# Repossession Time has come



## bskinti (19 Jan 2012)

This is what's happening to family member, after loosing both earners jobs about a year and a half ago, the mortgage became a huge burden so had a meeting with a bank official who visited their home and he was so help-full, Arranged interest only payments etc what was affordable, now that agreement time has come to an end, they find themselves €12k in arrears a host of bank charges, the person who came up with the payment plan has gone (seemly disappeared), Now the bank are in full treat to repossess, Point is 4 bed house is probable not in negitave equity Borrowed 145 to build on own 1 acre site with a lot of family help, got it finished enough to live in. What has happened here is paying interest only has put them into arrears, MARP is written by the banks for the banks. They want to talk to this person who helped them last year but bank is not able to contact him so in meantime they want the 12k and all charges. We cant let house be taken as a lot of our money and time went into their home. Where to next?


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## Brendan Burgess (19 Jan 2012)

If they have been paying the full interest, the balance outstanding should not have increased? 

However, the arrears may still be due.

Who is the lender, because according to your description, they don't seem to be adhering to the CCMA.


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## ClubMan (19 Jan 2012)

Er - what's "PO time"?!?!


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## Brendan Burgess (19 Jan 2012)

Repossession - a new fragrance from Calvin Klein


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## ClubMan (19 Jan 2012)

Ah - I thought the thread title was "ReO Time has come"!


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## Bronte (20 Jan 2012)

bskinti said:


> Arranged interest only payments etc what was affordable, now that agreement time has come to an end, they find themselves €12k in arrears a host of bank charges,
> 
> What has happened here is paying interest only has put them into arrears, MARP is written by the banks for the banks. ?


 
That's very interesting, I was wondering what the banks were doing to those in arrears who had equity.  Though I suspected it wouldn't be nice.  It looks like the bank is piling on the charges and will force the sale.  People entering into MARB should be told in writing what charges and penalties will be applied, are they currently been told this?

This doesn't help you.  So some questions, is the bank demanding the 12K immediately, is that the problem, are they still paying the interest only, has the bank said it intends to repossess.  What exactly is the 12K made up off.  

__________________

What is CCMA and don't get the meaning about PO time?


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## Swyper (20 Jan 2012)

Not sure I understand. If there was an agreement to go interest-only for a period and that was adhered to, is the capital repayment that was forgone really "arrears".

I've done this myself - not for reasons of financial difficulty - but in better times I have gone to a bank, asked to go onto interest only for a period. At the end of the IO period, my repayments were just a bit higher. I wasn't in arrears. I don't see how the situation above is much different.

If your family member has stuck the agreement with the bank, I can't see how any judge is going to grant the bank a repo order on the family home. Judging by the loan amount and behaviour, can we presume this is a sub-prime lender?


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## bskinti (21 Jan 2012)

RE-PO time  =  "Repossession time"
Its just that frightening letter you get about arrears, so you have to contact them straight away. I was just wondering because of so much arrears will it stop them from re-arranging the time  scale of mortgage if that was an option, I wont say who the bank is yet but I'm sure banks *Don't* make any mistakes especially when it come's to the little person!. _unless it was a cunning trap!!!_ to repossess a profitable house. 
For others who are getting payments reduced check to make sure the banks are not putting you into arrears.
 We will know more after a meeting is set up.


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## Swyper (21 Jan 2012)

bskinti said:


> RE-PO time  =  "Repossession time"
> Its just that frightening letter you get about arrears, so you have to contact them straight away. I was just wondering because of so much arrears will it stop them from re-arranging the time  scale of mortgage if that was an option, I wont say who the bank is yet but I'm sure banks *Don't* make any mistakes especially when it come's to the little person!. _unless it was a cunning trap!!!_ to repossess a profitable house.
> For others who are getting payments reduced check to make sure the banks are not putting you into arrears.
> We will know more after a meeting is set up.



Bskinti,

If your family member has made payments according to what was agreed with the lender, then they cannot possibly be in arrears. "In arrears" only happens if you break a repayment agreement. If your family member got an agreement to go interest only, and they paid that, then that becomes the standard against which to compare the planned and actual repayment schedule. From what you're described, I wouldn't be surprised if this is a cock up on the bank's part, but any written correspondence your relation may have in relation to the interest-only period would be very important.


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## Wishes (21 Jan 2012)

This sounds very similar to my situation.  OP, who is the lender?  If you do not want to say who they are can you confirm if they are are a foreign bank?


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## oldnick (21 Jan 2012)

Sorry - this thread makes no sense unless we know what " arrears" mean.

Is it too difficult to give a break-down ? I think we're all a bit confused as to this 12.000 euros supposed "arrears."


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## Bronte (23 Jan 2012)

I think you need to name the bank, they cannot identify you from what you've posted on here.  It will help with getting answers to your worries.  

Also the agreement that you had with the bank, was the agreement in writing and did you fulfil it?


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