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Mortgage default.

  • 25-02-2015 5:56pm
    #1
    PLUG71
    Registered Users, Registered Users 2 Posts: 640 ✭✭✭


    Hi can anyone tell me what happens if you dont keep up repayments on a mortgage?
    How long would it take for a bank to take a house back or take action?

    Thanks for any info.


Comments

  • #2
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    PLUG71 wrote: »
    Hi can anyone tell me what happens if you dont keep up repayments on a mortgage?
    How long would it take for a bank to take a house back or take action?

    Thanks for any info.

    After 30 days the account goes into the mortgage arrears resolution process (marp). Once in marp the bank can't go legal. They will try to come up with a restructure option to help make the mortgage affordable.

    If the mortgage is not sustainable or if you don't engage can be removed from marp. Once outside marp the bank can technically go legal at any stage.

    If you think your in difficulty contact your bank before you miss a payment and they'll be able to look at a restructure for you.

    Look up MARP and the CCMA (code of conduct on mortgage arrears ) you'll get some good info.


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