Key Post ACC wants me to sell my home. What Happens Next?

W

Wishes

Registered User
Messages
402
My mortgage provider has requested my home be sold with immediate effect. I have had offers on the property before but the bank refused to allow a sale. Within weeks all has changed and I am being forced to accept the next offer of sale that comes my way.

Any shortfall that is accumulated when selling a home that is in dire negative equity will become my problem and they will chase me for the remainder. They are adamant about this.

Do I have any rights over the sale of this property?
Do I have to leave it while they seek a sale?
It is also suspected that I will foot the bill for the estate agents advertising fees etc.

Any ideas or input please.

Thanks very much.

Wishes
 
@Wishes

Name the Institution please - they all have different 'approaches'

Chase you for what exactly? If somebody does not have the money, they don't have the money.

Is anybody advising you?

You are giving us very little to suggest anything,
 
I think this is their opening salvo , You should send a counter offer by reg. post (keep receipt and copy of letter and any further letters in a file )where you will agree to sell the home in return for a right off of any residual balance on the loan , which you would require in writing.
If you want to stay in the home just keep paying as much interest as you can or if possible all interest and some capital , if its your family home they would have a long and expensive legal battle to get you out. It could be dragged out for years ,by getting stay's on eviction etc. I think you would be entitled to free legal aid at that point but I may be wrong. If a judge sees you are paying what you can I don't think he would grant a sale order to the bank.
 
Hi WizardDr,

Institution is A C C

I honestly have no more to offer them. What I do have however is an investment property in the UK which is currently going through a sale. The property is also in negative so there is no profit to be made, however, I am more than concerned that they will prevent the sale on the UK property. Maybe I'm overreacting but this is a concern.

I currently am not been advised by anybody but have had advise recently from organisations that look aghast at the very mention of the institution I am dealing with.

Hi GDuffy,

Thank you for your advise. Will do as suggested.
 
Acc seem (harder) than most. Have a call to Frost Debt Management 0749364000. I have found them good. Listen to their advice and use them if you think they can help. The problem I see with Acc is they want Black or White !!!
 
Hi Salmon9077,

Yes all is very black and white. I am very tired dealing with them and my health has drastically suffered. Nobody wants to help when you mention ACC so maybe the company you mention maybe able to shed some light on the situation. I know the inevitable is inevitable but I am trying my best to keep abreast of my rights because I cannot see these guys reminding me of them.
 
You do need good advice!
ACC have been very aggressive in pursuing high profile debtors:Sean Dunne,John Fleming,Bernard McNamara,Liam Carroll if I am not mistaken, may all be in different places/circumstances were it not for ACC refusing to support debt restructuring deals and then petitioning the courts for wind up/bankruptcy/receivership/liquidation. I guess the instructions are coming from the HQ in Holland.
I think someone already posted requesting you to complete the case study. Perhaps something can be suggested here that will buy time/achieve a truce or, if not, allow you to formulate some sort of strategy to deal with shortfall-DSA, PIA etc.
I can't offer any advice, and can merely wish you the best of luck. Play as hard and fair as the other side!
 
a law onto 'em selves.

I've heard whispers that this lot are possibly leaving Ireland. Any truth and if so when? Good riddance.
 
Hi Wishes

I am sorry to hear that it has come to that.

But looking at your case study, it was probably inevitable.

Assuming that the current value of the home is €210k and that your net income is still €19,200 per annum, even a mortgage for the current value of the property would be unsustainable. I don't think that they would accept a Personal Insolvency Arrangement and I am not sure it would be in your long-term interests.

The best plan is to sell the property. Don't worry too much about the price you get - €170k negative equity is the same as €200k negative equity.

When both properties are sold, apply for a Debt Settlement Arrangement with a one year term. If they refuse it, go to the UK and go bankrupt.

Brendan
 
GDUFFY said:
if its your family home they would have a long and expensive legal battle to get you out. It could be dragged out for years ,by getting stay's on eviction etc. I think you would be entitled to free legal aid at that point but I may be wrong. If a judge sees you are paying what you can I don't think he would grant a sale order to the bank.
Click to expand...

I wouldn't be so confident.
 
Brendan Burgess said:
When both properties are sold, apply for a Debt Settlement Arrangement with a one year term. If they refuse it, go to the UK and go bankrupt.Brendan
Click to expand...

The best advise, though I'd forget about wasting time on a DSA. Go now to the UK and leave this sorry mess behind you. ACC are blinkered and as you say your health has dis improved. Go immediately and let that lot sell your home. See how good they are then.

Good luck with with whatever path you take.
 
To answer your specific questions

My mortgage provider has requested my home be sold with immediate effect. I have had offers on the property before but the bank refused to allow a sale. Within weeks all has changed and I am being forced to accept the next offer of sale that comes my way.
Click to expand...

They can't actually force you to sell the property. If you are more than one year out of MARP, they can go to court and apply for an order for repossession. Then they can sell the property if they get the order.


Any shortfall that is accumulated when selling a home that is in dire negative equity will become my problem and they will chase me for the remainder. They are adamant about this.
Click to expand...

If you have nothing, they can't get it. In practice, they won't pursue you.

Do I have any rights over the sale of this property?
Click to expand...
Yes, you can refuse to sell it and force them to repossess it.

Do I have to leave it while they seek a sale?
Click to expand...
No. They can't seek or force a sale.

It is also suspected that I will foot the bill for the estate agents advertising fees etc.
Click to expand...
An interesting point. These bills would usually be paid from the proceeds of sale. Check this with your solicitor.
 
Ireland.1 said:
The best advise, though I'd forget about wasting time on a DSA. Go now to the UK and leave this sorry mess behind you. ACC are blinkered and as you say your health has dis improved. Go immediately and let that lot sell your home. See how good they are then.
Click to expand...

Hi Ireland

Whichever option he takes, it is always best to sell the property first and convert the mortgage shortfall into an unsecured debt. Banks are much less likely to pursue it.

The banks are going to be inundated with PIAs and will have to focus on them. I suggest that people should get their PIP to apply for a DSA which lasts for only one year. I suspect that in most cases, the banks will not even respond to them. Therefore they will be passed by default and Wishes will be out clear within one year.

In theory, he could ask the lender to agree to support a DSA as a condition for voluntarily selling the property. However, they just won't agree to this in advance. Although, in practice, I don't expect them to show any interest after the property is sold.
 
It always irks me to read stories about this lot. They always seem to be involved in some form of controversy or another. Do a general google search and you are in for a long read about their law suits against a debtor or some irate debt collector with a military background chasing a missed payment on a lease agreement. One way or another there always seems to be drama where they are concerned.
 
That may well be, but there isn't much drama here.

The OP has a salary of €20,000 a year and a mortgage of €350,000 and a property in the UK in negative equity. This is clearly unsustainable and ACC are right to insist on the sale.

Having said that, it's a pity that the OP and ACC can't sit down and agree an exit strategy which suits both of them.
 
Agree the banks seem to want to 'cut off their nose despite their face'. Wishes has had offers for the sale of his house and they have turned them down. I am sure that they will now get less of their money back with this forced sale. But yet they don't seem to care. MAD
 
Brendan Burgess said:
Having said that, it's a pity that the OP and ACC can't sit down and agree an exit strategy which suits both of them.
Click to expand...

Yes, the situating has been very disheartening. I agree that the loan is unsustainable but an exit strategy instead of a one sided, dictatorial meeting would have been more beneficial for all concerned.
 
Wishes said:
Yes, the situating has been very disheartening. I agree that the loan is unsustainable but an exit strategy instead of a one sided, dictatorial meeting would have been more beneficial for all concerned.
Click to expand...

Despite every commentator and journalist repeating ad nauseum that the banks have all the powers, the opposite is the case. They can't tell you to sell it. They can ask you and you can refuse. In which case, they will have to observe the 12 month moratorium followed by a long and expensive legal action.
 
Wishes said:
Yes, the situating has been very disheartening. I agree that the loan is unsustainable but an exit strategy instead of a one sided, dictatorial meeting would have been more beneficial for all concerned.
Click to expand...

Wishes I'm sorry for your predicament. It is not clear to me what you actually want?

Be very careful about the estate agent fees. If you hire him, then you're liable for his fee. I would not agree to a sale unless the bank agrees that his fee is payable out of the proceeds of sale, ditto your solicitor. Make sure you have this in writing from the bank otherwise I wouldn't be inclined to play ball with them.
 
Hi all,

I would like to update you on the above. My unsecured debt has been cleared; deals were made with my creditors. I owe noting except for mortgage debt to ACC. I have also sold the property in the UK.

I am no longer protected by MARP but I am back paying full repayments each month. Even though I have managed to achieve the above from an almost impossible case the bank have given me a date for when they will lodge papers in the courts for repossession. They have asked me to sell but will not write off the shortfall.

Is it still London calling or should I defend my case until I am hauled before a Judge?
 
You must log in or register to reply here.
Back
Top