Btl Scum Regrouping And On The Offensive. -- Merged

[TheCountOfNowhere]

4 hours ago, Bear Hug said:

I also quite liked this one:

This may not be the answer you are looking for, but my advice would be to squirrel as much of the rent away as possible. MX are completely inflexible, so inevitably, they will repossess and sell your houses, probably at larger losses REAL MARKET VALUE than is justifiable. You are going to have a huge debt on your hands be totally and utter f**ked and the best option is likely to be bankruptcy. Think long term and start putting STEALING the money away now. Sorry to be so blunt tell you the truth, but I don’t see another way out for you given what you have said. You are likely to BE ABLE TO STEAL FROM THEM get away with not paying the mortgages for 3 months before they start proceedings. All the best.

But isn't "squirreling away" just before going bankrupt effectively amounts to fraud?

Maybe a year in prison for theft/fraud might focus their minds, is dishing out advice like this also criminal ? 

[TheCountOfNowhere]

4 hours ago, Bear Hug said:

 

 

 

8 hours ago, thewig said:

No one has suggested just putting the rents up yet? Fecking rank amateurs.

[eek]

Given that the market is definitely going to get worse for crap btl properties should we suggest that she stops buying the mortgages now to ensure the properties are auctioned before everyone else's.

[Dyson Fury]

Meanwhile, Ros has discovered the secret of how to get the attention of those self-important so-called "top guys" at the RLA, NLA etc:

Quote

I only got to have direct contact with the top guys after I told them stuff like it was me who suggested to Richard Dyson that he start the Telegraph campaign against s24, and that this was following the suggestion made to me by Professor Philip Booth of the Institute of Economic Affairs (blah blah) and by things like adding my ‘doctor’ title to emails that eventually I got through the ‘fire wall’. I don’t like all those silly games, dropping names and all that. But in some quarters that’s what works...

...BTW I think the subject of ‘why people don’t answer your emails’ would make a great little study

https://www.property118.com/tenants-must-now-say-section-24/93176/comment-page-2/#comment-85261

[mat109]

12 hours ago, GreenDevil said:

Last post is diamond. Haha you poor thing.

MX have been crystalising losses since 2008. They do not have a target to make profit. Their only target is to close out the mortgage book and ‘return’ the money to the taxpayer. I assume they have already written off a lot of debt as toxic anyway, so anything more than 10% of the debt repaid is a job well done. They do not act as a business in the traditional sense so don’t make rational decisions as a business would. They would not need to get a possession order in court as such. You will not get your day in court. They will instruct LPA’s, who they will say are your agent, then the LPA will sell the houses on your behalf at a huge loss, probably to one of their friends, who will make a tidy profit. This sounds extreme I know, but I am not a pessimist, just a realist. Just type in CAG Mortgage Express LPA Receiver into Google.

Of course, real banks never write down debt (read: crystallise their losses)

It's irrational, innit.

https://en.m.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisis

[Quicksilver]

12 minutes ago, mat109 said:

Of course, real banks never write down debt (read: crystallise their losses)

It's irrational, innit.

https://en.m.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisis

TBH if I was a bank who had taken the hit and written down the losses but the interest payments were still coming in on effectively written off loans id let them come in, take the revenue and handle the crystallization when it suits me. If she can afford to stay a debt slave forever and pay interest ill happily take her money forever, silly bint!

[thewig]

3 hours ago, Dyson Fury said:

Meanwhile, Ros has discovered the secret of how to get the attention of those self-important so-called "top guys" at the RLA, NLA etc:

https://www.property118.com/tenants-must-now-say-section-24/93176/comment-page-2/#comment-85261

Doctor DEBTjunkie, M.D. at your service, I'll write you a letter I'll chop off your leg, just give me some more f*cking DEBT!!!!!

 

 

Edited December 20, 2016 by thewig

[spyguy]

2 hours ago, Quicksilver said:

TBH if I was a bank who had taken the hit and written down the losses but the interest payments were still coming in on effectively written off loans id let them come in, take the revenue and handle the crystallization when it suits me. If she can afford to stay a debt slave forever and pay interest ill happily take her money forever, silly bint!

They do, or have been. If you pay the mortgage banks dont give fck, even for an IO mortgage. Thats tomorrows problem.

The problem is hat the money has not been coming in and so the debt is in default.

[2buyornot2buy]

1 hour ago, thewig said:

Doctor DEBTjunkie, M.D. at your service, I'll write you a letter I'll chop off your leg, just give me some more f*cking DEBT!!!!!

 

 

The good Dr wasn't even prepared to pay the membership fee for access.

[jfk]

5 hours ago, Dyson Fury said:

Meanwhile, Ros has discovered the secret of how to get the attention of those self-important so-called "top guys" at the RLA, NLA etc:

https://www.property118.com/tenants-must-now-say-section-24/93176/comment-page-2/#comment-85261

priceless

[Bland Unsight]

5 hours ago, mat109 said:

Of course, real banks never write down debt (read: crystallise their losses)

It's irrational, innit.

The bank can be irrational long enough to make you insolvent!

(Nice illustration of the timescales in banking and real estate. It was 2008 when B&B's lenders finally wised-up and turned their nose up at this dogshit. When that funding disappeared the government took its place, via UKAR. UKAR ran down the mortgage book for eight years and only now are they seeking to sell-off what's left of the Mortgage Express loan book.)

[Bland Unsight]

Somebody has posted a link to The Starfish Story to inspire his over-leveraged pals. I have some thoughts of my own on that matter.

The Section 24 Story

A young Conservative special adviser is walking around a Whitehall office and sees a desk piled high with hundreds and hundreds of tax returns from over-leveraged portfolio tw@ts. Between the towering piles of paperwork he sees a young civil servant testing the effectiveness of a proposed taxation change, picking up one file after another and stamping it "F**ked over by Section 24"

"Why are you trying to f**k over all these c**nts?," he asks.

"Because they are sociopathic, over-leveraged tw@ts and I'm tired of having to bid against the incremental addition to effective demand that they represent."

"But, young civil servant, don't you realise that there are hundreds of files on your desks representing hundreds of these daft c**ts! You can't possibly f**k over all of them. Some have low leverage and can sell up to reduce their gearing. Even if you get my boss to adopt your plan, you mightn't even f**k over a tenth of them. Your efforts won't make any difference at all."

The young civil servant listened calmly and then closed and stamped the file he was working on, just underneath where it gave the investor's name as Mr Dong. "I can f**k over this one."

Edited December 20, 2016 by Bland Unsight

[hi5lo5]

1 hour ago, Bland Unsight said:

Somebody has posted a link to The Starfish Story to inspire his over-leveraged pals. I have some thoughts of my own on that matter.

The Section 24 Story

A young Conservative special adviser is walking around a Whitehall office and sees a desk piled high with hundreds and hundreds of tax returns from over-leveraged portfolio tw@ts. Between the towering piles of paperwork he sees a young civil servant testing the effectiveness of a proposed taxation change, picking up one file after another and stamping it "F**ked over by Section 24"

"Why are you trying to f**k over all these c**nts?," he asks.

"Because they are sociopathic, over-leveraged tw@ts and I'm tired of having to bid against the incremental addition to effective demand that they represent."

"But, young civil servant, don't you realise that there are hundreds of files on your desks representing hundreds of these daft c**ts! You can't possibly f**k over all of them. Some have low leverage and can sell up to reduce their gearing. Even if you get my boss to adopt your plan, you mightn't even f**k over a tenth of them. Your efforts won't make any difference at all."

The young civil servant listened calmly and then closed and stamped the file he was working on, just underneath where it gave the investor's name as Mr Dong. "I can f**k over this one."

LOL... I just fell off the chair.

Another one, thinks everything will be fine.

https://www.property118.com/can-pull-rug-fast/93302/#comment-85335

It’s my only rental and I take good care about my 6 tenants . This company has us all worried now over Xmas that the new year will bring 2 people homeless and myself unable to refinance to save my business .
All because they are denying the previous company’s agreement with me .

No.. you f***ing twit, the mortgage company is not making 2 people homeless. It's your ignorance and incompetence that did. For f***sake don't shed crocodile tears for the tenants, you are worried about your income "It's my only rental".

[Bear Hug]

47 minutes ago, hi5lo5 said:

LOL... I just fell off the chair.

Another one, thinks everything will be fine.

https://www.property118.com/can-pull-rug-fast/93302/#comment-85335

It’s my only rental and I take good care about my 6 tenants . This company has us all worried now over Xmas that the new year will bring 2 people homeless and myself unable to refinance to save my business .
All because they are denying the previous company’s agreement with me .

No.. you f***ing twit, the mortgage company is not making 2 people homeless. It's your ignorance and incompetence that did. For f***sake don't shed crocodile tears for the tenants, you are worried about your income "It's my only rental".

On a bright side, the remaining 4 "free range" tenants will have a bit more living space between them.  I bet the space is probably only big enough for 2 or 3 anyway.

[Clarky Cat]

Quite likely it was a 3 bed terrace. Split the master bedroom in 2,  dining room and lounge bedrooms, kitchen becomes the "shared living space"

Rife in the local BTL hotspots

Edited December 20, 2016 by Clarky Cat

[eek]

23 minutes ago, Clarky Cat said:

Quite likely it was a 3 bed terrace. Split the master bedroom in 2,  dining room and lounge bedrooms, kitchen becomes the "shared living space"

Rife in the local BTL hotspots

I love the fact the letter giving approval has been "destroyed".... 

[koala_bear]

23 hours ago, Quicksilver said:

TBH if I was a bank who had taken the hit and written down the losses but the interest payments were still coming in on effectively written off loans id let them come in, take the revenue and handle the crystallization when it suits me. If she can afford to stay a debt slave forever and pay interest ill happily take her money forever, silly bint!

That is effectively what they have been doing and getting rid of the riskiest stuff first e.g. where people are behind with payments and where the interest isn't coming in, where the current value is less than what they can recover or larger portfolios where the total risk is high if it goes wrong (and there is also some scale benefit to the costs of sorting a bigger portfolio rather than small one.)

[koala_bear]

12 hours ago, Clarky Cat said:

Quite likely it was a 3 bed terrace. Split the master bedroom in 2,  dining room and lounge bedrooms, kitchen becomes the "shared living space"

Rife in the local BTL hotspots

But for the lender with Basel 3 etc. the rental income has to match perfectly for risk model valuation purposes just in case the local authority decides 3 bed means 3 bed...

[frederico]

The problem comes for banks when they have to rate the loan or collateral on their accounts. As they recatogorise loans due to bad debts, falling prices (hopefully) the good loans become more risky. The whole thing snow balls. Then the government panics and bails them out again.

[Pop321]

David Price 118 11:20 21/12/16

"When all the landlords are gone, when all the Council stock is sold, when all the shop doorways are occupied, when children die on the streets this &()%^$*&^ government will still blame ex landlords for the housing crisis. 

I have never seen an organisation take so many unnecessary actions against the only sector trying to alleviate the situation."

Summarises in one breath how far away some of these guys are from the view of the general public, non leveraged landlords, never mind HPC. 

They believe without them the world stops spinning, they believe they are providing a service to the poor and keeping people out of the workhouses. Without the BTL explosion babies will die in the street. 

There is no appreciation of the impact they have had, the tone of the legislation or the purpose of it. They assume the government does not understand what it is doing.

These guys just think it's an unintended consequence. No appreciation of the bigger picture at all. If this were chess they are only seeing the next move (and probably even that one wrongly)....they need to see the next 7 moves and the end game. 

[Lambie]

In the long run we're all dead, but at least for leveraged BTL it will hurt the entire time they're dying.

 

[Bland Unsight]

1 hour ago, Phil321 said:

They believe without them the world stops spinning, they believe they are providing a service to the poor and keeping people out of the workhouses. Without the BTL explosion babies will die in the street. 

Nurse: "Doctor, doctor! Isn't there anything we can do to save these poor children?"

Doctor: "There's just one thing left to try. It's crazy but it might work. Get me twenty or thirty unspeakable c**ts and a give them each a couple of million pounds of interest-only mortgages!

Nurse: [Puzzled] "Then what?"

Doctor: "Tell them to pay too much for shit houses."

Nurse: [Visibly swooning] "You're a genius, I tell you - a genius"

 

Edited December 21, 2016 by Bland Unsight

[Lambie]

Doctor: [chuckles wryly] "No.. the genius is that we'll tell them we're providing a service, and they'll believe us!"

[TheCountOfNowhere]

2 hours ago, Phil321 said:

David Price 118 11:20 21/12/16

"When all the landlords are gone, when all the Council stock is sold, when all the shop doorways are occupied, when children die on the streets this &()%^$*&^ government will still blame ex landlords for the housing crisis. 

I have never seen an organisation take so many unnecessary actions against the only sector trying to alleviate the situation."

 

 

F**K are these people insane ?

#StillLaughing

[Lavalas]

...and David Price likes to portray himself as the all knowing wag of the 118 world too. He also claims to be mortgage free on the entire block of sh*t flats that he owns but likes to campaign against and gets very angry about S24.