Sold twice to different vulture fund

[Mollie Moo]

Hi I have just joined here
My question is long winded but please bare with me. I am separated 10 years, I stayed in family home with the 3 children mortgage was with permanent tsb we were in arrears and had taken every offer going at the time interest only term extension etc we then split mortgage it was a 320000 euro mortgage 190000 parked in warehouse account. I refused to pay mortgage for nearly 5 years as there was a title deed issue tsb just pawned me off for 5 years and then sold me to Start mortgages where I have to say they were easy to deal with I never followed up title deed issue with start I was happy to repay repayments and they kept the warehouse agreement also , I am on a tracker rate.
Ex husband does not contribute but still remains on mortgage. Warehouse is still 190000 mortgage balance 313000
No arrears house is worth about 380000. To my knowledge there is still a title deed issue for the land the house is sitting on it it's a family plot and it's not in my name. Start has now sold me to Mars capital I have asked Mars to send me the paperwork to start a transfer of equity to get my ex off the mortgage and he is happy to come off it.
Problem is I need to be able to probably prove I can pay the repayments on the full mortgage which is now 313000
And this will be impossible for me. Can anyone give me any suggestions as to what I can possibly do. I do not want to sell the house I want to keep it for my 3 children it is there family home I have worked 3 jobs for the last 10 years to keep the house and get it out of arrears etc which I have achieved I would like to be able to give my girls the option of keeping it when they reach the age to do so. Can anyone help with this
Thank you

 

[Brendan Burgess]

Hi I have just joined here
My question is long winded but please bare with me. I am separated 10 years, I stayed in family home with the 3 children mortgage was with permanent tsb we were in arrears and had taken every offer going at the time interest only term extension etc we then split mortgage it was a 320000 euro mortgage 190000 parked in warehouse account. I refused to pay mortgage for nearly 5 years as there was a title deed issue tsb just pawned me off for 5 years and then sold me to Start mortgages where I have to say they were easy to deal with I never followed up title deed issue with start I was happy to repay repayments and they kept the warehouse agreement also , I am on a tracker rate.
Ex husband does not contribute but still remains on mortgage. Warehouse is still 190000 mortgage balance 313000
No arrears house is worth about 380000. To my knowledge there is still a title deed issue for the land the house is sitting on it it's a family plot and it's not in my name. Start has now sold me to Mars capital I have asked Mars to send me the paperwork to start a transfer of equity to get my ex off the mortgage and he is happy to come off it.
Problem is I need to be able to probably prove I can pay the repayments on the full mortgage which is now 313000
And this will be impossible for me. Can anyone give me any suggestions as to what I can possibly do. I do not want to sell the house I want to keep it for my 3 children it is there family home I have worked 3 jobs for the last 10 years to keep the house and get it out of arrears etc which I have achieved I would like to be able to give my girls the option of keeping it when they reach the age to do so. Can anyone help with this
Thank you

You chose not to pay your mortgage for 5 years.
You have had €190k in the warehouse for years.
You have paid €7k capital in about 10 years from the sound of it.

Of course, you can't make the repayments on your mortgage on your own. Even if you could, you might choose not to.

No lender would let your ex off the mortgage. If you take a notion again to stop paying your mortgage, they can and will come after him for it.

Brendan

 

[Bronte]

If you owe 303K plus 190K = 503K outstanding on a property worth 380K. How much is your monthly mortgage and how much are you earning in the 3 jobs?

Why do you think it's important to keep a house for your childrens inheritance? What about what you need.

Sounds like the title is a mess. That a family site on which a house has been build is in whose name currently? Your father in law?

Is your ex paying you maintenance?

Even if you were to sell the house you wouldn't be able to pay off the amount owing.

The only reason your ex will want off the mortgage is he'd then not be liable for the debt, no bank would be this stupid. I very much doubt your ex is agreeing to this for your benefit. Does he have assets now?

 

[Mollie Moo]

You chose not to pay your mortgage for 5 years.
You have had €190k in the warehouse for years.
You have paid €7k capital in about 10 years from the sound of it.

Of course, you can't make the repayments on your mortgage on your own. Even if you could, you might choose not to.

No lender would let your ex off the mortgage. If you take a notion again to stop paying your mortgage, they can and will come after him

You chose not to pay your mortgage for 5 years.
You have had €190k in the warehouse for years.
You have paid €7k capital in about 10 years from the sound of it.

Of course, you can't make the repayments on your mortgage on your own. Even if you could, you might choose not to.

No lender would let your ex off the mortgage. If you take a notion again to stop paying your mortgage, they can and will come after him for it.

Brendan

Thank you for your reply but I have stated all that in my message I am fully aware of all of that I was asking has anyone been in a similar situation or any advice on same. But it's OK perhaps this is not the place to ask.

Thank you

Mary

 

[peemac]

I'm guessing total incl warehouse portion is 313k.

With 3 children, a financial institution will want to see earning north of 80k a year to give you an individual mortgage - and that's with a good credit history.

The non payment because you were in a "disagreement" will stay against you for a long time. This is a major red flag as they will see that you tried to use an issue as an excuse not to pay for many years. So as above, I would say there is zero chance of having it in your name.

Get the ex-husband to contribute - or maybe he does via child support payments? If not, get it recalculated to include payment towards mortgage.

But like it or not, he will remain on the mortgage until it is paid and his credit record is also dependent on the mortgage being paid. So in his best interest too.

 

[AshKhan]

Hi I have just joined here
My question is long winded but please bare with me. I am separated 10 years, I stayed in family home with the 3 children mortgage was with permanent tsb we were in arrears and had taken every offer going at the time interest only term extension etc we then split mortgage it was a 320000 euro mortgage 190000 parked in warehouse account. I refused to pay mortgage for nearly 5 years as there was a title deed issue tsb just pawned me off for 5 years and then sold me to Start mortgages where I have to say they were easy to deal with I never followed up title deed issue with start I was happy to repay repayments and they kept the warehouse agreement also , I am on a tracker rate.
Ex husband does not contribute but still remains on mortgage. Warehouse is still 190000 mortgage balance 313000
No arrears house is worth about 380000. To my knowledge there is still a title deed issue for the land the house is sitting on it it's a family plot and it's not in my name. Start has now sold me to Mars capital I have asked Mars to send me the paperwork to start a transfer of equity to get my ex off the mortgage and he is happy to come off it.
Problem is I need to be able to probably prove I can pay the repayments on the full mortgage which is now 313000
And this will be impossible for me. Can anyone give me any suggestions as to what I can possibly do. I do not want to sell the house I want to keep it for my 3 children it is there family home I have worked 3 jobs for the last 10 years to keep the house and get it out of arrears etc which I have achieved I would like to be able to give my girls the option of keeping it when they reach the age to do so. Can anyone help with this
Thank you

At the end of the day they wont allow you to remove the other party from the mortgage or title documents unless your account has been up to date for several years and that you can also show affordability for it yourself.

Also they wont allow you to remove the other party when you are in negative equity and/or have a large sum warehoused at 0%.

In relation to the title issues, you really need to get that fixed. That will cause numerous headaches in the future and the fund you are with will force you to give them clean title.

 

[Bronte]

I'm guessing total incl warehouse portion is 313k.

So she's effectively paying a mortgage of 123K. On a tracker. So that would be a very low amount monthly. And would be way below renting a comparable property to house 4 people. A good deal then. Just continue as is.

 

[Bronte]

In relation to the title issues, you really need to get that fixed. That will cause numerous headaches in the future and the fund you are with will force you to give them clean title.

Very odd to have two people on a mortgage if one of them is not on the title. More Celtic Tiger stuff one assumes. Though the OP is blaming the bank. And one assumes someone messed up on that too, not having proper legal title. If the ex is on the title, but she's in the property with children that's nightmare scenario for the banks. How does each one make money from all the transfers. TSB to Start to Mars. The bank always wins though. And they have endless time.

 

[Bronte]

I do not want to sell the house I want to keep it for my 3 children it is there family home I have worked 3 jobs for the last 10 years to keep the house and get it out of arrears etc which I have achieved I would like to be able to give my girls the option of keeping it when they reach the age to do so. Can anyone help with this

You probably should have gone bankrupt. Sounds a heck of a lot easier then bringing up 3 children alone and working 3 jobs. Even if you got a mortgage into your name you'd be paying off the debt forever. In your mind how do you see that panning out for you in the next 20 years?

Have you spoken to Mabs?

 

[Mollie Moo]

If you owe 303K plus 190K = 503K outstanding on a property worth 380K. How much is your monthly mortgage and how much are you earning in the 3 jobs?

Why do you think it's important to keep a house for your childrens inheritance? What about what you need.

Sounds like the title is a mess. That a family site on which a house has been build is in whose name currently? Your father in law?

Is your ex paying you maintenance?

Even if you were to sell the house you wouldn't be able to pay off the amount owing.

The only reason your ex will want off the mortgage is he'd then not be liable for the debt, no bank would be this stupid. I very much doubt your ex is agreeing to this for your benefit. Does he have assets now?

Hi, thank you for your reply it's 313000 inclusive of the warehouse account I am currently repaying payments on the balance. I managed in the last 10 years to clear 25000 arrears and also another 48000 euros of personal debt that he left me with. I have nothing to give my children other than the option of keeping their family home. He pays maintenance when suits I am unsure whether he has assets. I would be able to clear the debt if house was sold but would have nothing to start again. The house is built on my family home. The issue was it was still in grandfather's name, this was discovered when the solicitor we used to draw down the mortgage was struck off due to being corrupt and my Father had to go down the road of sqatters rights to get the title into both his and my mothers name, not long after this my father passed away and in turn the site went to my mother who developed dementia and had no power of attorney so it could not be transferred into my name she has passed away 4 years now. The 5 years I wasn't paying the mortgage I was paying a solicitor to try cut a deal with tsb as there was no title deed to the land in my name, they then sold me onto START. Really my question is does anyone think it worth pursuing a deal with Mars capital who now have my mortgage.
Thank you

You probably should have gone bankrupt. Sounds a heck of a lot easier then bringing up 3 children alone and working 3 jobs. Even if you got a mortgage into your name

I'm guessing total incl warehouse portion is 313k.

With 3 children, a financial institution will want to see earning north of 80k a year to give you an individual mortgage - and that's with a good credit history.

The non payment because you were in a "disagreement" will stay against you for a long time. This is a major red flag as they will see that you tried to use an issue as an excuse not to pay for many years. So as above, I would say there is zero chance of having it in your name.

Get the ex-husband to contribute - or maybe he does via child support payments? If not, get it recalculated to include payment towards mortgage.

But like it or not, he will remain on the mortgage until it is paid and his credit record is also dependent on the mortgage being paid. So in his best interest too.

you'd be paying off the debt forever. In your mind how do you see that panning out for you in the next 20 years?

Have you spoken to Mabs?

I have managed my oldest is 18 now starting college I have 1 good job now and managed to make a small buisness on the side in the last 3 years
no i haven't spoken to mabs i tried going down the legal route and paid a solicitor to deal with tsb at the time but haven't pursued anything else since being sold to Start and now to Mars

I'm guessing total incl warehouse portion is 313k.

With 3 children, a financial institution will want to see earning north of 80k a year to give you an individual mortgage - and that's with a good credit history.

The non payment because you were in a "disagreement" will stay against you for a long time. This is a major red flag as they will see that you tried to use an issue as an excuse not to pay for many years. So as above, I would say there is zero chance of having it in your name.

Get the ex-husband to contribute - or maybe he does via child support payments? If not, get it recalculated to include payment towards mortgage.

But like it or not, he will remain on the mortgage until it is paid and his credit record is also dependent on the mortgage being paid. So in his best interest too.

Very odd to have two people on a mortgage if one of them is not on the title. More Celtic Tiger stuff one assumes. Though the OP is blaming the bank. And one assumes someone messed up on that too, not having proper legal title. If the ex is on the title, but she's in the property with children that's nightmare scenario for the banks. How does each one make money from all the transfers. TSB to Start to Mars. The bank always wins though. And they have endless time.

At the end of the day they wont allow you to remove the other party from the mortgage or title documents unless your account has been up to date for several years and that you can also show affordability for it yourself.

Also they wont allow you to remove the other party when you are in negative equity and/or have a large sum warehoused at 0%.

In relation to the title issues, you really need to get that fixed. That will cause numerous headaches in the future and the fund you are with will force you to give them clean title.

I'm guessing total incl warehouse portion is 313k.

With 3 children, a financial institution will want to see earning north of 80k a year to give you an individual mortgage - and that's with a good credit history.

The non payment because you were in a "disagreement" will stay against you for a long time. This is a major red flag as they will see that you tried to use an issue as an excuse not to pay for many years. So as above, I would say there is zero chance of having it in your name.

Get the ex-husband to contribute - or maybe he does via child support payments? If not, get it recalculated to include payment towards mortgage.

But like it or not, he will remain on the mortgage until it is paid and his credit record is also dependent on the mortgage being paid. So in his best interest too.

Both our names are cleared now with regarding credit history as I cleared arrears, we have no issue with borrowing, he claims he is unemployed and he pays child support when he has it.
Thank you

At the end of the day they wont allow you to remove the other party from the mortgage or title documents unless your account has been up to date for several years and that you can also show affordability for it yourself.

Also they wont allow you to remove the other party when you are in negative equity and/or have a large sum warehoused at 0%.

In relation to the title issues, you really need to get that fixed. That will cause numerous headaches in the future and the fund you are with will force you to give them clean title.

House is not in negative equity, but you have answered a question for me can they force you to give them clean title?
Thank you

So she's effectively paying a mortgage of 123K. On a tracker. So that would be a very low amount monthly. And would be way below renting a comparable property to house 4 people. A good deal then. Just continue as is.

Mortgage repayments are 897 per month

Very odd to have two people on a mortgage if one of them is not on the title. More Celtic Tiger stuff one assumes. Though the OP is blaming the bank. And one assumes someone messed up on that too, not having proper legal title. If the ex is on the title, but she's in the property with children that's nightmare scenario for the banks. How does each one make money from all the transfers. TSB to Start to Mars. The bank always wins though. And they have endless time.

Ex I assume is on house title but he is not on the land title that the house is built on.

You probably should have gone bankrupt. Sounds a heck of a lot easier then bringing up 3 children alone and working 3 jobs. Even if you got a mortgage into your name you'd be paying off the debt forever. In your mind how do you see that panning out for you in the next 20 years?

Have you spoken to Mabs?

If you owe 303K plus 190K = 503K outstanding on a property worth 380K. How much is your monthly mortgage and how much are you earning in the 3 jobs?

Why do you think it's important to keep a house for your childrens inheritance? What about what you need.

Sounds like the title is a mess. That a family site on which a house has been build is in whose name currently? Your father in law?

Is your ex paying you maintenance?

Even if you were to sell the house you wouldn't be able to pay off the amount owing.

The only reason your ex will want off the mortgage is he'd then not be liable for the debt, no bank would be this stupid. I very much doubt your ex is agreeing to this for your benefit. Does he have assets now?

You probably should have gone bankrupt. Sounds a heck of a lot easier then bringing up 3 children alone and working 3 jobs. Even if you got a mortgage into your name you'd be paying off the debt forever. In your mind how do you see that panning out for you in the next 20 years?

Have you spoken to Mabs?

You probably should have gone bankrupt. Sounds a heck of a lot easier then bringing up 3 children alone and working 3 jobs. Even if you got a mortgage into your name you'd be paying off the debt forever. In your mind how do you see that panning out for you in the next 20 years?

Have you spoken to Mabs?

Thank you for your reply but I have stated all that in my message I am fully aware of all of that I was asking has anyone been in a similar situation or any advice on same. But it's OK perhaps this is not the place to ask.

Thank you

Mary

 

[DannyBoyD]

I'm pretty confused reading all of this; but for what's its worth here's where I'd start.

1. Check your credit record - there's a small fee, but it's not much. Go through it and see if there's anything that needs to be corrected / updated.
2. Follow up on the land / house title deeds. Did your late mother have a will? Who was the executor? did they complete probate.
3. Did you get a judicial separation or divorce? If not, consider revisiting that and at the very least get a court order that if house is sold your former husband can't claim a chunk of money.

If you are making your mortgage payments on time and in full, Mars can't "force" you to do anything.

I'd be less worried about trying to do a 'deal' with Mars than I would about sorting out issues 1-3.

Also - well done on keeping a roof over your head and taking care of your family. None of this was ideal, but we (all of us) have to make the best of the hand we were dealt, with whatever resources we have available.

 

[Mollie Moo]

I'm pretty confused reading all of this; but for what's its worth here's where I'd start.

1. Check your credit record - there's a small fee, but it's not much. Go through it and see if there's anything that needs to be corrected / updated.
2. Follow up on the land / house title deeds. Did your late mother have a will? Who was the executor? did they complete probate.
3. Did you get a judicial separation or divorce? If not, consider revisiting that and at the very least get a court order that if house is sold your former husband can't claim a chunk of money.

If you are making your mortgage payments on time and in full, Mars can't "force" you to do anything.

I'd be less worried about trying to do a 'deal' with Mars than I would about sorting out issues 1-3.

Also - well done on keeping a roof over your head and taking care of your family. None of this was ideal, but we (all of us) have to make the best of the hand we were dealt, with whatever resources we have available.

Thank you, my credit record is fine. We are not divorced yet and no legal seperation in place. I haven't missed a mortgage payment it goes out direct debit since it was taken over by Start and now Mars, there are no arrears and there is a small amount of equity. There was a will my brother inherited the home place and I inherited the site which is bizarre because this was not known at the time the wills were written but again my solicitor thinks this may have been something to do with the solicitor we used for mortgage drawdown as this was also my Father's solicitor at the time, so basically he never furnished tsb with the certificate of title and the title deeds but they still let us drawdown the mortgage without following through on the paperwork this only came to light a few years later when that solicitor was done for corruption and fraud he got struck off and the law society wrote to me to tell me to take up my files it was only then that I realised what had gone on, he had also been my Father's solicitor for years. I taught back then i could fight the case with tsb my marriage had just ended and i fought them for 5 years without paying and there was nothing they could do but then they moved me on to Start i gave up then and just paid my mortgage every month the kept the warehouse agreement in place. It's all very hard and complicated to write down butThank you again for your advice.

 

[peemac]

Frankly, I'd leave it as it is for the moment.

Let divorce be finalised, then come back to the issue of the mortgage.

Why let him off with being off the mortgage? No real advantage to you at the moment.

Warehouse part is probably at 0%,, but repayment part possibly at ptsbs excessive 3.25% tracker. (A current repayment rate of 7.5%)

The warehouse part is valuable. Pay down the repayment part, then when warehouse element comes into play, do the separation to an individual mortgage then.

 

[Mollie Moo]

Frankly, I'd leave it as it is for the moment.

Let divorce be finalised, then come back to the issue of the mortgage.

Why let him off with being off the mortgage? No real advantage to you at the moment.

Warehouse part is probably at 0%,, but repayment part possibly at ptsbs excessive 3.25% tracker. (A current repayment rate of 7.5%)

The warehouse part is valuable. Pay down the repayment part, then when warehouse element comes into play, do the separation to an individual mortgage then.

Thank you