in the US. But in the US they can't chase you for mortgage losses after a repossession. When money is being thrown about willy nilly, bankers are still receiving their bonuses and are has happy as pigs in shit, all of us may as well throw our morals out the window and try to take down the system with us. Quote Link to comment Share on other sites More sharing options...
rjw8652 Posted February 21, 2009 Share Posted February 21, 2009 Lucky, You said "...there are a lot of innocents who are going to suffer as well..." What "innocents"? They were all perfectly happy to large it up about house prices going up while we on this board were slagged off by friends and relatives for "missing the boat". I have had my wife complaining since we sold in late 2003 asking when we were going to buy again, and the stress and tension that causes when you're holding out in a market that should be falling but went up all the way to late 2007 is hard to take. But no point to complain or ask for sympathy - uust back your own judgment and hope it pans out. Now we have this woman aghast that her house is being sold below it's true "value". But that "value" was only an artificial construct in her mind as to what the property was worth - within the status of the market as it stood at that time. That very same market is now singing a different tune. She, along with the many thousands like her who you call "innocents", is just too weak and uneducated to take the time to learn about market forces. They expect sympathy and "hugs" to help them feel better. They're not "innocent" - just uninformed, ignorant sheeple. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted February 21, 2009 Share Posted February 21, 2009 the banks will chase you down for every last penny they can get. Land and property debt is 12 years in England & Wales and 20 years in Scotland. Quote Link to comment Share on other sites More sharing options...
Ted Posted February 21, 2009 Share Posted February 21, 2009 Now we have this woman aghast that her house is being sold below it's true "value". But that "value" was only an artificial construct in her mind as to what the property was worth - within the status of the market as it stood at that time. That very same market is now singing a different tune.She, along with the many thousands like her who you call "innocents", is just too weak and uneducated to take the time to learn about market forces. They expect sympathy and "hugs" to help them feel better. They're not "innocent" - just uninformed, ignorant sheeple. To be honest mate she seems more concerned about what this will all mean for her newborn child and her mother. I agree with the sentiments posted at the start of the thread, when the gov, the banks, friends and family are all telling you to get on the ladder before it is too late, it is very hard to resist. Lucky for me I found the graph on the front page of this site before I took the plunge. Quote Link to comment Share on other sites More sharing options...
Ted Posted February 21, 2009 Share Posted February 21, 2009 Land and property debt is 12 years in England & Wales and 20 years in Scotland. In what sense? If they start chasing you for it right away and get you to agree repayment, do you only repay what you can afford for 12 years? Or after 12 years are all debts cancelled, no matter if you can afford to pay them or not? Quote Link to comment Share on other sites More sharing options...
gavp Posted February 21, 2009 Share Posted February 21, 2009 That first one was mine. I was, of course, immediately accused of smugness and a lack of sympathy.I'm not smug -- I'm angry. This woman's actions, and the people like her, have taken a huge toll on my life. Now, they want me to pay and sacrifice even more for their selfishness. F that. Yeah, let's all rant at the suicidal. Grow up. Quote Link to comment Share on other sites More sharing options...
JustYield Posted February 21, 2009 Share Posted February 21, 2009 That first one was mine. I was, of course, immediately accused of smugness and a lack of sympathy.I'm not smug -- I'm angry. This woman's actions, and the people like her, have taken a huge toll on my life. Now, they want me to pay and sacrifice even more for their selfishness. F that. While your post contains elements of truth, in all its harshness, I feel you showed ill judgement in posting such an angry and unhelpful response to that desperate woman. What motivated you to kick her like that? Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted February 21, 2009 Share Posted February 21, 2009 state owned bank repossesses property then (if they're unemployed) has to find or provide the same folk free accomodation. No state owned bank (partly or otherwise) should be repossessing anyone. Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted February 21, 2009 Share Posted February 21, 2009 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. 100% correct Quote Link to comment Share on other sites More sharing options...
CviewUK Posted February 21, 2009 Share Posted February 21, 2009 (edited) In what sense? If they start chasing you for it right away and get you to agree repayment, do you only repay what you can afford for 12 years?Or after 12 years are all debts cancelled, no matter if you can afford to pay them or not? A situation I envisage is that residual debt will be sold on to debt collection companies for say 25p in the pound. They will sit on it for 10 years before they start chasing and The Statute of Limitations kicks in. The only way out is Bankruptcy. P.S. This is happening with old style student loans. Edited February 21, 2009 by CviewUK Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted February 21, 2009 Share Posted February 21, 2009 From MSE:http://forums.moneysavingexpert.com/showth....html?t=1505247 Good spot. Thanks! Quote Link to comment Share on other sites More sharing options...
numpty Posted February 21, 2009 Share Posted February 21, 2009 That first one was mine. I was, of course, immediately accused of smugness and a lack of sympathy.I'm not smug -- I'm angry. This woman's actions, and the people like her, have taken a huge toll on my life. Now, they want me to pay and sacrifice even more for their selfishness. F that. No...these unfortunate people create waves in the market which enables the more enlightened people to ride the waves to their advantage. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted February 21, 2009 Share Posted February 21, 2009 The lesson: Making very risky bets notmally has very bad consequences. And the media is full of liars. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted February 21, 2009 Share Posted February 21, 2009 " The full story is my Mum is the other name on the mortgage - she did it so me and OH could get it in first place. We had a few great years then interest rates went crazy, we sold alsorts to try and manage then I fell pregnant. " This is the insane thing. They couldn't afford a house without help. Did interest rates really go crazy? Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted February 21, 2009 Share Posted February 21, 2009 Did interest rates really go crazy? Only if you thought 3-4% was normal. Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted February 21, 2009 Share Posted February 21, 2009 "The full story is my Mum is the other name on the mortgage - she did it so me and OH could get it in first place. We had a few great years then interest rates went crazy, we sold alsorts to try and manage then I fell pregnant. " This is the insane thing. They couldn't afford a house without help. Did interest rates really go crazy? I feel quite sorry for most people who are gullible and get themselves in a mess. There was no regulatory body worth jack to tell this woman how insane her actions were and say NO. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.