199 of those are you bombarding the forum with misleading information mainly via omission
Yeah, you tried that shit on me but couldn't back any of your claims up.
Quote:
The only way we'll find out if Of us are right is financial Armageddon, needless to say it's better for all if we don't find out!!!
As shadow pointed out (but you are to pig ignorant to acknowledge) we have already been there and it never happened.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Yes. Despite house prices falling many times, and by a substantial amount in some regions of Australia, the banks have never tried to repossess people's homes in response.o it.
You are wrong on this. Lack of evidence of something occurring is not evidence it has never occurred.
As Jimbo said, the idea is a bear fantasy. It's not going to happen.
That is a strawman argument.
The clause exists in contracts, and the only people with a legislative protection against being proceeded against in the event of their property going into negative equity are people under reverse mortgage arrangements.
You standing in an isle screaming it will never happen doesn't change the fact that at law, and in your contact, you have given the bank the right to make it happen.
Whether they choose to exercise that right is up to them, not you.
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
The clause exists in contracts, and the only people with a legislative protection against being proceeded against in the event of their property going into negative equity are people under reverse mortgage arrangements.
You standing in an isle screaming it will never happen doesn't change the fact that at law, and in your contact, you have given the bank the right to make it happen.
Whether they choose to exercise that right is up to them, not you.
Such a clause doesn't exist in NCCP regulated contracts. But even if it did, the law takes precedence over bank contracts.
"In regard to your question about protections against negative equity for other mortgages [not being reverse mortgages], there are no similar statutory provisions. Under a home loan, banks will usually only take steps to repossess a property when the borrower is in arrears on their home loan after missing the scheduled repayments."
A/g General Manager David Woods
Financial System and Services Division The Treasury 28.7.14
Yes. Despite house prices falling many times, and by a substantial amount in some regions of Australia, the banks have never tried to repossess people's homes in response.
The bank's asset is the mortgage, not the house. They lend money in order to receive an income stream. As far as the bank is concerned, if you never pay back the principal, all the better.
For a bank to swap a performing mortgage for a house that they must sell at a loss makes no commercial sense. Even when a mortgage is not performing, banks will generally bend over backwards to keep borrowers in their home, using mortgage holidays or refinancing options.
At the end of the day, all the bank cares about is its profits. It doesn't care about the borrower. Fortunately for the borrower, the best way for the bank to ensure that its profits keep flowing is to keep the borrower in the house and paying the mortgage.
Even in Ireland, where house prices crashed by 40%, the banks didn't do it.
Tend to agree. They would be shooting themselves in the foot. Even in the extremely unlikely even that they did do it, it would only be a rare case for demonstration purposes to shit scare the rest.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
"In regard to your question about protections against negative equity for other mortgages [not being reverse mortgages], there are no similar statutory provisions.
Not sure what you think that quote proves. It makes no reference to house prices falling, repossessions, NCCP regulations, or the clause we're discussing. If you think a clause exists in an NCCP regulated contract, enabling a bank to repossess the home just because it fell in value through no fault of the borrower, then show us a scan of the contract containing the clause.
Not sure what you think that quote proves. It makes no reference to house prices falling, repossessions, NCCP regulations, or the clause we're discussing. If you think a clause exists in an NCCP regulated contract, enabling a bank to repossess the home just because it fell in value through no fault of the borrower, then show us a scan of the contract containing the clause.
It says what it says Shadow. That you can not decipher it is rather the point.
You have been shown all the clauses before, mortgage broker Peter (among others) has confirmed their existence.
People can check out the 200+ page thread to confirm this.
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