The problem is that the doors are open and the Fox is in. There is no place in our or any other society for these Vultures to be dealing with FAMILIES AND HOMES.
Thanks for all the replies folks. Can you just outline what exactly happens when the vulture fund takes over please.
I might see about setting up a p tsb group. Might be worth contacting politicians etc.
Newtothis - can you let me know a bit about raising the funds elsewhere please. Did the fund accept a discount? I'm paying interest plus a small amount of capital. No arrears as such.
thanks newtothis and others for all your advice.
How long do the vulture funds normally deal with people before looking to sell? A couple of years or are they trying to sell straight away?
Broadly speaking, No is the answer to your questions. Where have you been for the last 4 years? You need to do a bit more homework on the subject.You can buy your loan back at a discount? Is this what usually happens when dealing with vulture funds? Apologies for my intervention, but I'm a journalist writing for international readers about why there is such resistance to these funds in Ireland.
Broadly speaking, No is the answer to your questions. Where have you been for the last 4 years? You need to do a bit more homework on the subject.
So if the borrower cannot get finance...... the answer is no.Er, broadly speaking the answer is "yes" in answer to the questions: this is exactly what the vulture funds want you to do (unlike the banks). Where have you been for the remainder of this thread? You need to do a bit more homework on the subject. It's exactly what I did some months ago.
The problem is that in many (most?) cases the borrower cannot raise the funding to do this due to their history of problems in paying. In that case, the vulture fund will move to their next best option which is to sell the house, either by persuading the borrower to do so or if they refuse by forcing a sale by repossessing the house through the courts.
So if the borrower cannot get finance...... the answer is no.
Thanks again newtothis. If they took over a loan and the person is paying am agreed amount of interest plus a small portion of capital do they accept that or do they immediately try to get it increasedYou're welcome.
In my experience of dealing with Cerberus, they operate to a timeframe of about three years to get a return. They are not trying to sell straight away: they are trying to make a return within that timeframe, the sooner the better. There preference is to do some form of deal that doesn't involve a sale, as that will necessarily take longer, regardless of how it is done.
I'm sure they are well aware of how slowly all this takes: it took me almost a year to get a deal completed for the time they took over the loan, it concluded about seven months after I met with them for the first and only time. Unlike the banks, they do not hang around as a result.
This is all based on my experience with a different vulture fund, but I'd be surprised if Tanager were significantly different. It's also based on what happened and what I was told by them directly. However, I know they said conflicting things to other people, so they are well able to lie. Specifically, they told me they had no interest in the underlying asset; they told other people that this was the only thing they were interested in.
In short, I would expect them to move relatively quickly, though it may take many months and even one or two years to reach a conclusion. They have absolutely no interest in any solution that extends beyond their time frame. I was told they'd sell the loan on again if there was no resolution within the two to three year timeframe, but see my comment above on their capacity to lie.
Is there not protection for homeowners through the courts though? If a person is making a decent effort.
Thanks again newtothis. If they took over a loan and the person is paying am agreed amount of interest plus a small portion of capital do they accept that or do they immediately try to get it increased
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