Residential Mortgage Arrears, Restructures and Repossessions


#3989

Dear God Almighty…

The model and presenter says both herself and her restaurateur husband believe that they have done nothing wrong.

Missing mortgage payments is not doing something wrong. If you miss them genuinely because you can’t make the mortgage payment, that is not something wrong. It’s not immoral, it’s not even illegal, it’s just missing mortgage payments. At the end of the day, I do my utmost to be the best person I can be and I fully believe my husband is the same. And we put our head on the pillow tonight and we sleep because we are not bad people.”


#3990

You’ll never work in this town again.


#3991

Correct, it’s not wrong, immoral, or illegal …until you try to scam the system. Lots of people who can’t pay their mortgage walk away and forfeit the asset. There’s no shame in that. It sounds like the couple in question agreed to do the same last March. They would be out “by the end of spring” or “as soon as they found somewhere suitable” (depending on which article you read, although that latter is a little cheeky).

What’s more they had the deal of a lifetime – no residual on their mortgage of €1.2m even though the house is only worth €800k, no interest on arrears, none of the large legal costs of pursuing them for several years. But no, they’ve decided to gaze into the maw of that particular gift horse. They’re now convinced that they deserve an even better deal, namely, to keep the house and only pay “the market value”. No premium for Tanager based on them being a risk the size of a small planet. No understanding that the deal was based on getting shut of a disastrous client. And certainly no embarrassment about reneging on the agreement to vacate in the Spring and still being there in July. Because they’re worth it.


#3992

Chancers devoid of shame. They should be made an example to others that game the system. Peak pity?


#3993

The non-glee policy wants it’s money back. :icon_cry:


#3994

This has escalated

The judge granted barrister Rudi Neuman, counsel for Tanager Bank, leave to seek short service of an application to attach and commit both of them to jail for breaching a personal undertaking and court order under which they would be out of the house by last Tuesday July 9th.

Judge Linnane was told on Friday that not only was the couple still in the house but Mr Ryan (48) only days ago had sought and obtained a Protective Certificate under personal insolvency legislation which meant they could not be interfered with by anyone for 70 days.

The judge said it appeared a Personal Insolvency Practitioner (PIP) had put papers before Judge Verona Lambe in another court on behalf of Mr Ryan and had obtained the protection of the court.

Judge Linnane said she had now been told that the existence of the re-possession agreement and court order may have been kept from Judge Lambe, information that would undoubtedly have led to her refusing a Protective Certificate.

Evict

Mr Neuman, who appeared with Amoss Solicitors, was also granted leave to bring an application before Judge Linnane’s court seeking to set aside the Protective Certificate and allowing the Sheriff go ahead and evict Flood (47) and Ryan. He said the Protective Certificate did not cover Ms Flood who should have left the property on July 9th.


#3995

Was this not evidently apparent when the story broke?

My initial thought was maybe they went and employed another solicitor in a left hand right hand, where one hand knows not what the other is doing or they’ve been given very poor advice.

Methinks from a (fragile) human ego point of view, they are possibly not dealing with the reality of their situation and now entrenched denial, fuelled by their own actions could be compounding the situation.

That’s not unusual in scenario such as this or maybe they looked at the current state of the rental market and decided to double down!

This has the makings of a very public car crash.

A poster boy & girl for the moral hazard metastasized!

David Hall and his activities may come out smelling of roses in terms of public perception!


#3996

Surely it would be easy to determine whether there hadn’t been repayments made in six, rather than nine years?

On advice from New Beginning, whose founder Ross Maguire is advising the couple, Ross and Pamela have vowed to stay in their €900,000 home, insisting they intend to fight back against the vulture fund seeking to repossess it.

Mr Ryan recently obtained a protective certificate under personal insolvency legislation which means they can not be interfered with by anyone for 70 days.

It was reported in court that the couple haven’t made repayment in nine years, but Mr Ryan claims it was six and says he can provide proof that he made five repayments so far this year.


#3997

Judge Verona Lambe in the Dublin Circuit Court refused an application by the investment fund Tanager to set aside a certificate that protects Mr Ryan from his creditors for 70 days while a financial adviser devises a personal insolvency arrangement to deal with his debts with the aim of retaining the couple’s home.

Restaurateur wins first round in battle to retain Dublin home


#3998

If they have started repayments because the end is nigh and do come to an agreement that sees them staying in the house I think the behavior will be predictable - 6 or 9 months from now some life event will mean “we had to stop paying the mortgage again, the hamster got cancer and the dog needed braces”

I’m sick to death of paying interest rates way above the euro average because of moral degenerates like this.


#3999

The Moral Hazard is effectively administered via the justice system system and national media network.

It’s very plain to see.

What’s your problem? That you pay-up?

The Marketplace of the Moral hazard is well catered for, you have many ways not pay if you choose, just make a choice. Pass on the cost to someone else.

Surely you know this but???

Nothing is free, everything has a cost! Simples!!! :dipso:


#4000

I pay more because they pay nothing. Is this not a basis for moral outrage?


#4001

Listen pal, if you want to pay that’s your problem.

The Moral Hazard has thus far trumped the The Moral Outrage, get off the awkward squad and slip into the green blouse… to think, you’re probably one of those people who get up early in the morning, silly billy :icon_rolleyes:


#4002

Dear God, they’re getting away with it. Looks like their weekly Sindo column maybe working.


#4003

Not sure if they’ll get away with it at this stage…the courts take this kind of non-compliance of agreements seriously…they’re already getting a massive write-off.

Former Miss Ireland Pamela Flood and her husband, restaurateur Ronan Ryan, could be facing imprisonment within the next 48 hours for breaching court orders relating to the home in which they have lived cost-free for almost 10 years.

The couple owe a €1.2million mortgage debt on the property which they consented to leave by July 9 at the latest after Tanager told them it would accept the proceeds of a sale of the property and wipe out the remainder of their overall debt and allow them vacate without having to pay a penny for legal costs.

Judge Linnane has been told that the couple reneged on their get-out undertaking and, only three weeks before the July 9 deadline, Ryan had gone to a Personal Insolvency Practitioner (PIP) who had brought an application before specialist insolvency judge, Verona Lambe, obtaining the Insolvency Protective Certificate which protects him from his creditors for 70 days. Unless overturned, It has another 35 days to run.


#4004

Strong words today from Ms. Justice Linnane for this couple

Judge Linnane said she did not accept Mr Ryan’s excuse that he had not considered the existence of the consent re-possession order as material to his application for protection under the insolvency legislation. It had not been up to him to decide or to be the judge of what was material or not.

Judges depend on a daily basis on full disclosure being made to them and often set aside ex-parte orders if it later transpires there was non-disclosure of any material information,”

Odd that she didn’t mention the legal professionals who assisted in this subterfuge

Ross Maguire will sort this misunderstanding out, no doubt.

https://www.thesun.ie/news/4444486/vulture-fund-cleared-immediate-possession-home-pamela-flood-husband/


#4005

As I predicted above…

(It remains to be seen whether they have the stomach for a media-driven eviction showdown.)


#4006

Not quite a done deal but who knew you could get so much debt wiped?

The judge wants an explanation first about two contradictory documents from the debtor

The SFS stated that Mr McNamara’s share in his parent’s house was approximately €500,000 and that he was in receipt of monthly rent of €800 from the property.

The Judge said the PFS suggests that the value of the inheritence is €182,000 which is significantly less than €500,000 and says nothing about any rental income.

The judge said it was difficult to understand why there was such an obvious discrepancy between both documents.

https://www.irishmirror.ie/news/irish-news/frank-mcnamara-theresa-lowe-set-18973050

So much for collateral :exploding_head:


#4007

Hats off to Ross Maguire. However this works out, he’ll have got them the 70 days reprieve which a Personal Insolvency certificate provides. Judges seriously pissed off? Who cares? Ross gets results!

But dear God, the judge showed no mercy today- they’ll have to pay their mortgage in full and on time :cold_sweat: What next, the cat o’nine tails! Humanity has been crossed!

https://www.independent.ie/irish-news/courts/ronan-ryan-and-pamela-flood-get-three-weeks-longer-in-their-home-after-judges-order-38427593.html


#4008

I read that 1 of the McNamara’s unsecured creditors is Belvedere College. Only in Ireland could you send your kids to one of the top fee paying college whilst not having paid your mortgage for years and years