# Repossession Timeframe



## dubdave50 (14 Jun 2014)

Hi,
Would anyone have any experience of the length of time from first demand of repayment of the full amount to final repossession?

We have a completely unsustainable mortgage and are now in survival mode to try and get together enough funds to enter the rental sector. It's a sub prime mortgage which has been taken over so there is no expense to the taxpayer. There value of the property would be enough to more than double the price that the vulture fund paid for it. No point in us posting figures as they are bonkers at this stage.

I just need to know how long we have, in the worst case scenario, to finally try to look after ourselves as best we can. 

Thanks in advance


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## Time (14 Jun 2014)

I am dealing with a similar case at the moment.

They were sent a demand in January and only this week did the lender issue a summons to attend court in September. So you are looking at a minimum of 9 months to get to court. I expect the judge to grant a stay of at least 6 months so they can find housing elsewhere.

So you are looking at a figure of a year to 15 months.


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## Matthew Moore (15 Jun 2014)

dubdave50 said:


> Hi,
> Would anyone have any experience of the length of time from first demand of repayment of the full amount to final repossession?
> 
> We have a completely unsustainable mortgage and are now in survival mode to try and get together enough funds to enter the rental sector. It's a sub prime mortgage which has been taken over so there is no expense to the taxpayer. There value of the property would be enough to more than double the price that the vulture fund paid for it. No point in us posting figures as they are bonkers at this stage.
> ...



Depending on your circumstances you are entitled to Rent Supplement if your lender has deemed your mortgage unsustainable. Might be worth looking into. http://www.citizensinformation.ie/e...y_welfare_schemes/rent_supplement.html#l1f4da

I'd say Time is pretty spot on by saying 15 months. It seems the norm is a minimum 6 month stay to allow you get yourself sorted. There was a case study posted here somewhere a while ago and it looked at many repossessions. Some of them were going through the courts for years.

-----Found the page, link added----- http://www.askaboutmoney.com/showthread.php?t=184727&highlight=Repossession


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## dubdave50 (16 Jun 2014)

Many thanks for your advice.

I am sure that we qualify for a split mortgage but they say we are not eligibile. Our house is in a nice part of Dublin and would sell quickly. Their offer to voluntary sell or surrender leaves us very vunerable


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## Brendan Burgess (16 Jun 2014)

Hi Dave

I think you should start a new thread in the Case Study format. 

As it's been bought by a vulture fund, you may well get a deal to write off the shortfall. 

You may be able to do a deal on your other debts. 

or you may be able to string it out long enough for property prices to recover. 

But I think it's worth setting out the figures to get some views on your options. 

Brendan


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## Gerry Canning (16 Jun 2014)

Dubdave; 
I see you believe you should be able to manage a split mortgage.

If so (hang in) . 
When you put in figures as per Brendans advice , you will get AAM,s unbiased advice.
If it looks like you can support split , you can pursue from there.

If you cannot support split, then it is down to sorting things as best as suits your family. 
As threads say even in Repo mode = 15 months.

Since you have a Sub-Prime Mortgage , it might be no harm getting copies of everything you signed . The reason I say this, is that some of the Mortgage documentation from Sub -Prime people is unenforceable. 
If their documentation ain,t 100% they might look more favourably on split.
I would be in no hurry to Voluntarily surrender or sell without some certainty for you over how any potential shortfall is to be met.

Please ; Take your time .


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## Brendan Burgess (16 Jun 2014)

dubdave50 said:


> I am sure that we qualify for a split mortgage but they say we are not eligibile. O





Gerry Canning said:


> I see you believe you should be able to manage a split mortgage.
> 
> If so (hang in) .
> When you put in figures as per Brendans advice , you will get AAM,s unbiased advice.
> If it looks like you can support split , you can pursue from there.



No one "qualifies" or is "eligible" or  has a right to a split mortgage. 

It's up to the lender to decide whether or not to offer it. 

Are any of the sub-prime lenders doing splits?  I haven't come across them, but maybe they are. 

Brendan


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## dubdave50 (16 Jun 2014)

We are very wary of submitting figures as we are sure boards like this are being monitored and we could be identified. We did call up the documentation and they are decidedly dodgy in certain respects. Currently they are being examined by legal council as our solicitor deems them to be void. (if only!) I have lost over 4 stone so far after throwing every penny we have at this thing and I can appreciate why some people feel like ending it all.

Thanks all for your support so far, it's being a huge help. Whatever the outcome I'll post the details here in the hope that it may help others.


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## Bronte (16 Jun 2014)

dubdave50 said:


> We are very wary of submitting figures as we are sure boards like this are being monitored and we could be identified. We did call up the documentation and they are decidedly dodgy in certain respects. Currently they are being examined by legal council as our solicitor deems them to be void. (if only!) I have lost over 4 stone so far after throwing every penny we have at this thing and I can appreciate why some people feel like ending it all.
> 
> Thanks all for your support so far, it's being a huge help. Whatever the outcome I'll post the details here in the hope that it may help others.


 
I've read so many figures from people on AAM that I find it hard to believe a bank could identify them unless there was something very unique about what they post.  To bankers it must be even more difficult, people are just numbers. So don't be afraid to post up your figures, just cuggle muggle them a bit if necessary, and say your location is Donegal if it's Kerry etc.


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## Time (16 Jun 2014)

Subprime lenders usually only have a handful of cases on the go at any one time. It is entirely possible they could identify the case from the figures quoted. 

I would be wary all the same. I would make a sizeable bet the solicitors being with E.


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## dubdave50 (16 Jun 2014)

Thanks Time,

Our figures would be fairly unique and with the current legal situation we would be easy to identify. What do you mean by " the solicitors being with E" ? I would recommend anyone in the same boat to call up the paperwork. It only costs €6.35 and even that gets applied to the account. The amount of information you get back is weirdly facinating in a stomach churning way.


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## Time (16 Jun 2014)

I am currently wading through an affidavit from Pepper. Some very interesting stuff in it.


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## Gerry Canning (16 Jun 2014)

Time said:


> I am currently wading through an affidavit from Pepper. Some very interesting stuff in it.


Time; 
I would be very interested in the salient pointers you find.
Pepper seem to be speciallizing in taking the admin load from Lenders particularly sub -prime cases.FRom experience too much of sub-prime stuff doesnot have supporting documentation.
My main question is 

Does the affidavit prove title or just a claiming affidavit.
Hope you know what I mean.


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## Time (17 Jun 2014)

Gerry, It seems to be a claiming affidavit from someone in Pepper in support of their claim. Everything is "I believe this" and "I am told that" etc.  

The most interesting thing so far is that Pepper is really GE Capital Woodchester, all they did was change the name. So there are no deeds of assignment whatsoever.


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## Bronte (17 Jun 2014)

Time said:


> Subprime lenders usually only have a handful of cases on the go at any one time. It is entirely possible they could identify the case from the figures quoted.
> 
> .


 
What do you mean they only have a handful of cases at any one time?  I understood the units dealing with mortgage arrears were overrun?


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## Time (17 Jun 2014)

Only a handful of cases in court.


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## Gerry Canning (17 Jun 2014)

Time said:


> Gerry, It seems to be a claiming affidavit from someone in Pepper in support of their claim. Everything is "I believe this" and "I am told that" etc.
> 
> The most interesting thing so far is that Pepper is really GE Capital Woodchester, all they did was change the name. So there are no deeds of assignment whatsoever.


Time; 

I think Pepper bought some of Ge,s book so can proceed as owner of debt.
I know Pepper are managing books for other companies.

If affidavit is on {I believe this} type mode , looks like they do not have info @ hand . Simply without supportive info , an affidavit is challengeable. 

We are back to everyone getting full copies of what was actually properly signed up for.Armed with that knowledge everyone can proceed.


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## 44brendan (17 Jun 2014)

> We are very wary of submitting figures as we are sure boards like this are being monitored and we could be identified.


Can't speak for the sub primes, but from my own experience and knowledge of bank operations this is just not happening. There is no way that Banks (sub prime or otherwise) are telling people to monitor sites like AAM. despite what many may think, there is no benefit to be gained by a Bank in doing this and virtually no way of identifying specific clients.


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## Time (17 Jun 2014)

If someone is at the court stage it would be easy enough to identify them. As for banks monitoring forums I am sure they have one or two persons doing so.


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## valleyview (14 Oct 2016)

Brendan Burgess said:


> Hi Dave
> 
> I think you should start a new thread in the Case Study format.
> 
> ...




Hi Brendan,



Can I ask do you know what sort of percentage of overall debt are pepper willing to settle for. We are trying to pay off a 250K debt they took over from Irish Nationwide in order to keep our family farm. We want to make them an offer but need to know whats a realistic amount to aim for? 

Thank you in advance


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## dubdave01 (25 Oct 2016)

valleyview said:


> Hi Brendan,
> 
> 
> 
> ...


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## dubdave01 (25 Oct 2016)

hi valleyview, i am so sorry to read about your situation. Pepper will do a deal. as they bought it for a song, leaving you with no debt to them once you sign the relevant paperwork, if that is what you want. Should you wish to stay on your farm, continue to pay what you can & call up the paperwork under a " data access request " make sure that you ask for the "chat "  ( pepper internal e-mails )

You could be surprised what the documents may reveal.

I expect to be castigated over this post. I do believe that everyone has to pay their own way, yet, the likes of Pepper. are built on the backs of people trying their very best to take care of their family.

Very best of luck!


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## valleyview (2 Nov 2016)

dubdave01 said:


> hi valleyview, i am so sorry to read about your situation. Pepper will do a deal. as they bought it for a song, leaving you with no debt to them once you sign the relevant paperwork, if that is what you want. Should you wish to stay on your farm, continue to pay what you can & call up the paperwork under a " data access request " make sure that you ask for the "chat "  ( pepper internal e-mails )
> 
> You could be surprised what the documents may reveal.
> 
> ...




Thank you Dave, I have previously requested data from Pepper and received the paperwork for the loans, showed nothing exceptional only the fact that one of my parents had signed for the loan and not the two of them as it should have been a joint partnership! ( As in, according to their paperwork my mother was unaware that my father was signing for the loan and handing over the deeds to the farm of which she is legally the owner of half of it). We have discussed going down the legal route with that, but decided we would be best to try and settle with them if we can as it is a lot of stress on us at the moment. I perhaps will now seek e mail/chat data too. 

We are hoping to make them an offer soon, we have been unable to pay them back for some time now so hopefully they will do a deal. 

Thanks again.


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