MONEY MORAL DILEMMA: Would you buy your neighbours’ repossessed house?

BigMikeyG

In a flash, you don;t know them to well and sometimes you gotta look after no.1!

Suliga

Yes I would! Even better to be in a position where I could rent it back to them until they were able to buy it back!:A

Alan_Kemp

If the victims of the repossession were around, I would ask them how they felt about it. Even if the house is technically the property of the mortgage company, the 'owners' still have moral rights over it, and if they thought I'd 'stolen' their house, that would stop me from buying it. I would put the augument that if I didn't buy it someone else would etc., but if that didn't work, I would walk away.
Personnally, I don't think I would have a problem with a neighbour buying my house if it was repossessed, but I would certainly appreciate them asking me if it was OK, first.

stephb34

stephb34 wrote: »

My poor friend is having to sell her house due to her husband running off with another woman (using the term woman loosely dont know if im allowed to put slapper). She can't afford all the mortgage on her own and he's refusing to pay his half or support his child so her only option is to sell or have it repossed, so we're thinking of buying her house off her and letting her rent it back so she still has somewhere nice to live, but this is pulling with my conscience, feel like we're profitting out of her misery, but then think at least she's still able to live in the lovely house she's had nearly 20 years.
By the way she's been to court he's signed to pay but is now refusing she cant physically extract the money out of him how does that work, she cant afford to go to court again or pay anymore solicitors fees, im gutted for her.

Just thought i'd update you on the situation for anyone thats interested on friday we completed on my friends house and she's going to carry on living in it as though its her own and if she wins the lottery or comes into money we'll sell it her back. I did feel bad that we were profitting on her misery but she rightly said if we hadn't bought it it would have been reposessed and she would probably still owe about £20k each and having to live where ever was available and would cost alot more than the rent we're charging, so hopefully she can start living again and not just existing on worries. As for the ex well he denied he was the childs father until he was told by CSA he would have to pay for Dna test so he changed his mind and admitted it but still no maintenance from him since july 08, no share of mortgage paid also from july08 and he owes court costs, but when my friend is back on her feet she'll be able to pursue him for them in the small claims court. So heres to a fresh start.

malkypaul

Hi All

I was put in a similar position a while ago, Brother in law (now ex) ran off with the other woman and left sister with house and mortgage she couldn't afford so it was either cover 2/3rds of her mortgage, or have her move in with me (not bl**dy likely), so i have made a very handsome profit, and am still at piece with sister.:A

Their troubles were not of your making so yes i would buy the house! and not bat an eyelid!.

weefatbob

"Hello! Jane and John!! Nice to see you, oh I've had such a busy week, buying your house! Doing your garden, you've got such a nice attic!"

If you knew that much about them, then you know them more than just to say hello to.

Shame!

angiebhfx

My house has just been repossessed and my neighbour who I am good friends with would like to buy our ex house, unfortunately they can't afford it but I wish they could, so I say yes buy it.

TBagpuss

Yes. There is no moral dilemma here. You not buying does nothing to help your neighbours, and buying does them no harm.

jamesyboyz wrote: »

No Way! My Integrity and Morals come first. Each day I lived there I would feel guilty.

James, I'm confused. In what way is it immoral or lacking in integrity to buy the house?

In this scenario, you've done nothing to cause the neighbours to be repossessed, so you haven't caused the situation, nor have you made it worse. You are not harming them in any way by buying it - indeed, you may well be doing them a favour as the longer it takes to sell, the more chance there is that the price will fall and they will be left with greater amounts of debt.

You haven't done anything wrong, so why would you feel guilty?

You might feel uncomfortable knowing that your (former) neighbours have got problems but unless they got into debt because you conned them, or gave them bad financial advice, or caused them to lose their jobs, you haven't any reason to feel guilty.