Repossession

S

smitten

Guest
It now looks highly lightly that our home will be repossessed unless I can pay the bank back €50,000 in arrears. I'm just wondering what the step-by-step process of repossession of a house. I have phoned the bank to ask the process but the so-called administrator on the end of the phone was not willing to give me any information whatsoever. The last letter I received from the bank's solicitor was basically telling me to hand over the keys. I have been in contact with my solicitor.
Cheers
 
Not sure of the step by step process but have you tried tio come to an arrangment with your mrtg company?

Is their equity in your house?

Are you in a position to pay the arrears?

Banks want to avoid re possession, especially on a negative equity house.
 
I thought that banks had to take all repossessions through the court and that a judge rules on the repossession etc. Not 100% sure, but think they also give like a stay of some period of time for the owner to try to come up with some way to pay arrears or sell the house themselves.
 
We cannot tell from your post what stage of this process you are at so you should really contact your solicitor for advice.
 
bond-007 said:
In general what are the stages?
Click to expand...

In very broad terms.............

1. Arrears
2. Warning letter
3. Arrears
4. Warning letter
5. Borrower contacts lender or not.
6. Borrowers tries to reach some kind of agreement . Or does not.
7. If agreement reached on something, agreement implemented.Or not.
8. If not, threat of Court proceedings.
9. More negotiation. Or not.
10. If not, enforcement proceedings issue.
11. More negotiation. Or not.
12.If not, lender makes a Court application to take possession of property and sell as Mortgagee in possession.
13. Court appearance where either (a) borrower appears and again tries to stave off repossession or (b) no appearance . Court may adjourn to see if any further negotiation possible.
14. Ultimately, if no agreement reached or agreement is breached Court will grant an Order for repossession normally with a stay of execution.
15. if no agreement reached, stay will expire. Lender seeks voluntary repossession i.e. borrower leaves house and surrenders keys. If no voluntary vacation, lender asks sherriff to execute order.
16. Sherriff takes possession. Joe Duffy intervenes. Or not.
17. House sells or not. If sale price clears mortgage entirely and the now massive costs, any surplus returned to borrower. If no surplus, borrower remains liable for the difference.

Lesson. Always try to negotiate. Take proper advice. Keep in touch with lender.
Each case is different.

mf
 
What's the value of the house and what's the value of the outstanding mortgage? Is there a chance you can sell and clear the mortgage?
 
You are better off selling the house yourself if at all possible. If you leave it drag on your interest bill is only increasing and your lendor will be piling on the costs. Better to be down 50K now than 100K in a year.
 
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