Are renegotiations halted once you are classifies as unsustainable?

K

Kerrigan

Registered User
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When a mortgage is classified as unsustainable and the banks internal appeals process has agreed with the initial classification is that basically the end of the road save for an appeal to the FSO?

The reason I ask is because our bank has indicated this, even though we can raise extra income, and as mentioned in previous threads our mortgage is sustainable if the bank elongates the term.
 
Without knowing which lender it is, it's really not possible to answer this.

But even if they do not negotiate with you, continue paying what you can afford.

Write to them and put an actual proposal to them which involves reducing the 4.5% rate.

They will probably ignore it but it will be of great help in the courts.

If it's a mainstream lender such as AIB or BoI, if the borrower is paying, they nearly always do a deal even very late in the courts process.

Brendan
 
Hi Kerrigan ,

You are worrying yourself unnecessarily. No bank has ever been granted a possession order on a family home in the courts when the mortgagee has been repaying full interest and
partial capital. The bank WILL do a deal with you they have no choice.

The best advice you can receive at this stage is to try and relax and remove yourself from the stress of it all. This process will take many months to be resolved and getting into bad
health from the stress of it will not help you or your family.

Tie a knot and hang on.
 
robert 200 said:
Hi Kerrigan ,

You are worrying yourself unnecessarily. No bank has ever been granted a possession order on a family home in the courts when the mortgagee has been repaying full interest and
partial capital. The bank WILL do a deal with you they have no choice.

The best advice you can receive at this stage is to try and relax and remove yourself from the stress of it all. This process will take many months to be resolved and getting into bad
health from the stress of it will not help you or your family.

Tie a knot and hang on.
Click to expand...

Thanks Robert. Anything we suggest is rejected. We received a letter stating they may commence legal action in the next three to four weeks and of course my OH freaked out when she read this . . . We have arrears of approx four thousand euro.
 
Hi Kerrigan. You mention ACC which is now Rabo bank. Who want to exit the Irish market. Your case just sounds like you were unlucky to be caught in the crossfire of corporate upheaval.
A thought just crossed my mind. Maybe you could remortgage with the likes of Pepper.
€4000 in arrears sounds like peanuts to me.
Pepper advertise as offering mortgages to self employed and people with less than perfect credit histories. The interest would probably be higher, but you should be able to lengthen the term, to keep the repayments the same or lower.
Just an option that might be worth exploring.
 
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