Mortgage arrears question!

patk72

How fast can a bank take your house? Arrears amount to a lot and they have gave 28 days to pay off after which they will take court action. money has been paid but not enough to cover interest. any advise welcomed

HowFinancial

http://www.mabs.ie/

Best of luck!

chris85

patk72 wrote: »

How fast can a bank take your house? Arrears amount to a lot and they have gave 28 days to pay off after which they will take court action. money has been paid but not enough to cover interest. any advise welcomed

Have you been communicating with the lender about repayments?

2qk4u

HowFinancial wrote: »

http://www.mabs.ie/

Best of luck!

Mabs will take longer than the 28 days mentioned.

patk72

chris85 wrote: »

Have you been communicating with the lender about repayments?

Yes but recently i havent made the agreeded payments(should have contacted straight away) situation is a bit compliacted seperated from wife, job is basically down the toilet(going to college in autumn) not living in house she has made agreed payments on her side but i couldn't as my job is gone(self employed),have told her about this,however she ignores all communication with bank and its all up to me.I was doing the best i could but work has basically grinded to a halt hense the career change. Sorry this sounds complicated.

chris85

Ok basically there is a mortgage arrears resolution agreement which is basically a code of conduct for the banks dealing with arrears. I would suggest reading this for your lender. they should have a document on their website about this.

For instance Bank of Ireland have something on their website linked below.

http://personalbanking.bankofireland.com/help-with-finances/guide-to-dealing-with-mortgage-repayment-difficulties/

Repossessions dont happen easy and are generally last resort, however with agreed repayments not being done and lack of contact from your wife then the bank are without a lot of options to help.

Seperation is difficult and I can appreciate this isnt easy but you need to discuss with her and communicate with the bank together on this and immediately and you may have a chance of stopping the legal action.

it may be a case the bank just feel they cant do anythin else for you unless they hear from you.

When was the last time you were speaking to the bank?

patk72

chris85 wrote: »

Ok basically there is a mortgage arrears resolution agreement which is basically a code of conduct for the banks dealing with arrears. I would suggest reading this for your lender. they should have a document on their website about this.

For instance Bank of Ireland have something on their website linked below.

http://personalbanking.bankofireland.com/help-with-finances/guide-to-dealing-with-mortgage-repayment-difficulties/

Repossessions dont happen easy and are generally last resort, however with agreed repayments not being done and lack of contact from your wife then the bank are without a lot of options to help.

Seperation is difficult and I can appreciate this isnt easy but you need to discuss with her and communicate with the bank together on this and immediately and you may have a chance of stopping the legal action.

it may be a case the bank just feel they cant do anythin else for you unless they hear from you.

When was the last time you were speaking to the bank?

Thanks for that chris, about 16 months ago we both sat down with a guy who came out from the bank who deals with this at the house.I have a desent relationship with the ex more for the kids sake then anything,early on into this new agreemment my job went south and i ask/begged her to get morgage interest supplement(which she was entitled to)printed out form for her the lot,however nothing was done from her side:eek: I told her the house is hers as i want nothing from the marrage save access to the kids.Divorce is in the pipeline and my solicitor said the house can be signed over to her however my name cannot be taken off the morgage? the house is not in neigative equity (yet).Rang her today about the letter i got and she said she'd contact that guy again?(I hope) I seem more concerned about this then she is!All i want is a stable home for the kids without this hanging over them.

chris85

patk72 wrote: »

Thanks for that chris, about 16 months ago we both sat down with a guy who came out from the bank who deals with this at the house.I have a desent relationship with the ex more for the kids sake then anything,early on into this new agreemment my job went south and i ask/begged her to get morgage interest supplement(which she was entitled to)printed out form for her the lot,however nothing was done from her side:eek: I told her the house is hers as i want nothing from the marrage save access to the kids.Divorce is in the pipeline and my solicitor said the house can be signed over to her however my name cannot be taken off the morgage? the house is not in neigative equity (yet).Rang her today about the letter i got and she said she'd contact that guy again?(I hope)

Ok so from the banks point of view they have not had contact in 16 months and the arrangement made has been defaulted on and arrears are building. The bank are within their rights to commence legal action if this is the case. If they are to help then they require contact from customers. The arrears process has a stay on commecing legal action but only for situations where the customers are remaining in contact with the lender.

Your name will not be taken off the mortgage. This could only happen if you ex agreed to it and could prove ability to repay it on her own. This is not likely as cant afford it as is.

Word of advice, dont get your name taken off the house and still have your name on the mortgage. This is pointless as banks will be able to chase you for payment but you have no legal entitlement to the house.

its time to sit down and go through it all again with the bank together to try resolve.