Prevented from submitting a SFS because my loan is in the process of being sold

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PatrickJ

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My home loan was sold in approximately January of this year so I was surprised to receive correspondence saying my loan was in the process of being sold again to a vulture fund.

I have not posted on here for sometime; however my financial situation has improved and I am looking to make full repayments each month.

I currently pay full interest and approximately 80% to 90% of capital each month anyway; however there are approximately 6 months arrears on my loan which I am looking to capitalise however the lender will not accept my SFS as they say the loan is being sold. Ironically all correspondence I receive from them states I must submit a SFS if my financials have changed.

Any advise greatly appreciated?

PS just recalled my recent discussion with the lender who said they cannot accept the SFS as my loan is gone "sale agreed" with the vulture. I will not hear from the fund for another two months and should keep sending payments to my current lender.
 
PatrickJ said:
I currently pay full interest and approximately 80% to 90% of capital each month anyway; however there are approximately 6 months arrears on my loan
Click to expand...
This is the loan that was only 600 in arrears, and was being fully repaid last August??

Why did ptsb sell my Buy to Let loan to Start with only one missed payment?

Received letter this morning. Buy To Let tracker (1.1%) sold. One missed payment i.e. €600.00 I have approx 18 years left on the mortgage. Firstly, can they force me to sell the property and secondly can they take the tracker off me and / or put a receiver in place? I have intentions of...
www.askaboutmoney.com

What exactly do you want advice on?
 
This is not the same loan. The loan you reference above is now fully functioning with zero arrears.
 
So, what exactly do you want advice on?

Its most likely the beneficial interest was legally transferred in January, but it's only going through the mechanics of transferring now. Is that what the letter said?

Who did you contact? The original bank or the fund it was sold to?

The bank might still hold the loan on their system, but would not have any rights to agree a restructuring with you - you'd need to contact the fund that bought it. You should have received a 'hello' letter when the loan was sold.
 
You have answered my question Redonion, thank you. No hello letter received as yet and from speaking with the original lender all loan payments must be forwarded to them until the hello / welcome letter is received from the fund. I think this will take another two months as the sale of the loan book is only at a "sale agreed" stage.
 
As it's your home loan, you don't need to worry too much.

Just make the full repayments if you can and await developments.

Brendan
 
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