2Pack
January 27, 2012, 10:40am
#1
independent.ie/business/pers … 01829.html
Then again they are out of the market and running down a really crap loan book, so not surprising they would cut a short sale deal.
GE Money, which no longer offers loans in this market, had got an order for repossession in the High Court and was about to repossess the house.
The lender had given the family a loan of €240,000 in 2006, in an offer which included the mortgage and other debts using the house as security, the court was told.
The family ran up arrears of around €30,000 and was no longer able to meet the payments – which were around €1,500 a month – once the husband lost his job.
There was still some haggling over the purchase price to be paid by Cluid, but it was likely to be around €100,000, Ross Maguire of New Beginings said. The deal is to be concluded in days.
The deal ain’t done yet, New Beginnings asked for these people to be give a right to buy which is crazy.
Which people? The original owners or Cluid, or A.N.Other?
What if a family had been renting the same house for 4 years and they hit financial trouble after a job loss. Would they be allowed remain in the house for 2 years if they were not paying rent? Would they have a housing charity buy the house and rent it out to them way below market prices, effectively jumping the queue on the housing list?
