eric pebble Posted September 8, 2011 Share Posted September 8, 2011 (edited) 1.7m home owners face negative equity. Up to 1.7m home owners face the spectre of negative equity according to new housing data. Currently more than 800,000 home owners – 7.3pc of all households with a home loan – have a mortgage that is bigger than the market value of their property. But thanks to lax lending during the credit boom, and several years of house price falls, this number could double if property prices dip a further 10pc. This would mean that almost as many home blighted by negative equity in the early 1990s after the last housing crash. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8748761/1.7m-home-owners-face-negative-equity.html#dsq-content READ THE LETTERS/COMMENTS!! [At the end of the article - scroll down...] Very, very funny. Edited September 8, 2011 by eric pebble Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted September 8, 2011 Share Posted September 8, 2011 But, but, but, I thought you couldn't go wrong with bricks and mortar? Depending on the amount of N.I. involved some people simply need to say ******** to it and post the keys back to the bank. If Banksters have a license to place no lose bets then so should Joe Sixpack... Quote Link to comment Share on other sites More sharing options...
zilly Posted September 8, 2011 Share Posted September 8, 2011 "Not surprisingly, this problem will adversely affect those under 40, who have moved onto the property ladder more recently. " All 63 of 'em across the UK. Conversely, the 17 million under 40 who've not moved onto the property ladder (whatever that may be - something you use to climb up to clear gutters?) recently will be positively affected, and hence quite happy. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 8, 2011 Share Posted September 8, 2011 "Not surprisingly, this problem will adversely affect those under 40, who have moved onto the property ladder more recently. " All 63 of 'em across the UK. Conversely, the 17 million under 40 who've not moved onto the property ladder (whatever that may be - something you use to climb up to clear gutters?) recently will be positively affected, and hence quite happy. ..many above your age bands have 'mewed' their equity to death and will die with the problem.... Quote Link to comment Share on other sites More sharing options...
eric pebble Posted September 8, 2011 Author Share Posted September 8, 2011 ..many above your age bands have 'mewed' their equity to death and will die with the problem.... Yup...... It's called TOXIC DEBT.... & there's LOADS of it about - much of it JUST below the surface......, deliberately shoved out of sight..... Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted September 8, 2011 Share Posted September 8, 2011 READ THE LETTERS/COMMENTS!! [At the end of the article - scroll down...] Very, very funny. Nice to see the bears on a day out, having a picnic for themselves. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted September 8, 2011 Share Posted September 8, 2011 But, but, but, I thought you couldn't go wrong with bricks and mortar? Depending on the amount of N.I. involved some people simply need to say ******** to it and post the keys back to the bank. If Banksters have a license to place no lose bets then so should Joe Sixpack... That`s the only way sixpack can fight back, staying on the hook is the worst of all options. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted September 8, 2011 Share Posted September 8, 2011 "Not surprisingly, this problem will adversely affect those under 40, who have moved onto the property ladder more recently. " All 63 of 'em across the UK. Conversely, the 17 million under 40 who've not moved onto the property ladder (whatever that may be - something you use to climb up to clear gutters?) recently will be positively affected, and hence quite happy. Yes, so the people who borrowed too much might as well just send the keys back, they will never ever get "their price' now. Quote Link to comment Share on other sites More sharing options...
funinhounslow Posted September 8, 2011 Share Posted September 8, 2011 Even if you "post the keys back" the banks still win. You're still liable to repay the loan you took out, the bank will simply dispose of the property and pursue you for the balance. Quote Link to comment Share on other sites More sharing options...
pl1 Posted September 8, 2011 Share Posted September 8, 2011 My heart bleeds. Seriously if they can't afford it, what are they still doing in these homes? Why should everyone else be carrying the can for them? Stick them in a bedsit if they can't afford the mortgage. Case closed. Quote Link to comment Share on other sites More sharing options...
qwerty1984 Posted September 8, 2011 Share Posted September 8, 2011 But, but, but, I thought you couldn't go wrong with bricks and mortar? Depending on the amount of N.I. involved some people simply need to say ******** to it and post the keys back to the bank. If Banksters have a license to place no lose bets then so should Joe Sixpack... What use would posting the keys back to the bank do? Are you labouring under a misconception that this is an american BB? Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 8, 2011 Share Posted September 8, 2011 [/b] Yes, so the people who borrowed too much might as well just send the keys back, they will never ever get "their price' now. ...they can post the keys back ...but ...they will still be due to settle the debt.....that's the way here..... Quote Link to comment Share on other sites More sharing options...
dervis Posted September 8, 2011 Share Posted September 8, 2011 Hang on....is there even a problem with being in negative equity if you are planning on staying in your home, as long as you can afford the mortgage?? BUT..if you wanted to sell to realise the MASSIVE gains in your home, or just wanting to move elsewhere, then I supposed you are a bit buggered??, or indeed, if you are planning on remortgaging Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted September 8, 2011 Share Posted September 8, 2011 ...they can post the keys back ...but ...they will still be due to settle the debt.....that's the way here..... ... and where do they get the money? grab a handful from Peter Pans a*rse, climb the banker beanstalk with a basket and a scoop? ... Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted September 8, 2011 Share Posted September 8, 2011 Even if you "post the keys back" the banks still win. You're still liable to repay the loan you took out, the bank will simply dispose of the property and pursue you for the balance. No they won`t, that was last decade, they will take a depreciating asset back onto their books and they might as well whistle Dixie for the loan repayments, because you can`t get blood out of a stone? If people start "posting" the authorities will cack themselves. Quote Link to comment Share on other sites More sharing options...
qwerty1984 Posted September 8, 2011 Share Posted September 8, 2011 My heart bleeds. Seriously if they can't afford it, what are they still doing in these homes? Why should everyone else be carrying the can for them? Stick them in a bedsit if they can't afford the mortgage. Your heart can stop bleeding, the article (should you wish to actually read it) is about negative equity and not about mortgage affordability or arrears. Case closed. Quite Quote Link to comment Share on other sites More sharing options...
pl1 Posted September 8, 2011 Share Posted September 8, 2011 Your heart can stop bleeding, the article (should you wish to actually read it) is about negative equity and not about mortgage affordability or arrears. Quite I meant if they can't afford to live with it. For these people there is no difference between arrears and negative equity. Both mean they can no longer MEW there way out of trouble. Which I do pay for. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted September 9, 2011 Author Share Posted September 9, 2011 No they won`t, that was last decade, they will take a depreciating asset back onto their books and they might as well whistle Dixie for the loan repayments, because you can`t get blood out of a stone? If people start "posting" the authorities will cack themselves. Agree 100%. People should just say - F***K it. Here are the keys. Shove'em up your @rse. Quote Link to comment Share on other sites More sharing options...
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