# Losing my home



## anon+1 (8 Dec 2006)

I am in danger of losing my home, I am €6500 in arrears and received a letter saying I had 7 days to pay, can't afford it.

Do you think I'll be able  to make a deal with them, am in bits over this.  Was made redundant and loads of other sh*t, thats my excuse but I know they don't care.

If it went to court and I made a valid option for repayment could I hold onto it??

Please help,


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## Dreamerb (8 Dec 2006)

First of all, I'm very sorry you find yourself in such difficult circumstances. It sounds as though you have been overwhelmed to the point of not dealing with this before, and unfortunately this will probably make dealing with your mortgage provider more difficult. 

Contact MABS as soon as you can and talk to an advisor there: www.mabs.ie. They have extensive experience dealing with financial situations as bad and much worse than yours and will give you free impartial advice.

Do this NOW - don't just hope that it'll go away.

Good luck - I hope they can help you work things out.


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## anon+1 (8 Dec 2006)

Thanks, I really am terrified.

I've just emailed my local mabs office loking for an appointment this afternoon


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## Guest120 (8 Dec 2006)

anon+1 said:


> I've just emailed my local mabs office loking for an appointment this afternoon



Not being smart but with something this important pick up the phone, email isn't dependable or reliable, I don't know why people bother to communicate via email with such important issues.


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## anon+1 (8 Dec 2006)

Bluetonic said:


> Not being smart but with something this important pick up the phone, email isn't dependable or reliable, I don't know why people bother to communicate via email with such important issues.


 

Because I am working at the moment and don't have access to the phone until my break, when I intended ringing them.

Email was my first point of contact.


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## SidTheDweeb (8 Dec 2006)

Why don't you sell up, pay your debtors, bank any profits, and start again in the NY.


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## Sunny (8 Dec 2006)

Contact the bank straight away and try to come up with some sort of repayment plan. Have you had any contact with them? You say they don't care about your circumstances but did you tell them when you were first getting into arrears and give them the opportunity to help you. Despite popular opinion, the banks do not want to reprocess your home except in exceptional circumstances. Best of luck to you.


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## MortgageBrkr (8 Dec 2006)

Do you mind me asking which lender you are currently with?


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## ClubMan (8 Dec 2006)

anon+1 said:


> I am in danger of losing my home, I am €6500 in arrears and received a letter saying I had 7 days to pay, can't afford it.
> 
> Do you think I'll be able  to make a deal with them, am in bits over this.  Was made redundant and loads of other sh*t, thats my excuse but I know they don't care.
> 
> ...


Did you contact them when you initially got behind with repayments or did you just ignore the problem? If it came to court or some other form or arbitration then having made a genuine effort to address the issue would probably count for a lot. How much is the house worth and how much of a morgage is outstanding on it? What are the details of your mortgage - original amount, outstanding amount, term, rate, rate type (fixed or variable) etc.? What is your income, living expenses and mortgage repayments (ignoring the arrears for now)?

Chances are _MABS _will ask you questions along these lines anyway so no harm in gathering answers now.


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## anon+1 (8 Dec 2006)

MortgageBrkr said:


> Do you mind me asking which lender you are currently with?


 

I am currently with P TSB,


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## anon+1 (8 Dec 2006)

ClubMan said:


> Did you contact them when you initially got behind with repayments or did you just ignore the problem? If it came to court or some other form or arbitration then having made a genuine effort to address the issue would probably count for a lot. How much is the house worth and how much of a morgage is outstanding on it? What are the details of your mortgage - original amount, outstanding amount, term, rate, rate type (fixed or variable) etc.? What is your income, living expenses and mortgage repayments (ignoring the arrears for now)?
> 
> Chances are _MABS _will ask you questions along these lines anyway so no harm in gathering answers now.


 

I know I have an appointment with MABS this afternoon and have been following their "plan" online so I can go in fully informed.


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## moneygrower (8 Dec 2006)

good luck


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## Billo (8 Dec 2006)

"Because I am working at the moment"

You said earlier on that you were made redundant. Is this a new job you picked up ?


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## Dreamerb (9 Dec 2006)

Any update? How did you get on? Hope they were able to help.


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## dancarter (14 Dec 2006)

as far as im aware there hasnt been any repossesion of a family home in Ireland for about 10 years


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## PM1234 (14 Dec 2006)

Contact your mortgage lender straight away. If they see that you are serious about trying to sort this out, they will help. But contact them asap.


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## neady (14 Dec 2006)

dancarter said:


> as far as im aware there hasnt been any repossesion of a family home in Ireland for about 10 years



Banks unfortunately do still reposses homes but normally after repossessing the house they rent it back out to the family. So really no one knows whose house is repossessed or not.

Anon, I wish you the best of luck.


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## RainyDay (21 Dec 2006)

dancarter said:


> as far as im aware there hasnt been any repossesion of a family home in Ireland for about 10 years



This Indo article (registration required) refers to a significant number of repossessions in Ireland in 2000/2001


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## Ralphie (17 Jan 2007)

I've read that Start Mortgages which operates in the sub prime mortgage market has about 50 ish re-possessions going on at the moment...


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## Brendan Burgess (18 Jan 2007)

Hi Ralphie

Where did you read this? It would be quite worrying as Start Mortgages is new to the Irish market and would not really have had much chance to have customers falling into such arrears that they would need repossessions. 

I could well imagine that they have begun proceedings in 50 cases of arrears, but it takes a long time to get to repossession order stage.

Brendan


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## rmelly (18 Jan 2007)

I remember reading about this (Irish Times I think in mid December?). Apparently they start repossession proceedings at first sign of trouble (given the clientele that subprime attracts) but as a bargaining tool, rather than actually wanting to follow through.


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## Perplexed (19 Jan 2007)

Anon+1,
Please go talk to your lender. There is a set procedure for Financial Institutions dealing with  Mortgage repayments.

The last thing they want to do is repossess your house if there is any other way of dealing with the problem.  They may be able to reschedule payments, give you a mauritorium to catch your breath, may be able to extend the term of the loan. 

There are loads of options but if you don't go in & discuss it they'll think you're totally ignoring the situation.

That's what causes the problems.

It's a person you met when you took out your mortgage & it's a person you'll meet when you arrange an appointment. If at all possible that person will now try to help you. You have to show you are willing to do everything you can to sort it out. 
He/she doesn't want the nastiness & hassle of going to court either.


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