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About to lose my home

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    #62
    HelenV
    Registered Users Posts: 139 ✭✭HelenV


    youtube! wrote: »
    I also find that situation absolutely crazy! Can I ask you eviltwin to name and shame your bank? My own situation is that I am with KBC and they have been more than helpful to be fair. When it became apparent that I could not afford the full mortgage they met with me and offered me several options which I will list below.


    1) If we were to decide to give the house back that they would cover all of our moving expenses AND pay rent for a period of 6-12 months until we were back on our feet.

    2) Split mortgage. Basically park half of our debt for 20 years and continue to pay 50% of of our liability, this would be reviewed every 2 years thereafter .

    3) Arrears to be recapitalised and a new longer term which would bring our repayments down.

    4) Finally they told us that the last thing they wanted to do was to actually end up in court and go through the repossession process because in the words of the man who met with us "we are in the business of providing finance for people to buy houses...we are not auctioneers" So Basically this last option was for us to surrender the house before it got any worse.

    We chose option 2 (split mortgage) and we can now move on with our lives .

    If they're charging interest on the 'parked' part they're in a win win situation. No legal advice / representation I presume?


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    #63
    The_Morrigan
    Moderators Posts: 9,368 ✭✭✭The_Morrigan


    youtube! wrote: »
    Well why the hell not?? Its reprehensible the way his bank have acted , obviously you have vested interests why else would you care??

    Firstly, that is a moderation instruction and is to be adhered to, not argued with on thread - that is a breach of the forum charter and the site rules.
    Secondly, because we don't want any posts that may be potentially libelous on here because Boards.ie is a legal entity and can be sued.
    Thirdly, don't make accusations against posters again or your time here will be short lived. If you had bothered to read the thread you would know I'm unemployed.


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    #64
    youtube!
    Registered Users Posts: 1,265 ✭✭✭youtube!


    HelenV wrote: »
    If they're charging interest on the 'parked' part they're in a win win situation. No legal advice / representation I presume?


    No interest is being charged . It is parked in totality . Look I know the banks always win out but this deal was the best we could have hoped for simply put it enables us to stay in our home for the forseeable future.


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    #65
    MugMugs
    Registered Users Posts: 17,875 ✭✭✭✭MugMugs


    Hi OP.

    Gutted to read your post. I really am.

    Whilst I am not in that position I can't imagine I will be far from it when TRS and rates increase over time. I'm taking measures now to prevent that impacting me and that is getting out there to make extra money and potentially and hopefully found a good business along with my current job.

    I can't offer you advice only empathise with you completely. Take care of yourself and look after yourself. There are organisations there to support you through this both emotionally and with sound advice.

    Mugs


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    #66
    eviltwin
    Registered Users Posts: 17,495 ✭✭✭✭eviltwin


    iguana wrote: »
    I know this isn't your thread but I couldn't ignore this. That's an unbelievable situation and completely f'n ridiculous. I do understand why banks will move to repossess a house in as situation where it appears that the mortgage will not ever be paid off. But in a case where there is a pattern showing that the arrears are only a few months away from being eliminated I really can't see any logic in bringing you to court. I can only hope that the judge not only finds in your favour but awards costs against the bank.

    Thanks Iguana. I can't understand why they are so intent on taking the house, its not exactly a palace :o and is in negative equity to boot. Our arrears are only 2500 euros, we're not looking for any write off or anything like that, just an opportunity to pay it back over time rather than in the lump sum they are insisting on.

    We went in today hoping that it would be stuck out but it wasn't so we have to go back in Dec. I just feel at the moment like I can't even breathe so I can only imagine the stress the OP and others with massive debt feel.


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    #67
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    eviltwin wrote: »
    Thanks Iguana. I can't understand why they are so intent on taking the house, its not exactly a palace :o and is in negative equity to boot. Our arrears are only 2500 euros, we're not looking for any write off or anything like that, just an opportunity to pay it back over time rather than in the lump sum they are insisting on.

    We went in today hoping that it would be stuck out but it wasn't so we have to go back in Dec. I just feel at the moment like I can't even breathe so I can only imagine the stress the OP and others with massive debt feel.

    At least in Dec you will be close to clearing the arrears, I would hope that a judge would see that and act accordingly. Best of luck!


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    #68
    vaperous diabolous
    Registered Users Posts: 12 ✭vaperous diabolous


    I had a look at the citizens info about repossessions. Seemingly, every time it comes before the court for the first 8 months of proceedings it will be adjourned as there can be no orders granted in that time frame. If you haven't returned your affidavit of defence then you have no right to argue the repossession, but even if you have, as far as I can see, you're still not allowed to argue it. Can't remember where I saw this but judges/registrars are required to give a few months of a stay of execution of the possession order with 6 months being the minimum for the most part and sometimes 9 or 12 months are granted


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    #69
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    eviltwin wrote: »
    Thanks Iguana. I can't understand why they are so intent on taking the house, its not exactly a palace :o and is in negative equity to boot. Our arrears are only 2500 euros, we're not looking for any write off or anything like that, just an opportunity to pay it back over time rather than in the lump sum they are insisting on.

    We went in today hoping that it would be stuck out but it wasn't so we have to go back in Dec. I just feel at the moment like I can't even breathe so I can only imagine the stress the OP and others with massive debt feel.

    Did your lender ever suggest recapitalising the arrears? I think that's what it's called, it's where they increase the mortgage amount by the arrears and you revert to normal payments?


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    #70
    eviltwin
    Registered Users Posts: 17,495 ✭✭✭✭eviltwin


    Stheno wrote: »
    Did your lender ever suggest recapitalising the arrears? I think that's what it's called, it's where they increase the mortgage amount by the arrears and you revert to normal payments?

    No, they haven't offered any suggestions at all. They haven't spoken to us in months, everything is via their solicitor now. Our own solicitor who deals with a lot of cases of this type is stumped by their attitude and the way they are going about it given that the amount of arrears is so small and that they can see by the pattern of payments that we'll have them cleared in the next 5 months.


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    #71
    HelenV
    Registered Users Posts: 139 ✭✭HelenV


    eviltwin wrote: »
    No, they haven't offered any suggestions at all. They haven't spoken to us in months, everything is via their solicitor now. Our own solicitor who deals with a lot of cases of this type is stumped by their attitude and the way they are going about it given that the amount of arrears is so small and that they can see by the pattern of payments that we'll have them cleared in the next 5 months.

    Are you just receiving threatening letters from the bank or have they actually commenced repossession proceedings?


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    #72
    eviltwin
    Registered Users Posts: 17,495 ✭✭✭✭eviltwin


    HelenV wrote: »
    Are you just receiving threatening letters from the bank or have they actually commenced repossession proceedings?

    They've already started, we were in court yesterday for the first time, its been adjourned until Dec.


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    #73
    HelenV
    Registered Users Posts: 139 ✭✭HelenV


    eviltwin wrote: »
    They've already started, we were in court yesterday for the first time, its been adjourned until Dec.

    Judges are far more sympathetic than banks. Hopefully it'll be adjourned again in Dec and again in April etc. etc. 'till you're sorted.

    Best of luck


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    #74
    whomitconcerns
    Registered Users Posts: 4,319 ✭✭✭whomitconcerns


    eviltwin wrote: »
    Thanks Iguana. I can't understand why they are so intent on taking the house, its not exactly a palace :o and is in negative equity to boot. Our arrears are only 2500 euros, we're not looking for any write off or anything like that, just an opportunity to pay it back over time rather than in the lump sum they are insisting on.

    We went in today hoping that it would be stuck out but it wasn't so we have to go back in Dec. I just feel at the moment like I can't even breathe so I can only imagine the stress the OP and others with massive debt feel.

    Normally I am on the pay up or move out fence... Hence I stay out of these threads only get in trouble :P.. But the above is ridiculous... They are doing all that to you for a tiny percentage of a mortgage!!!! Now that's unacceptable.. I hope it gets resolved for you


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