Repossession while living overseas?

R

rynper

Registered User
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Hi, I hope someone can guide me.
I'm overseas and have been for over 18 months and was paying the mortgage until a few months ago when it just was not possible. Phoned & then wrote to bank with SFS & they emailed seeking our address which we said was overseas but they could communicate with us via mortgage address. No reply then letter arrived seeking payment of arrears even thought we were paying 50% of mortgage repayment as per SFS we sent them. Fast forward & we missed 2 payments & got letter of demand and now letter from their Solicitors saying full balance of mortgage is due or face repossession.

Can they repossess when we are overseas? How long does this take to happen? We are thinking of giving property to an estate agent to sell - can we do this? We will not be returning to Ireland to live and just cannot keep paying for this mortgage while trying to establish ourselves in new country. We are outside of EU.

Any suggestions on best way forward as this is very stressful and we have genuinely tried to keep up payments but just cannot as we are struggling where we are due to ill health. Also credit card debt with the same institution that we have not been able to pay either.
Appreciate any advice you can give and thank you.
 
Ok, here it is

Income details
Net monthly (i.e. after tax) Income self: 2K
Income history: e.g. "I lost job in 2012 and moved overseas a few months later, my wife does not currently work

two adult family
Do you need a car for work or do you use public transport? yes

Number of 3 years old children: 1
:
Monthly childcare costs:
Montly spend on special circumstances: 80 per month on medical expenses



Home loan
Lender: PTSB
Amount outstanding: 198K
Value of home: 170 - 180K
Interest rate: 4.34 variable
Monthly repayment 1180
Amount in arrears 9K

Summary of discussions and agreements with the banke.g. interest free for a year then exp could not meet repayment, phoned & wrote & sent SFS in Feb, missed 2 full payments in past 6 months and shortfall of 50% for other months



Other loans and creditors - delete those which don't apply to you
Credit Card - 4,500 - no repayments last 3 months
Credit Card - 6.500 - no repayments last 2 months
Family loan - 15K outstanding
Family loan - not paying back at present

Other savings and investments

Do you expect any lump sums in the medium term future?
NO

How important is retaining the family home to you?
Which of the following best describes your situation?

I don't care about keeping the family home.


Any other relevant information

What is your preferred realistic outcome?
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall" We are overseas and cannot afford to keep property or pay shortfall etc as no permanent employment at present
 
Simple answer; YES.

Depending on the financial institution, some are less amenable to negotiate with you than others, so you may be lucky in getting the terms of your mortgage changed. Remember failed repayments means that you are in breach of the terms of your mortgage.
If not, there is a legal procedure to go through. Service of legal documents can be effected (by way of a Court Order) by securing them to the front your of your (Irish) house in the absence of a current address for you to receive the Civil Bill/High Court Summons. Once done, the financial institution can seek an order for possession at the Court Hearing.
Seek help. look up mortgageholders.ie for example for some free information.
last thought; Have you checked with your home insurance person to ensure that your house is covered under the correct insurance police.
 
It would be better if you sold it yourself. You need to tell the bank that you are going to do this and ask them to accept the proceeds as a full and final settlement.

Otherwise agree with them that you will sign anything for them in order for them to sell it quickly in return for it being a full and final settlement.

They are now in a hurry to deal with you as you are overseas and are refusing to give them your address. But you can help yourself with the above two options. The first options is better and you can be sure you'll achieve more and the second option makes things really messy and puts in more middle men to take their cut.
 
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