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+1m homes in negative equity. Shouldn't the "little guy" get gov't help too?

Reset is a lobby group for people burdened by negative equity. Together we seek a government-lead solution to a big socio-economic problem.

Middle classes asking for middle class benefits, hope they

get paid out before 'Call Me' Dave gets elected...

ABB

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why should it apply to people in neg equity only nobody forced them to buy an overpriced property, i think they have been bailed out enough by savers as it is with the interest rates being kept low artificially , what about giving people a deposit to get the property market moving or just let property prices find there true level without govt interference ,why do all these homeowners think they should keep getting all the benefits when they took out their mortgages they were clearly warned that the value of their properties can go down as well as up the trouble is they want it all their own way

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why should it apply to people in neg equity only nobody forced them to buy an overpriced property, i think they have been bailed out enough by savers as it is with the interest rates being kept low artificially , what about giving people a deposit to get the property market moving or just let property prices find there true level without govt interference ,why do all these homeowners think they should keep getting all the benefits when they took out their mortgages they were clearly warned that the value of their properties can go down as well as up the trouble is they want it all their own way

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Reset

Middle classes asking for middle class benefits, hope they

get paid out before 'Call Me' Dave gets elected...

ABB

"Together we seek a government-lead solution to a big socio-economic problem."

A classic line.

The problem is that their lender didnt demand a large enough deposit. This is not a big socio-economic problem, it was just a stupid thing to do, forward a mortgage without a big deposit. Ask for a big deposit, and you avoid this problem altogether.

Accepting that their lender was stupid, then we do have a problem that needs resolving. No need for government though, lets see if I can sort this out for them.

a ) If they dont have enough income, they can walk away from the house, rent somewhere they can afford, and go bankrupt.

b ) If they have enough income, they can pay their obligations.

Job done.

Edited by leicestersq
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why should it apply to people in neg equity only nobody forced them to buy an overpriced property, i think they have been bailed out enough by savers as it is with the interest rates being kept low artificially , what about giving people a deposit to get the property market moving or just let property prices find there true level without govt interference ,why do all these homeowners think they should keep getting all the benefits when they took out their mortgages they were clearly warned that the value of their properties can go down as well as up the trouble is they want it all their own way

They seem to expect the same privileges as the banking elite -

privatise the profit, socialise the loss.

Unfortunately, they probably can't afford to bribe the requisite politicians,

ABB

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Reset

Middle classes asking for middle class benefits, hope they

get paid out before 'Call Me' Dave gets elected...

ABB

It's just one guy who started a blog in November and no one has posted to his blog.

He tried to drum up support by creating a wikipedia page, which got promptly deleted.

Epic Fail.

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"Together we seek a government-lead solution to a big socio-economic problem."

A classic line.

The problem is that their lender didnt demand a large enough deposit. This is not a big socio-economic problem, it was just a stupid thing to do, forward a mortgage without a big deposit. Ask for a big deposit, and you avoid this problem altogether.

Accepting that their lender was stupid, then we do have a problem that needs resolving. No need for government though, lets see if I can sort this out for them.

a ) If they dont have enough income, they can walk away from the house, rent somewhere they can afford, and go bankrupt.

b ) If they have enough income, they can pay their obligations.

Job done.

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  1. Hi I'm German and have lived here for 20 years. We never had an interest only mortgage available. You have to take out repayment mortgages. Anyway my friend in Germany is an accountant and when I told her about interest only mortgages she said:"thats is CRIMINAL".
    Now you have to have a minimum deposit of 30%, (before was was about 20-25%) otherwise you DON'T get a mortgages.
    Hey, this rules should be make law here and house prices would only rise with inflation (which they did in Germany over years approximately 1.8-2,5%)
    I'm astonished how obsessed the English are with house prices. Nobody in Germany talks about these prices.
    What a country England is :angry:

"Together we seek a government-lead solution to a big socio-economic problem."

A classic line.

The problem is that their lender didnt demand a large enough deposit. This is not a big socio-economic problem, it was just a stupid thing to do, forward a mortgage without a big deposit. Ask for a big deposit, and you avoid this problem altogether.

Accepting that their lender was stupid, then we do have a problem that needs resolving. No need for government though, lets see if I can sort this out for them.

a ) If they dont have enough income, they can walk away from the house, rent somewhere they can afford, and go bankrupt.

b ) If they have enough income, they can pay their obligations.

Job done.

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  1. Hi I'm German and have lived here for 20 years. We never had an interest only mortgage available. You have to take out repayment mortgages. Anyway my friend in Germany is an accountant and when I told her about interest only mortgages she said:"thats is CRIMINAL".

    Now you have to have a minimum deposit of 30%, (before was was about 20-25%) otherwise you DON'T get a mortgages.

    Hey, this rules should be make law here and house prices would only rise with inflation (which they did in Germany over years approximately 1.8-2,5%)

    I'm astonished how obsessed the English are with house prices. Nobody in Germany talks about these prices.

    What a country England is :angry:

I know. Germany is wonderful lol.

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a ) If they dont have enough income, they can walk away from the house, rent somewhere they can afford, and go bankrupt.

Going bankrupt doesn't clear outstanding mortgage debt.

Mort = Death

Gage = Contract

Mortgage = Death Contract.

The debt stays with you until you pay it or until you die, at which point the bank gets first dibs on your estate, regardless of what your will says.

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Going bankrupt doesn't clear outstanding mortgage debt.

Er...

Yes it does.

The debt stays with you until you pay it or until you die, at which point the bank gets first dibs on your estate, regardless of what your will says.

Bollock$

If you go bankrupt all your debts are written off, including mortgage debt and any income tax owed. The only exceptions are student loans, council tax, and court fines.

Edited by Mr Yogi
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FWIW I favour the US system. I ought to ensure banks are a little more careful with their loans* + less resistance to HPC.

* as long as some idiot doesn't forget that house prices cannot always rise, and another idiot doesn't work out a way of packaging up mortgages in such a way that the original lender no longer owns the liability

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Going bankrupt doesn't clear outstanding mortgage debt.

Mort = Death

Gage = Contract

Mortgage = Death Contract.

The debt stays with you until you pay it or until you die, at which point the bank gets first dibs on your estate, regardless of what your will says.

Death Pledge - but much the same thing.

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