Ptsb to offer write off to landlords in arrears and negative equity

breakonthru123 said:
But Cremeegg,

Obviously, from the PTSB POV - this 'write down' solution is financially more preferable for them - then to 'force' bankruptcy upon BTL owners.

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Only because the law does not allow them to enforce their security.

After say 3 months non payment of the mortgage, PTSB should be able to evict the tenant and sell the house. That would allow the house be occupied by new occupiers on a sustainable basis. And everyone could get on with their lives.
 
demoivre said:
Agree. Scandalous what bankers and regulators got away with for reckless lending during the boom.
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bank shareholders got away with nothing. They lost all their money, as they should. Bank staff certainly got off lightly.
 
Jim Stafford said:
Given that they cannot appoint a "normal" type of receiver, they have to apply to the Courts for re-possession which is timely and costl
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Cremeegg,

The law does provide for PTSB to 'take the house' but it's more costly as Jim Stafford points out.

cremeegg said:
PTSB should be able to evict the tenant and sell the house. That would allow the house be occupied by new occupiers on a sustainable basis. And everyone could get on with their lives.
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How can tenants 'get on with their lives' if they've just been evicted and are on the side of the road?
 
Other banks may follow P Tsb's lead.

What do people mean that P Tsb cannot appoint a receiver or something? I saw a few mentions of that above and wasn't aware of it. Can someone explain please.
 
gahfan said:
What do people mean that PTSB cannot appoint a receiver or something?
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PTSB have the ability to appoint 'Rent Receivers' - private firms - that can legally collect rent from BTL's and disburse same after taking their cut - to PTSB. This is allowed as it's written into the BTL mortgage agreement.

They can't appoint a 'Repossession Receiver to 'easily' repossess BTL's as this particular process was not allowed for within the same BTL mortgage agreement.

They have to go to court separately - and seek repossession - but this is a costly and timely route. Here's a newspaper article from 2015 giving some info..
 
By the way, I rang up PTSB and enquired as to why my BTL mortgage(s) was not included in this 'sell and writeoff' offer.. But PTSB would not say why my BTL's were not included in this 'pilot scheme' - nor would they give out the criteria under which certain BTL's qualify (as I have large arrears and negative equity).

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So 'forward march' with my bankruptcy. At this point in time i think seeking bankruptcy (and letting the Official Assignee deal with tenants) is more preferable versus waiting longer to get credit again..
 
2 BTL Mortgages with PTSB property 1: €163,734.01 owed including restructured arrears of €3,734.01, property value around €90k, restructured mortgage 20 months ago, €62,709.57 in main account @ tracker rate 1.10%, monthly interest only payment €69.00 €103,454.44 in warehouse account @ 0.5%, monthly payment €49.81. Total monthly payment on property 1 is €118.81 + €78.74 Mortgage protection debited by PTSB with monthly mortgage interest payment, which they would not let us cancel to increase mortgage payments.

Property 2: €183,986.64 including restructured arrears, current property value around €140k, original Mortgage €165,000. Restructured 20 months ago, €71,280.34 in main account @ 5.8% interest only payment of €367.16. Warehoused amount €112,706.30 @ 0.5%, €49.81, total monthly interest only payment €416.97, + Mortgage protection payment which PTSB wouldn't allow us to cancel €56.46.

Combined negative equity €117,720

Both Mortgages have 19 years left.

Rental income: €1040

Interest & Mortgage protection: €667.01

House insurance x2: €107.62

Property Tax: €52.50

Maintenance costs: €150.00

Accountant Fee's €30.00

We are 53 and 52 years old, our home mortgage €166,000, property value approx €175,000. 50% of My Husbands income goes on our home mortgage payment, we have no credit so we stick band aids on everything that doesn't work in our own home, but mantain the rentals as best we can. I can no longer work as the stress of 9 years of this huge mortgage debt nearly killed me 2 years ago.

Tennant at Property 1 has given me notice, as she's moving in to a Council house. Property will need several thousand spending on it as carpets, front door and a shower need replacing plus full redecoration. We have nothing left in the pot. I have no idea if we're in the running for a sale and write down, but we must fit the criteria. Property prices where we are have been pretty stagnent for years, I personally know someone who's been trying to sell a lovely 3 bed semi for €85,000 on a newish development for over a year, she's had 3 viewings in that time and 1 offer of €69,000.

Should I contact PTSB and ask to be considered in the selection process, if they say no and we hand back the key's what's the chances of them pursuing us through the courts for the deficit once the properties are sold when we clearly fit the criteria they have outlined for a write down.
 
I also spoke to ptsb yesterday, the agent told me that I was not included in the write down deal even though I'm in a lot of negative equity with no chance of repaying. He said he was not allowed discuss the criteria for the offer.
 
P tsb might be dipping their toes in the water with this, seeing how it goes, maybe dealing with the worst ones first, the people who haven't paid anything in 2 years etc.
 
breakonthru123 said:
PTSB have the ability to appoint 'Rent Receivers' - private firms - that can legally collect rent from BTL's and disburse same after taking their cut - to PTSB. This is allowed as it's written into the BTL mortgage agreement.

They can't appoint a 'Repossession Receiver to 'easily' repossess BTL's as this particular process was not allowed for within the same BTL mortgage agreement.

They have to go to court separately - and seek repossession - but this is a costly and timely route. Here's a newspaper article from 2015 giving some info..
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Thanks for info breakonthru123. So I presume P Tsb would be reluctant to seek repossession? Does it apply to all BTL's or just some of theirs? like I said I wasn't aware of this until I stumbled up it here.
 
Maz2408 hope everything works out for you. If you are in a position to work even part time it would obviously help both financially and otherwise. You could speak to MABS/Abhaile/FLAC/Irish Mortgage Holders Org etc too.

I phoned them and they said if you haven't received a letter then you are not part of it though it was only announced a few days ago.

Like I mentioned above this could be P Tsb dipping their does in the water and starting with the worst cases.
 
I rang PTSB recently due to current media updates and was told - again - that I’m not included in the ‘BTL write down’ batch.

Told them over the ‘phone and email that all our docs are lodged with IMHO and we’re awaiting date at high court for bankruptcy.

Also explained they’d be down circa 170k - due to official assignee fees taking their cut off the eventual sale of assets.

Didn’t seem to perturb them as no reply to either.. They are going to sell the bad loan book at a huge discount maybe €2 / €3b - so like what’s €160k in the grand scheme of things?
 
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