Mortgage being sold to Property Finance Company

sarahmc92

Hi I am looking for some help. A mortgage I have an interest in is being sold to Ennis Property Finance Ltd. I have looked them up and there is very little online as they only set up shop in December 2014. I am wondering if anyone knows anything about them or what their interest in our mortgage might be?

by the seaside

Is the mortgage up to date or in arrears?

sarahmc92

by the seaside wrote: »

Is the mortgage up to date or in arrears?

Hi seaside I am not sure how you would class it. There was a period of arrears and now monthly payments are being made

antoinolachtnai

I'd imagine they are stepping into the shoes of the bank. The main result of this is that they will get the payments instead of the bank.

If you keep making payments it will make no difference whatsoever. If you don't, and you get into trouble, then they might approach it differently from the bank. This might be good or bad. It really depends on what policies and what approach they decide to take.

mickman

arrears must have been quite bad if the bank are handing over the mortgage to a mgt company

seamus

Kind of a weird one. Here is the actual company who is buying your mortgage: http://www.sfmeurope.com/sfm_location/dublin/

The three top names there are also the registered directors of 186 other "Finance" companies, including Ennis.

I don't know if this is a normal thing to do, or if it's a sign of a dodgy debt collection-style company.

Eldarion

sarahmc92 wrote: »

Hi seaside I am not sure how you would class it. There was a period of arrears and now monthly payments are being made

Sounds like the bank crunched the numbers, classified yours as a recently re-performing loan with a history of arrears, bundled it together with other similar loans into a security and sold it on to the highest bidder.

As far as you're concerned this should have no impact on you whatsoever. The only difference is you'll probably get calls from a different crowd should you fall into arrears again.

spaceHopper

Hope it works out well for you.

When they make contact get them to send you a copy of all paper work they have to confirm they have the mortgage and the deeds to the house, you don't wont find out in 20 years that they lost the deeds. Also if they have no paper work then they might not be able to enforce the mortgage if you fell into arrears but let's not go there now.

The_Morrigan

Also contact the regulator to see if they are registered/authorised.

sarahmc92

Thanks for the helpful comments. We were supposed to be buying out the mortgage in the next year or two but because of a missing bit of paperwork RBS are saying no agreement and they are selling to this new company. We would still like to settle up in the same timescale but we don't know what the interest of Ennis PF is. Are they going to want to sell it to us or will they want to find some way to take the property back. That is why I am wondering if anyone knows anything about the interests of this Finance company. Are they interested in money or property.

The_Morrigan

Sarah...going to state the obvious here, but have you rung them?

Eldarion

sarahmc92 wrote: »

Thanks for the helpful comments. We were supposed to be buying out the mortgage in the next year or two but because of a missing bit of paperwork RBS are saying no agreement and they are selling to this new company. We would still like to settle up in the same timescale but we don't know what the interest of Ennis PF is. Are they going to want to sell it to us or will they want to find some way to take the property back. That is why I am wondering if anyone knows anything about the interests of this Finance company. Are they interested in money or property.

If you're paying the remainder of the mortgage within the next year or two then surely the outstanding mortgage principle is only a small portion of the value of the property...

How is it you think they'll be able to "take the property back" when you hold 90%+ equity?

Is there more to this story than what you've shared so far?

sarahmc92

@The_Morrigan have we called who? The new company? I am not sure what they will say to me. I am so useless with this kind of thing so that is why I am looking for advice.

@Eldarion there is a story 30 years old to go with this post but I don't know all of the details as it is not my mortgage. The outstanding mortgage is probably worth 50% of the property value in today's market. We imagine RBS are selling it cheap to this company and we were hoping to make RBS an offer which would be less than what is owed due to the huge amount of interest paid over the years. We are just not in the position to do this yet.

The_Morrigan

sarahmc92 wrote: »

@The_Morrigan have we called who? The new company? I am not sure what they will say to me. I am so useless with this kind of thing so that is why I am looking for advice.

@Eldarion there is a story 30 years old to go with this post but I don't know all of the details as it is not my mortgage. The outstanding mortgage is probably worth 50% of the property value in today's market. We imagine RBS are selling it cheap to this company and we were hoping to make RBS an offer which would be less than what is owed due to the huge amount of interest paid over the years. We are just not in the position to do this yet.

Sarah you have to take the bull by the horns here. Noone here can tell you any details on this transaction because nobody here is a party to it.

antoinolachtnai

If the asset value is so strong, it is very unlikely they will accept less than the outstanding amount for the mortgage.

In some ways, this is a dream mortgage for them, because the mortgage drags on and new interest is being incurred, but there is plenty of asset value so they are fairly certain of getting their money back in the end.

You asked whether they are interested in money or property. The answer is that they are interested in getting the maximum money return back. They are not interested in getting their hands on the property except as a last resort.

sarahmc92

antoinolachtnai wrote: »

If the asset value is so strong, it is very unlikely they will accept less than the outstanding amount for the mortgage.

In some ways, this is a dream mortgage for them, because the mortgage drags on and new interest is being incurred, but there is plenty of asset value so they are fairly certain of getting their money back in the end.

You asked whether they are interested in money or property. The answer is that they are interested in getting the maximum money return back. They are not interested in getting their hands on the property except as a last resort.

Is there a way to stop the sale? I guess if we had the money now it would be easier to solve this. Apologies for being vague like I said it is only partly my story and I'm conscious of that.

Eldarion

sarahmc92 wrote: »

Is there a way to stop the sale? I guess if we had the money now it would be easier to solve this. Apologies for being vague like I said it is only partly my story and I'm conscious of that.

Honor what you're contractually obliged to honor and they can't touch the property. That means clearing all arrears and continuing to make the contractually agreed monthly payments. Once your end of the contract is solid then they will have no legal grounds to even attempt to seize and sell the property.

However, if you are in arrears and are playing hard ball with repayments in an attempt to negotiate down the outstanding loan amount then they can very much seize the property as you're in breach of terms. Interest payment is meaningless, it's the same as if you had been renting a property, it gives you zero claim on the asset.

RBS have washed their hands of this one so there's no point in thinking about a deal with them as they have no stake any more. The new company won't care at all about any interest you've paid or vague missing documents. They're going to look at the cold hard facts. That means the asset value, the outstanding principle, the performance of monthly repayments, the amount in arrears etc.

My advice again would be to get yourself solid as per your contractual obligations as you very much have skin to lose in this game. As has been said the new company is only seeking to maximise the return on their investment, I'd recommend you not provide them with the seize and sell as an option.

gaius c

sarahmc92 wrote: »

Hi seaside I am not sure how you would class it. There was a period of arrears and now monthly payments are being made

That doesn't quite answer the question.
Has the mortgage been split or has a portion been warehoused?

How can a mortgage go from being in "a period of arrears" to "buying out the mortgage in the next year or two"?
I don't understand.

MouseTail

I would imagine its too late at this stage to do a deal with BoS. Is it a tracker? If so the new company might be amenable to a discounted sale.

sarahmc92

gaius c wrote: »

That doesn't quite answer the question.
Has the mortgage been split or has a portion been warehoused?

How can a mortgage go from being in "a period of arrears" to "buying out the mortgage in the next year or two"?
I don't understand.

Hi Gaius the mortgage was unpaid for a period of time and then an agreement was made to pay a sum each month so that is what has been happening for the last few years.
BoS agreed to continue this for two years until I am in a position to get a mortgage but one piece of paperwork wasn't provided to them and now they are saying the agreement is null and they are selling the mortgage to EPF in April.

sarahmc92

MouseTail wrote: »

I would imagine its too late at this stage to do a deal with BoS. Is it a tracker? If so the new company might be amenable to a discounted sale.

I am pretty sure it's not a tracker. I forgot a very important point which is that the term of the mortgage is up since last December. That is why they agreed to give us two years to let me return to work and get a mortgage to buy the house from my parents.

gaius c

sarahmc92 wrote: »

Hi Gaius the mortgage was unpaid for a period of time and then an agreement was made to pay a sum each month so that is what has been happening for the last few years.
BoS agreed to continue this for two years until I am in a position to get a mortgage but one piece of paperwork wasn't provided to them and now they are saying the agreement is null and they are selling the mortgage to EPF in April.

Sounds like the mortgage is still in arrears then.
You probably need to speak to MABS asap.

CIARAN_BOYLE

sarahmc92 wrote: »

Hi I am looking for some help. A mortgage I have an interest in is being sold to Ennis Property Finance Ltd. I have looked them up and there is very little online as they only set up shop in December 2014. I am wondering if anyone knows anything about them or what their interest in our mortgage might be?

Hi Sarah, a few minutes internet research tells me that the ultimate parent is this
http://www.sfmeurope.com

phunkadelic

'Ennis Property Finance' is Goldman Sachs