A $3.8 million Auckland gated home could be sold cheaply as a mortgagee sale in what would be the latest blow to a young developer, who has been declared bankr…
NZ Herald ·
You can tell this hits home for a lot of families. rough for families tbh
Another developer over-leveraged and it's the rest of us who end up paying in the end. 🙄
yeah but it's his family that suffers most, not him. kids probably don't understand
How does a young developer even get loans worth millions? Need a story behind that.
banks lend easy when property goes up, then call it in when it dips. classic cycle
They never learn. Buy flash cars, live the high life, then it all comes crashing down. Meanwhile hardworking families can't get a mortgage.
this is so sad honestly. i hope the family finds somewhere stable to live. property market is ruthless.
maybe we don't know the full story. could be medical bills or something. easy to judge
Feel for the guy, sometimes things just don't work out. But the creditors have to get paid too.
hardworking families can't get a mortgage cos they earn honest wages instead of playing the game
bet the banks will sell it for a loss and we taxpayers cop it again
yeah nah, private sale mortgagee, not our problem this time. still see the pattern though.
A $3.8m house? Must be nice. Bet he was driving that Merc around like a king. Karma.
Wonder how much the house will actually go for. Might be a bargain for someone cashed up.
yeah nah — that bankrupt angle again…
cooked — that bankrupt angle again
anyone working in this space has probably seen this coming. Execution is what will decide whether this helps.
you can see why this gets traction with students and renters.. the bankrupt part is what ppl will argue about. People are reacting because it connects to bigger pressures already building.
