Thinking of PIA - can bank insist that I sell

B

Baby blues

Registered User
Messages
14
Just wondering, with all the new legislation regarding the
Reduced term of 12 to 3minths to start proceedings, what happens if I am thinking of going down this route, will they have to put the sale demand on hold?
 
Depends.....
If you want detailed answers you need to put up financial info.
How much is the mortgage outstanding?
Value of home?
PPR or investment property?
Type of mortgage?
Term left?
Interest rate?
Other loans?
Circumstances-working? Unemployed?
Single? Married? family?
Household income?
Status with bank-arrears? Pre arrears?
What are the bank doing/saying that leads you to ask about/consider PIA ?


Etc etc...
 
Baby Blues,

This whole PIA stuff is moving further out . Was to be in place by now , now I hear year end . There is plenty of soft chat but little nuff hard action.
I am starting to lose confidence in this whole PIA stuff.
Am I too pessimistic??
 
Sorry but I don't want to get into all
My finances, I know how bad they are and that the bank think my mortgage is unsustainable....... I was wondering if they could try to push us to
Sell (which I don't want, I want to keep
My family home) rather than go down the insolvency route as this is our unfortunate preferred route - at the moment.
Yes salmon, it does seem far away, surely in those 6 months banks will be calling for sales?
 
Unless you give the information requested by Luternau, you will not get a comprehensive answer.

The bank has the right to veto a PIA and will do so if it's unreasonable.

If they consider your mortgage to be unsustainable now, it's unlikely that they will approve a PIA.

But if you provide the information, you may get suggestions on how to approach it.
 
Baby blues said:
Sorry but I don't want to get into all
My finances, I know how bad they are and that the bank think my mortgage is unsustainable....... I was wondering if they could try to push us to
Sell (which I don't want, I want to keep
My family home) rather than go down the insolvency route as this is our unfortunate preferred route - at the moment.
Yes salmon, it does seem far away, surely in those 6 months banks will be calling for sales?
Click to expand...
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If your finances are so Bad that mortgage remains unsustainable, i fear you will lose the home eventually.
You do need advice as you appear to be presuming what everyone else WILL do.
Suggest Ring Karen/Ryan @ 074 9364000 Frost Debt and get some real advice. You can decide on what they advise.
Let me know are they helpful .
 
The bank cannot make you sell your house. The bank can, however, initiate legal proceedings to enforce its security and repossess the house where a borrower defaults on the repayment agreement and sometimes a voluntarily sale will be a better option for the borrower than repossession and bank sale.

You don't say if you are in the MARP process or plan to enter it. Once a borrower is in MARP the bank has to hold off on repossession while an alternative solution is sought. The new code of conduct on mortgage arrears reduces the 12 month moratorium on taking legal action for repossession to a minimum of 8 months; though this could in effect be longer.

As to personal insolvency, to be eligible to apply for a PIA a borrower will normally have to have co-operated with the MARP process in respect of their PPR for at least 6 months. The ISI is now registering PIPs so the first debtors can consult with PIPs from later this month. When a PIP takes an application from a debtor for a PIA, he or she will look to have a protective certificate issued by a court. This is the first step in the process and puts a stay on any enforcement actions for 70 days, giving the PIP some breathing space to try to negotiate the terms of a PIA between debtor and creditor. Due to this essential 70 day period, the first PIAs cannot actually issue until September. That is not the same as saying the process is moving further out - that simply is the process.
 
DebtCert;
Sorry if I sounded too (untrusting) of the new process. I REALLY hope it hits the ground running as it has the seeds of sorting a lot of issues.
 
Baby blues said:
Sorry but I don't want to get into all
My finances, I know how bad they are and that the bank think my mortgage is unsustainable.......
Click to expand...

It's impossible to come to any neutral opinion without figures. Best of luck with what ever you do. I recomend you get a second opinion from a professional-the bank has a vested interest here.
 
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