Irish Mortgage Holders Association have signed an agreement with Alsop Space Ltd that ensures that Alsop Space Ltd will not undertake auctions of repossesses Irish primary residences.
Keep an eye out for more details: https://www.mortgageholders.ie/
Keep an eye out for more details: https://www.mortgageholders.ie/
Bad move. Restraining economic freedom, (further) distorting the property market, depressing the value of the properties when they finally do find a buyer - who gains from this? This fetish we have for keeping people in property they clearly can't afford is just another manifestation of our refusal to face basic economic facts in this country. If we ignore the debt, maybe it will go away? If we ignore the deficit, maybe it will go away? And now, if we ignore the repos, maybe they will go away?
ReplyDeleteIsn't this bad even for the unfortunate family concerned. This will depress the price they will receive for their house.If their house is auctioned they need it to fetch as much as possible so that the remaining debt is reduced as much as possible.
ReplyDeleteWho is benefits from this move?
No, Frank. Actually the opposite can be expected on price achieved. Per debt reduction - any debt reduction should be agreed prior to sale.
ReplyDelete