Over the past month i have met two cpls who both were telling a story about how they needed to buy quick because at least one of the partners was about to lose their job, and they knew they wouldnt get a mortgage then
This was one of his gems of wisdom as little as a year ago; how if we were afraid of losing our jobs we should get a mortgage now, cause the moratorium of foreclosures would protect us while we went looking for work .
I know what you mean Sharper but I know people who are in a mobility trap that they would rather not be in.
Only yesterday someone was telling me how they were lucky they got their mortgage before he went down to three day week, he’s in a construction related job. He was trying to shrug off the being constantly broke aspect and now down to two days a week. I said maybe he might try getting a job in Britain and maybe consider investigating personal bankruptcy options there. It was like a light bulb had switched on in his eyes. He had never even known there was a possibility.
If you’re about to loose your job, why oh why would you shackle yourself with a mortgage, if you are debt free and mobile you can move where the jobs are in a relatively time period with minimum hassle. If they did get the mortgage, then he is probably going to end up blowing his redundancy on maintaining the payments. Maybe it could work out for them if he is confident of getting work in the location of the house before the money runs out.
They don’t give a toss about mobility. This is Ireland, they can get their house, stay here, pick up welfare payments and then moan to their TD/Joe Duffy about how someone should help them stay in the house they could never afford.
“JAYZUZ, ISNT EVEREYONE ENTITLRED TO A ROOF OVER DERE HIDZ”
I’m using Hotel California as the Irish national anthem;
Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
“relax,” said the night man,
We are programmed to receive.
You can checkout any time you like,
But you can never leave!
There are some apposite lines in Hotel California alright, I believe it was part of the CD we were putting together for the Greatest Hits of the Bubble…
If debt forgiveness were to come in, I think there should be a slightly MABS approach of “you knew what you were doing, why should we help you” for those who gamble in this way.
If you sign up to a huge mortgage NOW on the assumption that you won’t need to worry about it cos the other saps will pay it off or forgive it,you shouldn’t be entitled to support.
If that makes any sense.
I’ve heard that comment about buy before you get made redundant. My view is “don’t buy - run as fast as you can”. Mobility required. Know people stuck with few options for readjusting. “You can rent it out” doesn’t work because you need other people to have jobs and if you can’t find one, who says anyone else can…