# Mortgages sold to cerberus



## Angell (22 Oct 2016)

New poster so please bear with me.  I have 4 mortgages, my PDH and 3 BTLs following severe paycuts we got into difficulty.  Engaged with bank contiguously over the last 3 yrs.  Had PDH and 1 BTL recapitslised and the other 2 btls were in an arrangement which we have stuck to paying interest plus some capital.  Have just received s letter saying the 3 btls were being sold to Cerberus.  I don't understand why if we were sticking to agreement which incidentally is due to end this month (Oct).  Was hoping to enter another deal paying slightly more off capital.   All mortgages are on tracker rate.  Can anyone tell me what Cerberus are likely to do now.  Will they be happy with interest plus some capital.


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## Kine (24 Oct 2016)

Hi Angell,

It's an interesting situation and one I find myself in. I wasn't expecting to be classed as distressed to be sold at a large discount, but clearly I was mistaken!

I don't know the answers to your concerns, but I guess the questions needing answering would be as follows:

1) Do Cerberus have to adhere to the current terms of the mortgage?
2) Can they remove you from a tracker?
3) How do they set the variable rate?
4) If you have a current agreement with Ulster Bank (i.e. reduced payment plan) what happens when that plan expires?
- > even if you can now afford to roll onto full repayments, can they force you to sell etc?
5) If you continue to service the mortgage in full, can Cerberus do anything apart from take the monthly repayment?
6) If you are in arrears, are there any loopholes Cerberus can exploit?
7) Does MARP still apply?

I have heard they're tough to deal with and, to be honest, that's their job. They've bought your mortgage at a discount - they will aim to recover as much in excess of that as they can so you'll need to be prepared for a tougher negotiation stance than UB once your current payment plans expire. Just make sure you have all your ducks in a row - know your finances inside out etc.

As I said, I don't know the answers, but hopefully some smarter people on this site may be able to shed some light.

K


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## Brendan Burgess (24 Oct 2016)

Hi guys

Have legal proceedings been issued by Ulster Bank against either of you? 

Did the mortgages which were sold include your family home or were just the BTLs sold?

Brendan


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## pato990 (24 Oct 2016)

hi brendan.

hi i also got letter from ulster bank saying it sold my btl mortgage to cerebeus when rang them found the also sold my second btl to them also.
i asked why the said mortgages were unsustenable .
i had 3 year deal with me paying fixed payment and up in november and december  just above interest payments .
i do owe arrears on both but nothing since got deal.

i can not pay interest and capital as rents no where near there.
am on tracker 
.

no legal action and no warning the were going to sell .

any advice greatly received
p


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## Angell (25 Oct 2016)

Thank you guys,.  Brendan they only sold the btls, two of which had arrears the other one had been recapitslised so no arrears on that.  No legal proceedings had issued.


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## Kine (26 Oct 2016)

Hi Brendan,

No legal proceedings - been in a plan for the past 3 years which have been adhered to.

It was my PPR but I no longer live there so I presume they have it classed as a BTL now.

Just trying to find out what they can or can't do, as my deal ends next year so getting my ducks in a row for the negotiations 



K


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## Brendan Burgess (26 Oct 2016)

Hi Kine

Do you own any other residence? If not, it is still your PPR under the MARP. 

They are obliged to deal with you under the MARP, but they are not obliged to give you a deal. 

Brendan


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## Angell (27 Oct 2016)

Brendan. Do you think because I have arrears that they will call in the loans making repossession inevitable and if so will the court grant them a repossession order if I am paying interest plus a fair bit off the mortgage


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## Brendan Burgess (27 Oct 2016)

Angell

Your question cannot be answered with partial information. I suggest that you start a new thread and provide all the following information: 

* Information required for mortgage arrears and negative equity questions*

Brendan


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## Kine (27 Oct 2016)

Brendan Burgess said:


> Hi Kine
> 
> Do you own any other residence? If not, it is still your PPR under the MARP.
> 
> ...



Hi Brendan,

It's my only property, but its been a while since I've had to think about it so forgot it was still dealt with in MARP - glad to know Cerberus will have to treat it accordingly.

In terms of deals, when my current deals rolls off, if I simply start repaying the full amount due monthly under my mortgage, I presume there's nothing they can do and, in theory, they'll simply hold the mortgage until maturity?

Thanks again,

K


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## Brendan Burgess (27 Oct 2016)

Kine said:


> when my current deals rolls off, if I simply start repaying the full amount due monthly under my mortgage, I presume there's nothing they can do



If a borrower is meeting the terms of their contract or a variation of their contract, the lender can't do anything about it. 

However, if they did not capitalise the arrears, then they could demand that the arrears be cleared. 

Also, if you have a non-tracker mortgage, they can raise the rate to whatever they like.  That is part of the reason we are campaigning to give the CB the right to control mortgage rates.

Brendan


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## Kine (31 Oct 2016)

Brendan Burgess said:


> However, if they did not capitalise the arrears, then they could demand that the arrears be cleared.
> 
> Also, if you have a non-tracker mortgage, they can raise the rate to whatever they like.  That is part of the reason we are campaigning to give the CB the right to control mortgage rates.
> 
> Brendan



I'm on a tracker so that's one less problem.

I do, however, have some arrears. I don't recall them being 'capitalised', but I'm not sure how I would check this?


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## Kine (31 Oct 2016)

One other question would be on the Freedom of Information Act.

Now, I think, is a good time to request it!

Nice link here: http://www.askaboutmoney.com/threads/freedom-of-information-from-banks.200128/

However, I have 2 questions I can't find the answers to (on top of my capitalised one above!):

1) To whom do I address the FOIA request?
2) To whom do I make the cheque payable?

Thanks,

K


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## Angell (31 Oct 2016)

Kine said:


> Hi Brendan,
> 
> Just received a letter from UB saying my mortgage has been sold to Cerberus.
> 
> ...


I 


Kine said:


> Hi Brendan,
> 
> Just received a letter from UB saying my mortgage has been sold to Cerberus.
> 
> ...


I am also astonished to learn my mortgages have been sold as I have been engaging with UB for 3years now and I've kept to the alternative arrangement.  The was no arrears on one of them.  Arrears on two so I don't fit the criteria either.


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## Kine (10 Jan 2017)

Looks like the legal transfer occurred December 19th with a brief interim period where UB will still manage the mortgage. I expect that to be rectified soon and am just awaiting the letter from my new mortgage owner...er I mean lender.

Interesting times ahead. I'll post anything interesting that comes up.


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## Kine (2 Feb 2017)

Anyone have any ideas on what to do if my Bank has not yet replied to my Freedom of Info request and I'm now outside the 40 days (even though they tried to convince me I couldn't add!)

Do I send them another registered letter? Or do I just send one straight to the Data Protection commissioner?

Based info on this link..... [broken link removed]

No idea what address is the best one for the Data Comiss!

Sigh, I hate banks


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## Kine (2 Feb 2017)

Kine said:


> Anyone have any ideas on what to do if my Bank has not yet replied to my Freedom of Info request and I'm now outside the 40 days (even though they tried to convince me I couldn't add!)
> 
> Do I send them another registered letter? Or do I just send one straight to the Data Protection commissioner?
> 
> ...



Hah - literally hit "post" and the missus calls me to say a large file has arrived from the bank!


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## hubble (2 Feb 2017)

In my view the Loan Purchaser will want to appoint a Receiver once the opportunity arises.  I wish you the best but the main focus now for the Loan Purchaser is liquidating the Assets.


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## Dr.Debt (3 Feb 2017)

I fully agree with Hubble. The game now is to send in a receiver and get those BTLs sold. The tracker is your problem here
Its unprofitable and the new owner of your loan will want it gone asap. If the loan is distressed in any way, there is a good chance
that the bank will have a right to appoint a receiver. Check your mortgage contract.


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