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 Post subject: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 3:39 pm 
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I did'nt think this deserved its own thread because it reads like Isobel wrote it - I think it was the haughty schoolteacher tone that did it.

http://blog.myhome.ie/post/Try-to-be-positive-about-negative-equity.aspx

Quote:
"Negative equity" seems to be the buzz word of the year. We are all obsessed with it and some are almost possessed by it.

Gone are the days of bragging about the value of our homes. Negative equity means that you owe more on your mortgage than your house or apartment is worth. While it is sickening to pay out monthly mortgage repayments over and above the value of the property, it should really only emerge as a problem for you if you decide to up sticks. You will then find that your bank or building society is looking for more money than your property is worth. Now, this is a problem. One way around it is to ride the storm.

So basically for anyone who bought at the peak of the market, there’s not a lot you can do apart from bite your tongue. There’s little chance that it will regain those peak values. I know this is not much consolation, but what else can you do. You have a house. You have a mortgage. You made the decision to buy when you did and at the agreed price. This may sound harsh, but it’s time to start enjoying your home. Nourish your home and stop obsessing about its value. You have to live somewhere. We have had situations of negative equity before and no doubt they will happen again. You can find consolation in the fact that interest rates are at an all time low right now and this should be reflected in your monthly mortgage payments (that is of course if you are not tied in to a fixed rate mortgage, which is a whole other issue). It’s high time we started thinking of property as a home.


To me it says

Settle down.
Tough luck.
Be quiet.
Don't move.
Deal with it.
Shit happens.
It 's your own fault anyway.
Enjoy it if you can.

XX

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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:37 pm 
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Whoever wrote that deserves a slap.


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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:42 pm 
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Of Systemic Importance
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Quote:
Gone are the days of bragging about the value of our homes.


Thank God for that. Anyone who ever bragged about the value of their home should be slapped.


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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:44 pm 
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Neo Landlord

Joined: Feb 15, 2008
Posts: 285
It seems fair enough to me. Have you any other options if you are in this situation?


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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:44 pm 
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Location: BubbleBurst Ireland
It sounds like someone saying you bought so you lost, deal with it moron and move on, NEXT :shock:

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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:46 pm 
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Posts: 285
spqr64 wrote:
It sounds like someone saying you bought so you lost, deal with it moron and move on, NEXT :shock:


Well you did lose. In a big way. I didn't get the moron part from it.


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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 4:52 pm 
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Location: BubbleBurst Ireland
Steaks wrote:
spqr64 wrote:
It sounds like someone saying you bought so you lost, deal with it moron and move on, NEXT :shock:


Well you did lose. In a big way. I didn't get the moron part from it.


Its a cheeky statement masquerarding as a little bit of advice when you have just been shafted due to possibly your own stupidity or lethargy or that of the market and to me it has moron written all over it.

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The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.
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A people that values its privileges above its principles soon loses both.
Dwight D. Eisenhower


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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 4:54 pm 
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fedorov wrote:
I did'nt think this deserved its own thread because it reads like Isobel wrote it


all the same, it has garnered enough replies for a new thread so I've split it off


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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 5:01 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
Quote:
We have had situations of negative equity before and no doubt they will happen again.


Don't remember myhome coming out with that little gem in 2006/07! :twisted:

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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 5:08 pm 
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The Unwelcome Guest wrote:
Quote:
We have had situations of negative equity before and no doubt they will happen again.


Don't remember myhome coming out with that little gem in 2006/07! :twisted:


Someone better tell Marie Hunt about this.


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 Post subject: Re: Aw, Jebus, Isabel
PostPosted: Wed Jul 08, 2009 5:15 pm 
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Steaks wrote:
spqr64 wrote:
It sounds like someone saying you bought so you lost, deal with it moron and move on, NEXT :shock:


Well you did lose. In a big way. I didn't get the moron part from it.

Whilst not calling them morons - to me, it does something much more invidious:
Quote:
...and some are almost possessed by it.

...Negative equity means that you owe more on your mortgage than your house or apartment is worth. ...it should really only emerge as a problem for you if you decide to up sticks.... One way around it is to ride the storm.

... there’s not a lot you can do apart from bite your tongue. ... but what else can you do. ...stop obsessing about its value....(that is of course if you are not tied in to a fixed rate mortgage, which is a whole other issue). It’s high time we started thinking of property as a home.


From my reading of this, on a property website, it is basically stating that the fault for the current predicament a person in negative equity finds themselves is with themselves.

A property website owned by a newspaper pulling in huge advertising fess for ensnaring the very person it now preaches to.

Does this remind you of anything?


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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 5:31 pm 
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Living in negative equity makes life more interesting*


*in the 'may you live in interesting times' mode


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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 7:05 pm 
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I wonder what wisdom she'd dispense to unemployed in NE?

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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 7:43 pm 
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catbear wrote:
I wonder what wisdom she'd dispense to unemployed in NE?

Pay a visit to this website now! :lol:

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Former CEO of Bank of Ireland Mike Soden has said many of the people who took out buy-to-let mortgages used the money to fund lavish lifestyles. Who would have made the money, had the market not collapsed? The individual would have.
(http://www.breakingnews.ie/ireland/banks-to-use-rent-receivers-to-collect-buy-to-let-mortgages-561140.html)


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 Post subject: Re: Try to be positive about negative equity
PostPosted: Wed Jul 08, 2009 8:36 pm 
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fedorov wrote:
You have to live somewhere.
Of course you do. Renting is dead money.


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