Can Mars repossess my home due to arrears

Hi, Completely new to this group. We received notification end of July that our mortgage was sold to Mars Capital. we got into some arrears over the last 2 years due to the tracker increase/temporary job loss etc. We are currently meeting our mortgage payments and are now in a better financial situation to "slowly" clear the arrears €10k arrears. My question is and my worry is, with the mortgage going to Mars, can they repossess our home due to the arrears? I spoke to someone briefly in PTSB who told me the terms were the same etc but I am having sleepless nights that Mars can come along when they take it over officaally and start an order to repossess based on our arrears?

AlzaP80 said:

Hi, Completely new to this group. We received notification end of July that our mortgage was sold to Mars Capital. we got into some arrears over the last 2 years due to the tracker increase/temporary job loss etc. We are currently meeting our mortgage payments and are now in a better financial situation to "slowly" clear the arrears €10k arrears. My question is and my worry is, with the mortgage going to Mars, can they repossess our home due to the arrears? I spoke to someone briefly in PTSB who told me the terms were the same etc but I am having sleepless nights that Mars can come along when they take it over officaally and start an order to repossess based on our arrears?

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Mars Capital cannot just reposses your home. They will have to follow the exact same process as PTSB would.

Hopefully with interest rates decreasing you can get back on top of your arrears. I assume you still have your tracker? €10k arrears with decreasing interest rates, while not ideal, is not a substantial sum over the long term.

Without knowing your detailed finances (mortgage outstanding /income etc ) it hard to give any meaningful advice.

There is a thread here 'money makeover' where you could post your financials and get advice on how to manage or prioritise finances. It's all anonymous and you will get some good advice from people with a lot of financial knowledge.

There are many threads here which cover just how difficult it is for banks or vulture funds to reposses homes.

Edit: typos fixed

@AlzaP80

If you have only €10k in arrears and are paying your mortgage, you are at no risk - assuming you were not in arrears before. Even then, the risk is tiny.

There are very few repossessions in Ireland.

If you do want more general advice, this is the information to provide: