Mortgage sold to Havbell ltd

[muskey]

Having been in arrears since my loan was changed to capital and interest, which I could never have afforded, having made payments each month which would have covered the interest only part of the loan, ptsb has now informed me they have sold on my loan to Havbell ltd.
My loan is about 1.8 including arrears of 150k, my property is worth about 1.8.
Has anyone experience of dealing with Havbell ltd or a similar story
ideally I want to hold on to the property and try and work through this situation,
all replies appreciated

 

[Gerry Canning]

muskey.

From your post it is a case of {could never have afforded} and your loan @1.8 = your debt @1.8.
..............................................

The sensible approach,( not what you want), is to sell @1.8 and get on with life.

Havbell will probably live with interest only until they get round to you , but I just cannot see them leaving interest only long-term, particularly if you are on a low rate.

For now can I suggest .
1. Keep paying the interest element.
2. Review your finances and see what capital repayment you can manage medium term.
3. Await Havbell coming to you and give them your realistic proposal.
4. If the figures do not add up , sell up , as you probably do not want this dragging on and on.

 

[muskey]

muskey.

From your post it is a case of {could never have afforded} and your loan @1.8 = your debt @1.8.
..............................................

The sensible approach,( not what you want), is to sell @1.8 and get on with life.

Havbell will probably live with interest only until they get round to you , but I just cannot see them leaving interest only long-term, particularly if you are on a low rate.

For now can I suggest .
1. Keep paying the interest element.
2. Review your finances and see what capital repayment you can manage medium term.
3. Await Havbell coming to you and give them your realistic proposal.
4. If the figures do not add up , sell up , as you probably do not want this dragging on and on.

Hi Gerry

Thank you, for your reply

Thinking along those lines myself, depends on timescale, as I can sell a property, to reduce borrowings,
just a matter of trying to get best price

Thanks again

Muskey

 

[Justasking]

Haircut Havbell/Apollo

Does anyone know what discount Havbell/Apollo got on Ptsb commercial loans recently?

What % did they pay for assets (buildings)?
and since this answer can be confusing.......

What % did the pay for loans (outstanding mortgage balances)?


If a borrower agrees to a voluntary sale, will Havbell completely write off any balance (diff between what Havbell paid & price achieved)?

 

[Descart]

Yes, they may very well write off the shortfall, depending on your situation, but get this in writing before agreeing to voluntary sale.