legal action on mortgage arrears

xxbrady

I have a mortgage with an X of mine. Original mortgage was 150000. No money paid in 2 years. We r not on speaking terms. I rang ulsterbank today 2 ask what balance was on account. 220000. Bank told me that an letter was sent in Jan to say they were taking legal proceedings. It was sent to my ex. I never received a copy. I asked how long it would take for it to be repossessed agent said he had no idea.
Anyone know how long it takes. Sooner the better. The apartment is just a shell really knowing occupying it nd no furniture etc

Pat Mustard

If the property is in negative equity, the remainder of the debt will still be owed by you and your ex, even after the property is repossessed and sold.

Usually, bank sales have a built-in discount to the sale price, for a number of reasons.

If you and your ex were to get the agreement of the bank to sell the property and hand over the proceeds of sale to said bank, not only would the property be likely to achieve a higher price (not being a bank sale per se), but the legal costs of repossession could be entirely obviated.

You should consider getting professional financial and legal advice in relation to dealing with the bank. There are also a number of reputable organizations that assist mortgage holders who are in distress. If you hired an accountant/solicitor, such a person could make contact with your ex, rather than you.

Taking action could save you money.