Bank sold our mortgage to a vulture fund

Dramaqueeny

We got a letter to say our mortgage will be sold to a vulture fund. When we contacted them they said it was a done deal and would have to deal with Mars Capital going forward.
Has anyone had any involvement with a vulture fund with a positive outcome?

Deagol

Dramaqueeny wrote: »

We got a letter to say our mortgage will be sold to a vulture fund. When we contacted them they said it was a done deal and would have to deal with Mars Capital going forward.
Has anyone had any involvement with a vulture fund with a positive outcome?

If you continue to pay your mortgage on time then there won't be any difference. If you however don't pay your mortgage when it's due then expect much tougher actions I would suspect!

lawred2

Which bank sold it and was it up to date?

FintanMcluskey

The Irish home is incredibly well protected in law, very hard to repossess I was told.

https://www.google.com/amp/s/www.irishtimes.com/business/financial-services/some-55-000-homeowners-behind-with-mortgage-repayments-in-september-1.4439574%3fmode=amp

55,000 mortgages on family homes are in arrears were in arrears at Christmas.

Separately, borrowers owed €16 billion in arrears on 98,521 buy-to-let mortgages, with more than 13,300 of them two months or more behind on their repayments.

If you get it trouble communicate immediately with the relevant institution

Darc19

It's the gutter media that create these names with the aim of scaremongering people.

Then political parties like SF/IRA , PBP, solidarity etc play politics and throw further scaremongering comments.

But the funny thing is that it is extremely rare for these investment funds to go the repossession route unless it's an investment property and even then they usually sell it with the tenant in situ.

They are also open to doing deals where it's obvious that they won't get full value.

If anything, if you have historic issues and are in better financial position now, these investment funds are far easier to deal with than a bank.

So forget the scaremongering "vulture fund" description and look at verifiable facts about these investment funds. You'll be surprised.

Dramaqueeny

lawred2 wrote: »

Which bank sold it and was it up to date?

EBS there are arrears but no missed payments in over three years

Truckermal

Contact MABS if you are worried.

Static M.e.

Funds are MORE likely to do a deal that Irish banks. Are you in Mortgage Arrears? If so, there are plenty of free supports and advice available to you.

Ninthlife

Dramaqueeny wrote: »

EBS there are arrears but no missed payments in over three years

I had a mortgage with Irish Nationwide which was sold to Mars Capital. No arrears or missed payments.

Its been with them years now , no difference. I pay them on time monthly, i get an end of year statement. They adhere to same rules and regs as any financial entity.

They even contacted me at start of pandemic to see if i wanted to avail of payment break

I wouldnt worry

Dramaqueeny

Ninthlife wrote: »

I had a mortgage with Irish Nationwide which was sold to Mars Capital. No arrears or missed payments.

Its been with them years now , no difference. I pay them on time monthly, i get an end of year statement. They adhere to same rules and regs as any financial entity.

They even contacted me at start of pandemic to see if i wanted to avail of payment break

I wouldnt worry

This has eased my worry greatly to know someone is currently with them and going well. Thanks. Are you in negative equity?

Dramaqueeny

Static M.e. wrote: »

Funds are MORE likely to do a deal that Irish banks. Are you in Mortgage Arrears? If so, there are plenty of free supports and advice available to you.

Yes I have arrears from years back that have not been addressed. No missed payments in a number of years

Ninthlife

Dramaqueeny wrote: »

This has eased my worry greatly to know someone is currently with them and going well. Thanks. Are you in negative equity?

Initially i would have been but not now.

The terms and conditions on your loan remain the same. They cant change those.

Any time ive spoken to them theyve been fine to deal with

TempAc

Dramaqueeny wrote: »

EBS there are arrears but no missed payments in over three years

Not ideal to be in arrears for over 3 years, but as long as you continue to not miss payments they'll likely leave you alone.

For context less than 4% of primary dwelling mortgages are in arrears of over 2 years.

Dramaqueeny

Ninthlife wrote: »

Initially i would have been but not now.

The terms and conditions on your loan remain the same. They cant change those.

Any time ive spoken to them theyve been fine to deal with

Did you liaise through a PIP or just yourselves

Geuze

Dramaqueeny wrote: »

We got a letter to say our mortgage will be sold to a vulture fund. When we contacted them they said it was a done deal and would have to deal with Mars Capital going forward.
Has anyone had any involvement with a vulture fund with a positive outcome?

Yes, when NIB/Danske left the market, my mortgage was sold to Goldman Sachs, managed by Pepper.

No changes, other than not as easy to contact Pepper, also their statements weren't as good.

It took them 16 weeks to release the deeds after redemption!!


I now have a UB mortgage, so this may happen to me again!!!

lawred2

Dramaqueeny wrote: »

This has eased my worry greatly to know someone is currently with them and going well. Thanks. Are you in negative equity?

too much crap in the Irish media about "vulture" funds

Ninthlife

Dramaqueeny wrote: »

Did you liaise through a PIP or just yourselves

Whats a PIP?

Dramaqueeny

Ninthlife wrote: »

Whats a PIP?

A personal insolvency practicioner

Hulk Hands

Static M.e. wrote: »

Funds are MORE likely to do a deal that Irish banks. Are you in Mortgage Arrears? If so, there are plenty of free supports and advice available to you.

I have a family member who has 100k left on a mortgage with a fund. They've been paying the mortgage (1k a month) in full and as normal for the two years since the bank sold the mortgage to the fund. It's an old tracker also so interest is minimal

Would the fund consider a deal in a situation like that? Say 90k up front to finish the mortgage? I've little experience here so just guessing

Smee_Again

Hulk Hands wrote: »

I have a family member who has 100k left on a mortgage with a fund. They've been paying the mortgage (1k a month) in full and as normal for the two years since the bank sold the mortgage to the fund. It's an old tracker also so interest is minimal

Would the fund consider a deal in a situation like that? Say 90k up front to finish the mortgage? I've little experience here so just guessing

How much is the house worth?

What’s the incentive for the mortgage company to accept 90c on the Euro?

Darc19

Hulk Hands wrote: »

I have a family member who has 100k left on a mortgage with a fund. They've been paying the mortgage (1k a month) in full and as normal for the two years since the bank sold the mortgage to the fund. It's an old tracker also so interest is minimal

Would the fund consider a deal in a situation like that? Say 90k up front to finish the mortgage? I've little experience here so just guessing

Not a chance in hell.

For about a few months to a year back in 2011/12 the cost of borrowing for Irish banks was higher than the tracker rate.

Then the ECB started issuing low cost finance directly.

The news media jumped on it because a couple of banks offered deals to a small group for a very short time and some people still think it can be done.

It can't.

This is a profitable performing account. There is absolutely no way they will give a discount.

Hulk Hands

Smee_Again wrote: »

How much is the house worth?

What’s the incentive for the mortgage company to accept 90c on the Euro?

250k. Cash injection instead of the slow payoff with inflation expected to rise I suppose. Granted that would affect the tracker rate. Someone told me it was possible but he was obviously mistaken. Cheers guys

Jim2007

Do not dig up old threads.