# balance after house was sold



## cherryblossom (25 Apr 2015)

Hi I am looking for advice. My husband and I bought our house back in the boom. Then was made redundant when the recession hit. I had one child. When I was pregnant on ur second son my husband left. I struggled to pay mortgage alone for 2 years. My ex husband refused to sign for the mortgage to remain on interest only. The mortgage went into arrears. I met with the bank and said my only option was to voluntary surrender the house. ( with bank of Scotland IRL). I did this in July 2013 I signed the surrender forms. My ex husband would not sign them. Now our mortgage is bought by tananger. I found out they sold the house and now balance outstanding is 160,000. Can they sell a house without ex signature? Also any advice what to do next bank said I have to fill in my income details to enter discussions for right off. I am one parent family ( no maintenance). Hoping someone can help.
Thanks


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## michaelg (25 Apr 2015)

Im sure some of our experts here will be along shortly with some helpful replies, Do you mean the house was sold to a private individual or to Tanager ?


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## cherryblossom (25 Apr 2015)

Oh sorry thank you for the reply. Our mortgage was handed over to Tanager. I think tanager bought a number of mortgages off bank of Scotland Ireland that were in arrears at a reduced price. 
And then tanager sold the house to a private person.


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## michaelg (25 Apr 2015)

Did they have to reposess the house then, surely it takes both signatures for a voluntary surrender to work ?
Dont worry if you don't have money to pay the residual debt, you cant squeeze blood from a stone and the banks know this . If you have little income they really cant do anything to you, Personally if they hounded me , I'd tell them I dont have it (if i don't) and ask them not to call again, Id also tell them If they want to get a judgement i consent to that and see you in court.


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## moneybox (25 Apr 2015)

cherryblossom said:


> Oh sorry thank you for the reply. Our mortgage was handed over to Tanager. I think tanager bought a number of mortgages off bank of Scotland Ireland that were in arrears at a reduced price.
> And then tanager sold the house to a private person.




I am really surprised to read this, are banks selling off mortgages to 'debt collection companies' now? Who are Tanager?


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## cherryblossom (25 Apr 2015)

Hi Mighaelg that's what I thought I know my ex avoided everything/ contact with the bank so he didn't sign the voluntary surrender. I signed it back in 2013 then just received a letter to say tanager had taken over the mortgage and then a letter to say to remove all items from the house in 2014 ( it was done back in 2013 when I sent back the keys) then no contact since I actually saw on line that the house was sold just back in march. I rang tanager myself to ask on an update as didn't even know it was being sold, so he told me to fill out forms ( all income) then they will discuss payment plan for balance owing or write off of debt. Moneybox yes here is a linkhttp://www.askaboutmoney.com/threads/bosi-has-sold-its-mortgages-to-tanager-ltd-a-vulture-fund.184302/  thanks for the replies


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## Brendan Burgess (26 Apr 2015)

Tanager is not a debt collection company. It bought out Bank of Scotland's mortgages in a normal commercial transaction. 

cherry - you and your ex are jointly and severally liable for the full debt. This means that if you don't pay, he is fully liable and, of course, if he does not pay, you are fully liable. 

You should go to someone like the Irish Mortgage Holders Organisation or Phoenix and ask them to negotiate for you. If you do not have any money left over after you have paid your normal rent and other bills, then you may get a write off. You should argue that you cooperated with them all the way.

If they do not agree to write off the debt for you, then you should go for a Debt Settlement Arrangement.  With a DSA, the Personal Insolvency Practitioner will make a proposal to all your creditors. If you have nothing to pay, they might agree to write off all the debts after a very short period.  

If they don't agree to the DSA, then you should go bankrupt. 

After the DSA or bankruptcy, you will have no further liability, but your ex will be fully liable.


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## cherryblossom (26 Apr 2015)

Thank you very much for your informative reply Brendan. I will contact IMHO. Thank you as I wasn't sure of who to contact or if I had to negotiate the debt repayment myself. Ex is out of the picture and in another country. So I may have to go bankrubt with no extra cash as all my money goes on bills and raising my boys.


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## Silvio Dante (27 Apr 2015)

cherryblossom said:


> Thank you very much for your informative reply Brendan. I will contact IMHO. Thank you as I wasn't sure of who to contact or if I had to negotiate the debt repayment myself. Ex is out of the picture and in another country. So I may have to go bankrubt with no extra cash as all my money goes on bills and raising my boys.




Hi,

Advice above from Brendan is sound and practical.

I have some experience of dealing with BOSI.
What was total outstanding (mortgage plus any arrears) at time of sale?
I think your hand is strong one way or the other but would need to know this to see how strong.
Other key point in terms of strength of hand is when did Tanager sell house.
Tanager took over loan book in 2013 so if they got a 12-18 months price appreciation from there then they have already likely done very nicely from this already.

With bankruptcy likely to move to 1 year here (despite Enda acting maggot last week on issue) you should view this as a safety valve anyway.
If you have no surplus income over next year and house is gone Tanager wont be seeing another penny if they let you go down that route and that will be factored into their negotiation as well.

As I have said, I feel your hand is strong but size of original mortgage will dictate what appetite Tanager have for further  pursuit (if any?).


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