I am one of the 5200 non-performing Ulster Bank mortgages.

kal7

Talk to Mabs or an Insolvency practitioner. There is a voucher scheme to pay for this advice.

90% of those in arrears get to stay in their homes. Abaile stat.

I can PM you an insolvency practitioner who is also a solicitor, if needed.

BrokenArrows

padd b1975 wrote: »

Everything is in play in a rising market.

If they want to repossess and their highly paid legal team believe that the mortgage terms have been sufficiently breached to do so, they will bring proceedings.

Be under no illusions about that.

"highly paid legal team" is exactly the reason they wont bring proceedings in this case. It would cost them more than 20k to repossess the house so why would they when he is actually paying the mortgage now. And if he is paying the mortgage then no court will allow the repossession to occur.

witchgirl26

padd b1975 wrote: »

Everything is in play in a rising market.

If they want to repossess and their highly paid legal team believe that the mortgage terms have been sufficiently breached to do so, they will bring proceedings.

Be under no illusions about that.

It really isn't in their interests to repossess a house where there is some amount (as long as it is a credible amount) being paid against the mortgage. The cost of repossession, refitting and selling is too high for what will be deemed by the VF as a performing loan asset.

While UB may have classed it as non-performing, VF's have different classifications and with money coming in against the balance and the ability to restructure to continue to get that, they're not idiots and will keep it.

OP UB will not be able to tell you what your specific loan was sold for as the price agreed is on the loan book as a whole. Some loans may not have any repayments in years and will force the cent on the euro price to overall decrease. UB sweeten these by adding loans such as yours that have arrears but are being paid off.

My advice would be to keep paying your mortgage as you are now and engage with them after the transfer of the loan book to see can you restructure the loan.

Cortexiphan

BrokenArrows wrote: »

OP if you are paying your mortgage at the moment and have been for a while then you have nothing to worry about.

You're not going to lose your house over 20k.

I am currently paying more than what the mortgage is. While it is not much over the exact amount, it is more, so I feel I am in a better position showing I can pay it.

meeeeh

Something doesn't stack up for me. You are saying there is around 300k outstanding. Paying 750 per month amounts to 33 years of repayments without taking into the account interest and the fact you are over 10 years into the mortgage term.

GingerLily

meeeeh wrote: »

Something doesn't stack up for me. You are saying there is around 300k outstanding. Paying 750 per month amounts to 33 years of repayments without taking into the account interest and the fact you are over 10 years into the mortgage term.

Because they've been in arrears for a significant time, interest adds up.

meeeeh

GingerLily wrote: »

Because they've been in arrears for a significant time, interest adds up.

Yes but if the actual outstanding value is around 300000 then repayments at 1.4% should be around 900 for 35 year term mortgage, 1000 for 30 year term mortgage. Op is already 10 years into the mortgage and their repayment is supposed to be 750.

Edit: if 300k includes interest, it will take 33 years to repay it at 750 per month (31 at 800).

GingerLily

meeeeh wrote: »

Yes but if the actual outstanding value is around 300000 then repayments at 1.4% should be around 900 for 35 year term mortgage, 1000 for 30 year term mortgage. Op is already 10 years into the mortgage and their repayment is supposed to be 750.

Edit: if 300k includes interest, it will take 33 years to repay it at 750 per month (31 at 800).

The OP must be on Part Captial and Interest then, because it take 45 years to pay down 300k with 750e a month @1.4%.

Static M.e.

OP.

You would be entitled to use this service, it might be worth giving them a call.

They can give you free legal and financial advice at no charge as they funded by the State. They can also negotiate with the funds on your behalf to try and get you the best deal.

https://www.mabs.ie/en/abhaile/

Let us know how you get on.

Lord Nikon

If your currently in debt by 20k, does this have any effect on your ICB check. If the debt is written off by Ulster Bank, then are you still in debt for that amount? Perhaps if you are paying your mortgage now and will be paying your loan back with Cerberus, your credit rating should improve greatly.

iwillhtfu

Well lads, So it looks like I'm going to get a ring side seat at this cluster **** aswell.

Got a letter this morning stating that we've been sold to Promontoria Scariff DAC which in a roundabout way is Cerberus but interestingly this company has only been set up on the 14th August 2018

https://www.solocheck.ie/Irish-Company/Promontoria-Scariff-Designated-Activity-Company-632076

https://www.marketscreener.com/business-leaders/Geert-Jan-Schipper-0BR32Z-E/biography/

So thanks to Mary Murphy, Siobhan Hallissey, Jonathan Hanly, Gerard Brennan and Geert-Jan Schipper hopefully things remain amicable

Unlike OP the mortgage that has been sold is an "Investment" mortgage. In reality it was a mortgage my wife had pre marriage and pre crash which was reconfigured into an Investment anchor to be honest once we got hitched. Also unlike the OP there are no arrears owing on the mortgage there have been several agreed and maintained plans in place.

Now here's where the interesting but comes in. We have had a bit of hassle getting the last agreement signed off knowing what I do now perhaps this was a delay tactic to push us into arrears. Anyway it's been going on a couple of months during which we covered the entire repayment for each month. In any case so wife got a phone call yesterday with new and finalised agreement mortgage length was extended with payments reduced in line with affordability so happy days no more calls to make these arrangements we thought. The lady on the phone profusely apologetic about the delay stating it was all their fault etc etc. and arranged an immediate refund of last 2 payments to bring them inline with new agreed terms. Perfect Roll on this morning and a nice letter informing us of the above and that the sale whilst not finalised will take place in approx 90 days.

It's all a bit unknown at the minute wife was back on the hone this morning and ate whomever she was speaking with and insisted a copy of the terms agreed yesterday in the phone are sent out immediately.

All in all wife was a bit shook I'm ambivalent rightly or wrongly. I see a mortgage as an agreed sum to be repaid who I repay that sum to I could care less.

So figured I'd throw this on here and try keep an update to the process. I can't say I'm remotely concerned possibly naively but see it as nothing to be embarrassed about.

I don't see the need to go into the details as to the necessity for the restructuring etc but suffice to say we'd be paying approx 75% of full mortgage payment and under the new terms with extension we would have been paying 100%.

Also UB rep confirmed any mortgage that has and agreement in place is subject to sale. It is not only those in arrears.

On a personal note I would happily shove these keys up the nearest UB managers hole and walk away but we agreed terms when we took out the mortgage and I'd be the kind to honour these terms.

Property has been rented sporadically over the years and posted for sale several times. We are the epitome of reluctant landlords and see this property as nothing but an anchor we cannot wait to cast off.

Property is currently in approx 30k negative based off outstanding loan sum so this vulture fund would be in the green for a few thousand depending on what they paid presumably 60-70% of outstanding loan.

So not to make light of OP's situation but thought I'd another view point. Also home mortgage is also with UB this is unaffected according to UB rep no arrears on account.

I'm genuinely interested myself to see where this goes. Apologies for rambling a bit.

If anyone has any questions shout. I won't be answering personal questions.

hanaimai

There's like a dozen Promontoria companies, they are all under Cerberus I believe.

Autochange

buy a gun. shoot the first bailiff who steps onto your property

Amirani

Autochange wrote: »

buy a gun. shoot the first bailiff who steps onto your property

Yeah, probably don't do this...

Graham

Mod Note

Autochange, read the forum charter before posting in Accommodation & Property again.

Do not reply to this post.

iwillhtfu

hanaimai wrote: »

There's like a dozen Promontoria companies, they are all under Cerberus I believe.

There are indeed if you look at that market bio I linked you'll see more than a dozen. I believe the promontoria is essentially an investment portfolio.

mitresize5

OP fair play to you for getting back on your feet after what looks like a pretty tough time in your life.

You've nothing to worry about, your an ideal customer for Cerberus. Over paying and meeting all principle and interest payments. You're gold for them.

kavancj

Hi, just wondering if ulster bank has written to customers about selling their home loans ? Im currently on an arrangement ( big arrears) but I haven't heard anything from ulster yet ?

iwillhtfu

kavancj wrote: »

Hi, just wondering if ulster bank has written to customers about selling their home loans ? Im currently on an arrangement ( big arrears) but I haven't heard anything from ulster yet ?

According to the ulsterbank rep we spoke with any mortgages that have had arrangements in place are up for sale as such.

I would imagine they are primarily targeting investment properties.

You could always call them and see what they say. I wouldn't be to concerned once you're meeting your agreed repayments.

kavancj

Thanks - ulster did say when they sold the loans in august that customers would be give 90 days notice - I was really wondering if anyone got a notice letter yet ? Looking for comfort really ! :-)

iwillhtfu

I think the letter I received was the 90 date notice I'll have to check again. They did confirm when I called that nothing has been finalised yet but we'd receive minimum 90 days notice. I believe this is an on going process so let's go out in batches. I wouldn't be to worried if I were you you've always known the mortgage would have to be paid back to someone. If the whole vulture fund rhetoric was put to bed and your mortgage sold without notification you wouldn't be worried at all.m as you'd be none the wiser. Stick to your agreement and you'll be fine.

kavancj

Yeah I agree - ill just stick to my current repayments as see whe re it goes. I think ur right - as long as I keep paying there's nothing anyone can do Ulster or Cerberus.

Chieftain

kavancj wrote: »

Yeah I agree - ill just stick to my current repayments as see whe re it goes. I think ur right - as long as I keep paying there's nothing anyone can do Ulster or Cerberus.

As long as you are making a reasonable effort to pay, then it doesn't matter whether its Ulster Bank or a vulture fund. The reasonable living expenses guidelines are fair enough really. No matter how threatening they sound, it would be a pointless exercise for them to take you to court once you are making payments

kavancj

Thanks Chieftain - yeah ill just keep paying - its just a little disconcerting not knowing if your loan is staying with the people ur used to dealing with or will I have to go through an arrangement process again with another entity.

Chieftain

kavancj wrote: »

Thanks Chieftain - yeah ill just keep paying - its just a little disconcerting not knowing if your loan is staying with the people ur used to dealing with or will I have to go through an arrangement process again with another entity.

Yeah absolutely, there is enough stress around the whole thing without the added uncertainty this brings. From what I can gather things will stay the same during the 'transition period', and then presumable the vulture fund (which is just a company name really) will appoint a company to administer the arrangements.

If you are currently dealing with a company who are acting on behalf of Ulster, then there is a fair chance that the vulture fund could end up hiring the same company to act on their behalf

kavancj

Im still paying Ulster bank directly and will continue to do so unless I hear otherwise. The one thing I would like to know is if the loan is sold to Cerberus will the current repayments satisfy them or will I have to negotiate again. I could ring Ulster direct and find out - strange as it seems id dont want to I case they its sold - a bit silly I know - but my thinking is if it hasn't been sold their happy with the current situation.

hanaimai

If you're on an arrangement already, that will transfer to Cereberus. If you're on an arrangement that will eventually come to an end, like a temporary reduced repayment, then you will have to negotiate a new arrangement at that stage (same as you would with a bank).

kavancj

Ok thanks - yeah id say your right. I shouldn't be stressing over it - if its sold its sold and ill deal with Cerberus if I have to -thankfully no negative equity involved ( ltv approx 60 %) - so im happy ill be able to deal with anyone if I have to . Glad to even talk about it to be honest.

kavancj

Does anyone know how long it takes for Cerberus or Ulster to write to you regarding your new mortgage repayment logistics ( who and how to pay details etc) - after the 90 day notice is received. Do you keep paying Ulster till you get new payee details ?

iwillhtfu

kavancj wrote: »

Does anyone know how long it takes for Cerberus or Ulster to write to you regarding your new mortgage repayment logistics ( who and how to pay details etc) - after the 90 day notice is received. Do you keep paying Ulster till you get new payee details ?

I haven't heard a word on this side of things but as I mentioned before it's all still up in the air at least with the recent tranche of sold mortgages.