How long does it take for legal proceedings against an investment property?

K

Kerrigan

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A friend of ours has a very small mortgage with PTSB, monthly repayment less than €200.00 per month on an investment tracker mortgage.

She rents the property but was unable to find tenants for a few months hence the property going into arrears of over €800.00

She is currently meeting all payments now on mortgage but they still don't seem to be happy with the repayments she is making towards the arrears.

She asked one of the staff in their collections department how long it takes for them to repossess an investment and she was told after three months proceedings can commence.

Could anybody shed some light please?
 
She is back on track with repayments, and is making some headway into the relatively low arrears so I don't see a bank trying to reposses in those circumstances. She has probably received one of their standards warning letters that sometimes scare people unnecessarily.

What exactly are the bank not happy with ?
 
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