Key Post How to negotiate with banks on your mortgage arrears

I am finding it very difficult to get a meeting with BOI I find them not very business like
Sellornot
 
To be fair to BoI, your fellow joint borrow appears to have acted irresponsibly and not engaged with BoI. BoI is the most business like of the lenders. If you had sought a reasonable solution when arrears first rose, you would have found it easy enough to get a meeting.

Brendan
 
Thanks Brendan
That's true, but that was then, this is now, am I to be punished for my friends irresponsibility
I notice there are other posters having trouble with BOI also two wrongs don't make a right
How am I to resolve the problem with the arrears if my lender won't even discuss a solution with me
sellornot
 
sellornot said:
am I to be punished for my friends irresponsibility
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Absolutely. You are joint borrowers, so you will carry the can for the other borrower if they don't pay their mortgage.

One of the big problems lenders face is that some borrowers don't engage, and the lenders can't do anything.

It's even trickier when one wants to engage and the other refuses. You will find plenty of cases on askaboutmoney where borrowers have agreed a deal but their ex partner won't sign it.

Brendan
 
Brendan Burgess said:
One of the big problems lenders face is that some borrowers don't engage, and the lenders can't do anything.
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That's clearly not true: though it is unnecessarily time consuming and no doubt costly, they can and do move to repossess. The CCMA is long and detailed on the consequences of non-engagement of borrowers. It is completely silent on what happens when a lender does not engage.
 
If I were to ask the bank for interest only or a reduction in the interest rate
would they ask for a financial statement ?
 
Brendan Burgess said:
One of the big problems lenders face is that some borrowers don't engage, and the lenders can't do anything.
Click to expand...

newtothis said:
That's clearly not true: though it is unnecessarily time consuming and no doubt costly, they can and do move to repossess.
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Hi new.

What I meant was that they can't do anything to reschedule or restructure the mortgage.

So that should read "They can't do anything other than issue legal proceedings."

I have seen a few cases in the courts where borrowers are paying c. €1,500 a month but are downright refusing to engage with the lender on the arrears. The Registrar adjourns it as often as she can, but eventually has to either grant an order for possession or else she has to refer it to the Judge.

Brendan
 
Brendan Burgess said:
Hi new.

What I meant was that they can't do anything to reschedule or restructure the mortgage.

So that should read "They can't do anything other than issue legal proceedings."
Click to expand...

OK, fair enough I guess, but that's the same as with anything, no? What else do you propose they should be able to do?
 
These may sound like stupid questions

1. Is the arrears on a mortgage made up of interest only? I am thinking of paying interest only for the moment.
outstanding balance including arrears = 250k. Arrears = 85k. Monthly payments = €1245.63 Interest rate = 4.49%
Interest is approx €1,000 per month i am guessing can anyone brake this down for me?

2. If I was able to pay off the mortgage in full do you think the bank would still need me to submit a financial statement?

Sellornot
 
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