Losing my home

A

anon+1

Guest
I am in danger of losing my home, I am €6500 in arrears and received a letter saying I had 7 days to pay, can't afford it.

Do you think I'll be able to make a deal with them, am in bits over this. Was made redundant and loads of other sh*t, thats my excuse but I know they don't care.

If it went to court and I made a valid option for repayment could I hold onto it??

Please help,
 
First of all, I'm very sorry you find yourself in such difficult circumstances. It sounds as though you have been overwhelmed to the point of not dealing with this before, and unfortunately this will probably make dealing with your mortgage provider more difficult.

Contact MABS as soon as you can and talk to an advisor there: www.mabs.ie. They have extensive experience dealing with financial situations as bad and much worse than yours and will give you free impartial advice.

Do this NOW - don't just hope that it'll go away.

Good luck - I hope they can help you work things out.
 
Thanks, I really am terrified.

I've just emailed my local mabs office loking for an appointment this afternoon
 
anon+1 said:
I've just emailed my local mabs office loking for an appointment this afternoon
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Not being smart but with something this important pick up the phone, email isn't dependable or reliable, I don't know why people bother to communicate via email with such important issues.
 
Bluetonic said:
Not being smart but with something this important pick up the phone, email isn't dependable or reliable, I don't know why people bother to communicate via email with such important issues.
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Because I am working at the moment and don't have access to the phone until my break, when I intended ringing them.

Email was my first point of contact.
 
Contact the bank straight away and try to come up with some sort of repayment plan. Have you had any contact with them? You say they don't care about your circumstances but did you tell them when you were first getting into arrears and give them the opportunity to help you. Despite popular opinion, the banks do not want to reprocess your home except in exceptional circumstances. Best of luck to you.
 
Do you mind me asking which lender you are currently with?
 
anon+1 said:
I am in danger of losing my home, I am €6500 in arrears and received a letter saying I had 7 days to pay, can't afford it.

Do you think I'll be able to make a deal with them, am in bits over this. Was made redundant and loads of other sh*t, thats my excuse but I know they don't care.

If it went to court and I made a valid option for repayment could I hold onto it??

Please help,
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Did you contact them when you initially got behind with repayments or did you just ignore the problem? If it came to court or some other form or arbitration then having made a genuine effort to address the issue would probably count for a lot. How much is the house worth and how much of a morgage is outstanding on it? What are the details of your mortgage - original amount, outstanding amount, term, rate, rate type (fixed or variable) etc.? What is your income, living expenses and mortgage repayments (ignoring the arrears for now)?

Chances are MABS will ask you questions along these lines anyway so no harm in gathering answers now.
 
ClubMan said:
Did you contact them when you initially got behind with repayments or did you just ignore the problem? If it came to court or some other form or arbitration then having made a genuine effort to address the issue would probably count for a lot. How much is the house worth and how much of a morgage is outstanding on it? What are the details of your mortgage - original amount, outstanding amount, term, rate, rate type (fixed or variable) etc.? What is your income, living expenses and mortgage repayments (ignoring the arrears for now)?

Chances are MABS will ask you questions along these lines anyway so no harm in gathering answers now.
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I know I have an appointment with MABS this afternoon and have been following their "plan" online so I can go in fully informed.
 
"Because I am working at the moment"

You said earlier on that you were made redundant. Is this a new job you picked up ?
 
as far as im aware there hasnt been any repossesion of a family home in Ireland for about 10 years
 
Contact your mortgage lender straight away. If they see that you are serious about trying to sort this out, they will help. But contact them asap.
 
dancarter said:
as far as im aware there hasnt been any repossesion of a family home in Ireland for about 10 years
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Banks unfortunately do still reposses homes but normally after repossessing the house they rent it back out to the family. So really no one knows whose house is repossessed or not.

Anon, I wish you the best of luck.
 
I've read that Start Mortgages which operates in the sub prime mortgage market has about 50 ish re-possessions going on at the moment...
 
Hi Ralphie

Where did you read this? It would be quite worrying as Start Mortgages is new to the Irish market and would not really have had much chance to have customers falling into such arrears that they would need repossessions.

I could well imagine that they have begun proceedings in 50 cases of arrears, but it takes a long time to get to repossession order stage.

Brendan
 
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