Louisa2014
Registered User
- Messages
- 14
Brendan I'm reply to another person's comment that asked where I'm getting the information on that more people are not in arrears before entering the MARPS process. this is what I've been told by professionals in the business that I'm dealing with on this. Most of their cases are people pre arrears enters MARPS. My sister was not in arrears before entering the MARPS process. She now is in arrears and is facing her loan being sold . I'm not understanding what's the issue with my statement and why that is difficult to understand. It's a fact that I was told by professionals dealing with the banks on behalf of clients.Now, I have absolutely no idea what you are talking about.
Brendan
From the sounds of it, just about anyone would be more efficient than Ulster Bank, so no issue there.
Why do you think Cerberus will do a restructure, though? It's just over a year now since I dealt with them, but there is no way they could consider doing one at that time. All I was offered was pay off the arrears immediately, pay off the total (with discount), sell my home or face repossession. I spoke with others who were offered the same "choice". Maybe they've mellowed with time, though.....
Obviously I have no idea about your circumstances. Maybe your mortgage is totally unsustainable. Maybe you can pay a lot more but are refusing to do so.
It's not too complicated. If you are in genuine difficulties and doing your best and your mortgage is sustainable and they refuse a restructuring, then...
Appeal the case using their internal appeals process
If they have not adhered to MARP go to the FSO
At the same time write to them setting out your own proposal for restructuring your mortgage
Make your payments in accordance with that.
There isn't very much that they can do. They can annoy you and take you to court but they won't get an order for possession.
Alternatively you can just rail against the vulture funds and pay nothing and see how you get on with that.
Brendan
Hi there new tothis, may I was what discount they offered on the outstanding mortgage if you clear it ( meaning getting refinance in my case) If I get my credit clear I may refinance for her, or she has another property we are desperate trying to sell to raise cash in case that happens but it will fall short on what's owed. I have been told they do not offer restructuring of loans or mortgage to rent. What agent are you dealing with , we are waiting for the letter......
So yes they are driving customers in the MARPS process into arrears while you are waiting for your formal arrangement to be in place.
I have done the complaint route, that's pending since AUgust 2017, follow up every month, still no resolution, have letters asking for more time to look into this,
received a phone call start of August to say it's all a mistake then we get a letter to say her loan is being sold. It's a zoo. Without a resolution letter I can't' even bring it to the FSO to get the credit reports and the arrears cleared.
Those that deal face on with their debts accepting they owe the money will fair best not those who criticise the lack of adherence to processes, just my own view of course.
Brendan
It's my sisters family home and my name is on the mortgage; So I am on the hook for the balance over 250 K. I have my own mortgage family home and others in addition to this. I had a perfect credit rating, am self employed. Having me pay her full mortgage on a house I'm not renting out or living in is not a viable option.
She has a 50/50 prospect of being able to pay the full amount pending her divorce but in the mean time needs to be on arrangement based on her current income ( 1000 a month) I'm pushing for UB to stop selling the mortgage based on the fact she should be able to pay next year in full or she has offered to sell after her divorce.
her arrears have destroyed my credit so no hope of a refinance for a shot sell offer. I don't think she's get a short sell offer as she's on tracker rate of .90
In the mean time, i'm trying to get UB to reverse the selling of it , get the incorrect arrears off the account while within the marps process
Having arrears on an account in transfer seems to be a nightmare for everyone, I'm just trying to find my way through this process like everyone else in the situation since this sale was announced.
It's my sisters family home and my name is on the mortgage; So I am on the hook for the balance over 250 K. I have my own mortgage family home and others in addition to this. I had a perfect credit rating, am self employed. Having me pay her full mortgage on a house I'm not renting out or living in is not a viable option.
She has a 50/50 prospect of being able to pay the full amount pending her divorce
According to a recent Central Bank report compiled by one of their economists at least 40% of those in long term arrears ( in numbers that would be around 11600 mortgage holders ) are failing to engage with their lender, not replying to letters or phone calls. Charlie Weston covered this in yesterday's Irish Independent, it makes interesting reading.
I’ve said it many times now: unless you have direct experience of this, it’s very hard to get an appreciation of how the banks have behaved and where the bulk of the blame lies in not having the problem long since sorted.
Hi Louisa
As you are also liable, I strongly suggest that you start a fresh thread and give this information in this format:
Information required for mortgage arrears and negative equity questions
I don't doubt you but with those delays were you deemed non engaging? If you were not then it is the likes of yourself that should be protected from been sold to a vulture fund.Hi Carrot/stick,
I can see absolutely nothing wrong with anything you say. I’ve said it many times: there should be no sympathy or facilitation of anyone who is in the “won’t pay” category. And, yes, of course the courts should be more efficient at what they do.
My issue is firstly with people promoting the view that the majority of people fall into the “won’t pay” category, with absolutely no evidence to back it up; that don’t seem to believe that people can be in a situation of arrears with no resolution after a period of years for any reason other than their own fault; that somehow they’ve nothing to fear from being transferred to a vulture fund; that banks can be believed in anything they say and other similar views expressed here.
The biggest issue I have by far, though, is with the banks. I won’t repeat yet again the way in which they’ve behaved in my case, other than to re-state unless you’ve experienced it, it is very hard to believe. I can fully understand those that take a different view to my own if they haven't experienced it first hand. My brother in law, who has spent 20+ years working in banking could not believe how they acted in my case. My views are based on my own experience, but then I read many accounts on this site that demonstrate pretty much the same thing. Towards the end of my ordeal I went to an advisor, not one of the ones with a high profile (so no publicity seeking question marks over them), but someone who has dealt with many, many others in the same situation. Ironically, he himself was someone in a similar situation. He saw my experience as absolutely typical.
The banks behaviour was absolutely bizarre in many places along my particular journey. At one point, they offered a solution that they declared to be sustainable, despite the fact it had me paying out €2k+/month during a period when I’d indicated I expected to have no income. On another, they declared a proposal of mine to be unsustainable, even when I could demonstrate a track record of being able to make the required payments. As it stands, they ended up with taking what must have been a severe write-down in transferring the loan to a vulture fund (60%+ ?), when they’d rejected an offer that would have seen them get more than 100% of their original total amount (capital + interest) back.
How to resolve? I think right from the start, when the scale of the crisis became obvious, banks should have been forced to have an independent third party intervene and determine the best and most equitable solution in each case, with different sets of criteria for buy-to-let/second homes and primary homes. If anyone didn’t engage with the third party, they could take the consequences in courts. The third party would determine what was sustainable, having the full range of options available (not just what the bank chose to provide). But we'd be waiting a long time for the pigs to fly by before we saw anything like that happening.....
I went through the marp process and cannot fault my lender.
My sisters house more than likely will be sold pending the outcome of her divorce, however the main issue I have now is getting these arrears off the account before the vulture fund sale comes through, these arrears should never have happened when you are in an arrangement, delays with Ulster B. caused this.
I have to get these removed or else the Vulture fund will call it in, again you really have to be in this situation to see how disastrous it is to deal with.
I'd rather not say. I will say that it was very clear with them how I would be deemed non cooperating/engaging and they reacted very quickly to any paperwork submitted.Just out of curiosity, who was that lender?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?