is my mortgage legal?

[Bronte]

Thanks Brendan44 my position is a mess as there is also a judgement mortgage against me from boi. That's 3years now so what might happen regarding that it is a real messy case.

Shane this kind of information is really important, you have a banker, a debt expert, a solicitor etc on this thread and you give info in dribs and drabs. Explain your total mess otherwise you're wasting your own time most of all.

 

[shane44]

This is the first time you've mentioned stress. So far on here you look like you are trying to pull a fact one, hence the negative responses. Yet you haven't given us all the details. Your income, the 'mortgage' your outgoings, marital status, value of house and any other assets you have. Who is living in the house.

If you genuinely cannot afford it then the advice will be different.

And stop thinking about who the loan has been sold onto and how much of a reduction the got, it is not relevant.

Thank you I am in a real mess as there is also a judgment mortgage against me that's 3years now I owe 243000 value is 200000 I live with my young daughter and just can't afford full amount each month full amount is 980 I can afford 300.

 

[shane44]

Shane this kind of information is really important, you have a banker, a debt expert, a solicitor etc on this thread and you give info in dribs and drabs. Explain your total mess otherwise you're wasting your own time most of all.

Ok I was just a bit nervous telling this. So as you are aware of the joint co ownership issue I also have a judgment mortgage for 65000 on the property. I live with my young daughter I have no other assets I am unemployed but am going back to work as self employment soon. The amount that is due each month is 980 but can only afford realistically 200-300pm.

 

[shane44]

Ok I was just a bit nervous telling this. So as you are aware of the joint co ownership issue I also have a judgment mortgage for 65000 on the property. I live with my young daughter I have no other assets I am unemployed but am going back to work as self employment soon. The amount that is due each month is 980 but can only afford realistically 200-300pm.

Hi also the private equity firm put my name forward for mortgage to rent scheme I was accepted by dcc, so when I went to have forms signed by a solicitor that's when the legality of joint ownership popped up and they said that they couldn't sign of the paperwork. In the meantime the equity firm contacted me in August saying they had a buyer for the house a housing association and where selling my mortgage for 188000 and started to tell me :look Shane this deal is done we have a buyer your on your last option we can get over the co ownership issue this has to be done now. It was a mad phone pressure call but now their a bit nicer to me maybe because they know it's not as easy for them as first seemed. To think they were going to try and pass on the buck to someone else once they got their money.

 

[shane44]

No they can't repossess. If I was offering advice I would say to write them a letter clearly explaining the fact that the security is in joint names and say nothing about the death of the co-owner. You may not be in a position to offer them a settlement amount for the full debt but you can offer an affordable payment. They will need income/expenditure details so I would complete a mortgage SFS and enclose this with the letter.

Thanks just one thing seen as this firm is not a bank and dont plan on staying in lreland for long they said 5to7 years and I have 25 years left on mortgage and if they can't repossess what would be the options available to me or the firm. Thank you.

 

[honest]

it turns out the bank never asked my dad for his prior written consent as a co owner for me to get a mortgage

why didn't the bank contact my father to look for his consent or contact him to say there was going to be a charge on the property

The banks gave the o.p. a loan without checking the deeds at all. It threw money without doing its homework or due diligence. Someone elses name was also on the deeds, who did not consent to the mortgage. That is a pretty big"mistake" to make.

The bank made a "mistake". It reminds me of another "mistake" a bank made in the lending bubble. They approved a loan and lent money when they should not have done so. Perhaps someone in the bank wanted his / her bonus or to reach his / her targets for lending. It was not just the odd builder or engineer or tradesperson who "made a mistake" or took a shortcut during the bubble years.
Many years later, after the lending bubble burst, the bank ended up knowing its security was only worth a small fraction of what they once thought it was. The borrower could not repay and they done a deal and the bank wrote off most of the mortgage. It was a foreign bank, their past "mistakes" or carelessness was an embarrassment to them and they just wanted to move on, with their jobs, pensions, bonuses and reputation as intact as possible.

 

[shane44]

The banks gave the o.p. a loan without checking that the deeds without doing its homework or due diligence. Someone elses name was also on the deeds, who did not consent to the mortgage. That is a pretty big"mistake" to make.

The bank made a "mistake". It reminds me of another "mistake" a bank made in the lending bubble. They approved a loan and lent money when they should not have done so. Perhaps someone in the bank wanted his / her bonus or to reach his / her targets for lending. It was not just the odd builder or engineer or tradesperson who "made a mistake" or took a shortcut during the bubble years.
Many years later, after the lending bubble burst, the bank ended up knowing its security was only worth a small fraction of what they once thought it was. The borrower could not repay and they done a deal and the bank wrote off most of the mortgage. It was a foreign bank, their past "mistakes" or carelessness was an embarrassment to them and they just wanted to move on, with their jobs, pensions, bonuses and reputation as intact as possible.

Hi can I ask was the bank bos as that's who I was with before they sold it on.

 

[honest]

It was a foreign owned bank, that is all I can say,sorry. All the banks require the borrower to sign non-disclosure agreements in such cases. Anyway you are not dealing with BOS now, you are dealing with whoever they sold the loan to.

 

[shane44]

It was a foreign owned bank, that is all I can say,sorry. All the banks require the borrower to sign non-disclosure agreements in such cases. Anyway you are not dealing with BOS now, you are dealing with whoever they sold the loan to.

Ah ok no problem I understand thanks for post

 

[HelpingHand]

I agree with Brendan 44, Tanager cannot repossess from you, as the security they have is defective and they know this, otherwise they would have went for the jugular by now. They are what they are, a vulture fund. They bought your mortgage at a 58% discount from BOS. They do deals as they are realists, given the discount that they bought your loan at, together with the flawed security issue, you might be able to come to some amicable arrangement.

 

[shane44]

I agree with Brendan 44, Tanager cannot repossess from you, as the security they have is defective and they know this, otherwise they would have went for the jugular by now. They are what they are, a vulture fund. They bought your mortgage at a 58% discount from BOS. They do deals as they are realists, given the discount that they bought your loan at, together with the flawed security issue, you might be able to come to some amicable arrangement.

Thank you as you might see my conversation with Bronte I am in a real mess my mortgage amount is 980 per month but realistically I can pay 200-300 do you think this might be acceptable by tanager if they know repossession would be difficult for them.

 

[HelpingHand]

What is the monthly interest only amount on your mortgage ?

 

[shane44]

To tell you the truth I don't have a ballpark figure but my amount due full each month is 980, my percentage is 1.5 the total amount due is 243000 in arrears of 20700 and can only realistically pay 200-300 and I have 24 years left.

 

[shane44]

To tell you the truth I don't have a ballpark figure but my amount due full each month is 980, my percentage is 1.5 the total amount due is 243000 in arrears of 20700 and can only realistically pay 200-300 and I have 24 years left.

To tell you the truth I don't have a ballpark figure but my amount due full each month is 980, my percentage is 1.5 the total amount due is 243000 in arrears of 20700 and can only realistically pay 200-300 and I have 24 years left.

What is the monthly interest only amount on your mortgage ?

I paid 185 last month and they accepted and said if I can give them something every week. I have always ingaged with them and previously bos I think that is very important to keep them updated.

 

[shane44]

I paid 185 last month and they accepted and said if I can give them something every week. I have always ingaged with them and previously bos I think that is very important to keep them updated.

To tell you the truth I don't have a ballpark figure but my amount due full each month is 980, my percentage is 1.5 the total amount due is 243000 in arrears of 20700 and can only realistically pay 200-300 and I have 24 years left.

It's funny I am talking about this and their just off the phone to me asking could I give them anything so they accepted 25euro

 

[44brendan]

I paid 185 last month and they accepted and said if I can give them something every week. I have always ingaged with them and previously bos I think that is very important to keep them updated.

Just back on this now Shane. let me just summarise your position:

1. Property is in joint names. 1 owner deceased so as it was in joint names you are now the sole owner although title does not reflect this.
2. You current live in this property so it is your PDH. Value is c200k with total debt on the property of 243k. i.e. substantial negative equity.
3. Your income is restricted to SW and you have a child to support. Tangier own the loan and are putting pressure on you for payments. You can pay them c200/300pm.
4. You are entitled to protection under MARP as property is your PDH.
5. Given that scenario plus the title issue Tangier are not in a position to re-possess the property. Your preference is to remain living in the property.

Given that scenario I would advise paying Tangier c200 pm. They are fully aware of their weak position here and provided you are making an affordable payment each month they are unlikely to progress more aggressively against you. The judgment registered against the property is a further problem for them as it will likely take priority over any interest they have in the property. They will continue to accept an affordable amount and this should be your ongoing strategy.

 

[shane44]

Just back on this now Shane. let me just summarise your position:

1. Property is in joint names. 1 owner deceased so as it was in joint names you are now the sole owner although title does not reflect this.
2. You current live in this property so it is your PDH. Value is c200k with total debt on the property of 243k. i.e. substantial negative equity.
3. Your income is restricted to SW and you have a child to support. Tangier own the loan and are putting pressure on you for payments. You can pay them c200/300pm.
4. You are entitled to protection under MARP as property is your PDH.
5. Given that scenario plus the title issue Tangier are not in a position to re-possess the property. Your preference is to remain living in the property.

Given that scenario I would advise paying Tangier c200 pm. They are fully aware of their weak position here and provided you are making an affordable payment each month they are unlikely to progress more aggressively against you. The judgment registered against the property is a further problem for them as it will likely take priority over any interest they have in the property. They will continue to accept an affordable amount and this should be your ongoing strategy.

Brendan44 thank you this helps alot you have a good insight into these issues. All the posts are helpful and thank all who reply I am at cracking point regarding this and need to calm down. The people who look for info on this site expect honest replies by people who know certain fields well.this my first time to post anything like this and was abit wary. Thank you again for your help.

 

[Leo]

The people who look for info on this site expect honest replies by people who know certain fields well.this my first time to post anything like this and was abit wary. Thank you again for your help.

Think you got there in the end, but you need to be aware that this can be a contentious topic, and responses to questions can only ever be as good as the information you provide in your question and subsequent follow ups. Also, as with any internet forum, we get a very wide spread of posters, from those with extensive professional experience in the field, to those with a passing interest, and even those caught up in the topic who have little to no experience and a false understanding of the topic or underlying legislation. All though, generally post with an intention of helping you with the issue at hand.

When evaluating the weight you should put on a particular response, take a look at that poster's history on AAM, and make a judgement on their level of expertise. If they have little in the way of history, or have proven to be incorrect on similar topics in the past, then treat their responses accordingly. Where the poster is an acknowledged expert in the area, with credentials/ qualifications well established, be careful not to dismiss their advice if it does not align with what you would like to hear.

Remember, all these posters, professionals and amateurs alike are posting here of their own free will and for no reward other than the occasional sense of satisfaction of being able to help a complete stranger deal with their issues.

 

[Bronte]

Brendan44 thank you this helps alot you have a good insight into these issues. All the posts are helpful and thank all who reply I am at cracking point regarding this and need to calm down. The people who look for info on this site expect honest replies by people who know certain fields well.this my first time to post anything like this and was abit wary. Thank you again for your help.

I do agree Shane that you need to calm down and now we see the actual situation you are in it makes things a lot clearer. One bit of advice, if that is your real full name I suggest you ask for it to be changed so the bank can not identify you. Or start a new thread with a different name if necessary.

Now that we know the real situation, one parent family, on the dole, trying to keep a roof over your head we can see what you are at, we can also see that you have been doing your best and in those circumstances most of us have no issue with you trying your best to sort it out to your benefit. Well done by the way on trying to start a business, that's a very brave thing to do, and it failed, but you will learn from that experience, and well done too on telling us you are going to try again to be self employed.

 

[shane44]

I do agree Shane that you need to calm down and now we see the actual situation you are in it makes things a lot clearer. One bit of advice, if that is your real full name I suggest you ask for it to be changed so the bank can not identify you. Or start a new thread with a different name if necessary.

Now that we know the real situation, one parent family, on the dole, trying to keep a roof over your head we can see what you are at, we can also see that you have been doing your best and in those circumstances most of us have no issue with you trying your best to sort it out to your benefit. Well done by the way on trying to start a business, that's a very brave thing to do, and it failed, but you will learn from that experience, and well done too on telling us you are going to try again to be self employed.

Thank you yourself and others have given great advice and its a great help I will let you know how I get on with the bank going forwar.If i dont hear from you may you and yours have a peaceful and healthy Christmas and may your god go with you.