Mortgage arrears query

Fillie

Hi all , I suppose I'm one of thousands in this situation however I after been in arrears for 18 months and paying interest only after losing my job in dec 12. I've co operated fully and until my redundancy had never any banking problems . Yesterday I emailed my bank and informed them from aug I would be paying my full mortg repayments . I also have a term loan which I told them I would only be able to pay 1/2 of as mortg is my priority and my new job is only part time and I can only afford to prioritise the mortg. So I was told I'd still have to fill out SFS form , meet lender and submit statements etc as previously done .
Why ? Cause I won't be clearing the arrears in full before August , arrears which are approx €5-6k . So my question is what options are the bank going to give me ?? I can't pay any more than €900 month which is full mortg rep . What happens the arrears ?? Can they take house ?? Very stressed over this after killing myself to try and make full repayments they are still not happy. Plus I'm a separated mother of one and I'm doing a I can to keep everyone happy !
Any advice would be appreciated

rameire

may I suggest you ask on askaboutmoney.com
the people there would be very handy with information that may help you.

elladev

Hi Fillie,
Kinda in the same situation, got arrears of 1500, filled in the SFS in the branch but they never added in the diesel allowence i get every week in my wages so on paper we cant afford our mortgage but in reality we can, got a letter from the bank wanting us to sign forms to sell our house within 6 months they even told us which estate agent we were to use, have appealed but still waiting on a reply, extremely frustrating having a nameless faceless person deciding our fate, the only reason we fell into the arrears was because we tried for years to have a baby and eventually it happened so while on maternity leave things were tough especially because my husband is unemployed, hope you get on ok

Fillie

elladev wrote: »

Hi Fillie,
Kinda in the same situation, got arrears of 1500, filled in the SFS in the branch but they never added in the diesel allowence i get every week in my wages so on paper we cant afford our mortgage but in reality we can, got a letter from the bank wanting us to sign forms to sell our house within 6 months they even told us which estate agent we were to use, have appealed but still waiting on a reply, extremely frustrating having a nameless faceless person deciding our fate, the only reason we fell into the arrears was because we tried for years to have a baby and eventually it happened so while on maternity leave things were tough especially because my husband is unemployed, hope you get on ok

God that's awful ! Telling you to sell your house cause ur in arrears of €1500?? Seriously the banks need a good kicking. I want to pay my mortgage I'm working two jobs , 7 days a week and their still not happy . Maybe we should do what everyone else is doing and pay nothing and enjoy ourselves !

wmpdd3

Are both of you involved in marps, make sure you both have independent advice while you are engaging with the banks and post a case study on ask about money.com.

It may be the best decision you ever make.

homer911

Any change in your financial situation, when you are in arrears/MARP, will require you to fill out a new SFS, its standard process. It's also the borrower's responsibility to ensure its filled out correctly and the lender is entitled to challenge it

Re the arrears of 1500 - is this after a restructure? If so, your arrears based on the original contractual terms will be much higher. Thanks to the governments new targets, banks are under pressure to put long term arrangements in place with their customers in arrears. If they deem your mortgage to be unsustainable long term, or if you are uncooperative, then they will encourage you to sell and trade down. Dont forget that under MARP your lender has to provide an appeals process..