• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

Mortgage Debt Relief & Inheritance Windfalls for some, funded by tax increases for others!


IbrahaimMohamad

Well-known member
Joined
Feb 5, 2013
Messages
4,226
Do you think that those who will get to write down their mortgages and keep their homes should be allowed to take the full benefit of their family inheritances while the taxpayer gets stiffed?

This is exactly what will happen in Ireland once debts are written down. The notion of debt relief for on mortgages also transfers the cost to taxpayers at the same time leaving people to benefit form family inheritances just a short while after getting debt relief.

Fianna Fáil want to dish out Mortgage debt relief in their new bill by simply confiscating the assets of banks (that you own) and giving them to borrowers who cannot pay their mortgages.

I can't find any mention of them being liable to make good to the taxpayer form their inheritances!

The Wealthier your parents the more likely you are to benefit form an inheritance.

Fianna Fáil want to override Banks veto on mortgage debt forgiveness which would generate massive additional bills for the taxpayer.

This is populism and vote buying gone mad!

Why should people who get mortgage debt relief funded by the taxpayer be allowed wolf down their inheritances without repaying the tax payer's banks with interest!

Does the Constitution not protect the Bank's property rights?
 

tigerben

Well-known member
Joined
Sep 21, 2010
Messages
4,621
Doesnt matter any more we've Labour working hard to keep the working class poor and bring the middle class to working poor. We've FG working hard to keep the farmers as feathered as they can, We've FF working hard are on pedalling forward with the hope we'll forget the past and SF working hard to be all to all classes except the rich.
 

drummed

Well-known member
Joined
Oct 22, 2010
Messages
37,438
[video=youtube_share;P-e4rz-SkVk]http://youtu.be/P-e4rz-SkVk[/video]
 

Mr. Bumble

Well-known member
Joined
Sep 7, 2010
Messages
18,254
[video=youtube_share;P-e4rz-SkVk]http://youtu.be/P-e4rz-SkVk[/video]
Do you have a point to make or are you off your face on sheep dip again?
 

drummed

Well-known member
Joined
Oct 22, 2010
Messages
37,438
Do you have a point to make or are you off your face on sheep dip again?
What's the matter there Bungler?

There's a point certainly but maybe your too dense to see it?
 

HollyB

Member
Joined
Dec 28, 2007
Messages
74
Do you think that those who will get to write down their mortgages and keep their homes should be allowed to take the full benefit of their family inheritances while the taxpayer gets stiffed?

This is exactly what will happen in Ireland once debts are written down. The notion of debt relief for on mortgages also transfers the cost to taxpayers at the same time leaving people to benefit form family inheritances just a short while after getting debt relief.
I think that there should be provision to ensure that future windfalls like an inheritance, Lotto win, etc, would be used to repay any writedown of debt but I imagine that the outcome would be that inheritances would end up skipping a generation, so that if A had a writedown of his or her mortgage, A's parents would leave their estate to their grandchild, B, who wouldn't have to pay off his parent's debt.

Alternatively and preferably, I think that there should be no writedown of a mortgage without equity being surrendered in exchange. If a person's mortgage is halved, the bank owns 50% of the property but cannot force a sale during the lifetime of the mortgage holder. If the person sells the property during their lifetime, the bank gets half of the sale price. If not, the bank's 50% interest in the property must be paid on the death of the mortgage holder.
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
The O.P. has a serious hard on when it comes to the Mortgage write down issue. Whats the matter O.P? Could you not buy a house? Would the bank not give you a mortgage? Whats your problem? Do bankrupts have to forego inheritance when their bankruptcy period is up? No,they do not. The same rule will apply to those few desperate cases of borrowers who get a write down.
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,133
I think that there should be provision to ensure that future windfalls like an inheritance, Lotto win, etc, would be used to repay any writedown of debt but I imagine that the outcome would be that inheritances would end up skipping a generation, so that if A had a writedown of his or her mortgage, A's parents would leave their estate to their grandchild, B, who wouldn't have to pay off his parent's debt.

Alternatively and preferably, I think that there should be no writedown of a mortgage without equity being surrendered in exchange. If a person's mortgage is halved, the bank owns 50% of the property but cannot force a sale during the lifetime of the mortgage holder. If the person sells the property during their lifetime, the bank gets half of the sale price. If not, the bank's 50% interest in the property must be paid on the death of the mortgage holder.
I don't think children should be made pay for their parents debts. I agree that debt relief should have a clawback provision as described in the op.
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,133
The O.P. has a serious hard on when it comes to the Mortgage write down issue. Whats the matter O.P? Could you not buy a house? Would the bank not give you a mortgage? Whats your problem? Do bankrupts have to forego inheritance when their bankruptcy period is up? No,they do not. The same rule will apply to those few desperate cases of borrowers who get a write down.
Bankruptcy in this country is a hard slog whereas the debt write down sought by many on these forums is certainly no slog so there is a gulf of difference between the two. Bankrupts have paid their dues from my understanding of the process.
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
I don't think children should be made pay for their parents debts. I agree that debt relief should have a clawback provision as described in the op.
For how long after the writedown. Given the new Personal Ineolvency Act seems to last 3 years with a possibility of a further 2 years in certain cases. So 5 years. Do you agree with 5 years as a cut off?
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,133
For how long after the writedown. Given the new Personal Ineolvency Act seems to last 3 years with a possibility of a further 2 years in certain cases. So 5 years. Do you agree with 5 years as a cut off?
I'd go with that, yes.
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
Do you think that those who will get to write down their mortgages and keep their homes should be allowed to take the full benefit of their family inheritances while the taxpayer gets stiffed?

This is exactly what will happen in Ireland once debts are written down. The notion of debt relief for on mortgages also transfers the cost to taxpayers at the same time leaving people to benefit form family inheritances just a short while after getting debt relief.

Fianna Fáil want to dish out Mortgage debt relief in their new bill by simply confiscating the assets of banks (that you own) and giving them to borrowers who cannot pay their mortgages.

I can't find any mention of them being liable to make good to the taxpayer form their inheritances!

The Wealthier your parents the more likely you are to benefit form an inheritance.

Fianna Fáil want to override Banks veto on mortgage debt forgiveness which would generate massive additional bills for the taxpayer.

This is populism and vote buying gone mad!

Why should people who get mortgage debt relief funded by the taxpayer be allowed wolf down their inheritances without repaying the tax payer's banks with interest!

Does the Constitution not protect the Bank's property rights?
What do you think is a sensible cut off point for such clawbacks to apply?
 
Top