Hi all,
I'm new to AAM so please bare with me.
I won't mention the Fund applicable but they purchased my mortgage about 2 years ago. I'll be honest and had difficulties over the past 4 years but always maintained interest only payments etc.
Mortgage taken out in 2001, small top up 2003.
Total Balance outstanding is €44k, of which there is warehoused arrears included in takeover, this was a 5 year agreement, just expired and may explain the Vulture funds move.
So this morning out of the Blue letter's arrived with a demand for full balance to be cleared within 7 days, after that legal proceedings to follow. This was genuinely not expected infact a new short term rolling arrangement was planned start of August.
Astonished and quite taken aback, I contacted Abhaile (Mabs), unbelievably helpful and have commenced a process. It was let slip a surge in such activity has commenced. Obviously this won't stop whatever action the Vulture fund wish to take. I've read about options, PIA being a possibility but gosh the fee's are high anything up to 7k depending on complexity, I don't begrudge professional fees for expert advice, just wasn't expecting it.
Due to a long term illness my income will be affected so I need to be realistic. My Home (Small cottage) is quite rural, I've no dependents, single with an approx value of €160k.
So here's the question, sorry for the amount of details.
I have potential access to near enough the €44k to clear the balance but only if repossession likely.
Seperately Going down the PIA route will be expensive albeit some potential debt forgiveness (I understand nothing certain) and years of obligations etc. I want to keep my home, at 54 Never ever intended selling, mine is certainly not a trophy property but idealic if that's the right word. My other fear is there's very little incentive for a Vulture fund to agree to a PIA in my current situation.
What are peoples thoughts on trying to reach a settlement, no courts, additional costs etc. Is it unlikely given my equity is quite high and actual balance relatively low that a Vulture fund would accept a small discounted offer, is it even worth trying?
I need to reiterate, the offer to clear comes from a dear friend with no strings attached but I will fully intend assigning property in some way to that friend, my case is genuine, illness and reduced income has been my honest challenge and maybe into the future.
Thanks for any advice and please no prejudging, I accept my responsibilities, just looking for an amicable cost effective solution.
I'm new to AAM so please bare with me.
I won't mention the Fund applicable but they purchased my mortgage about 2 years ago. I'll be honest and had difficulties over the past 4 years but always maintained interest only payments etc.
Mortgage taken out in 2001, small top up 2003.
Total Balance outstanding is €44k, of which there is warehoused arrears included in takeover, this was a 5 year agreement, just expired and may explain the Vulture funds move.
So this morning out of the Blue letter's arrived with a demand for full balance to be cleared within 7 days, after that legal proceedings to follow. This was genuinely not expected infact a new short term rolling arrangement was planned start of August.
Astonished and quite taken aback, I contacted Abhaile (Mabs), unbelievably helpful and have commenced a process. It was let slip a surge in such activity has commenced. Obviously this won't stop whatever action the Vulture fund wish to take. I've read about options, PIA being a possibility but gosh the fee's are high anything up to 7k depending on complexity, I don't begrudge professional fees for expert advice, just wasn't expecting it.
Due to a long term illness my income will be affected so I need to be realistic. My Home (Small cottage) is quite rural, I've no dependents, single with an approx value of €160k.
So here's the question, sorry for the amount of details.
I have potential access to near enough the €44k to clear the balance but only if repossession likely.
Seperately Going down the PIA route will be expensive albeit some potential debt forgiveness (I understand nothing certain) and years of obligations etc. I want to keep my home, at 54 Never ever intended selling, mine is certainly not a trophy property but idealic if that's the right word. My other fear is there's very little incentive for a Vulture fund to agree to a PIA in my current situation.
What are peoples thoughts on trying to reach a settlement, no courts, additional costs etc. Is it unlikely given my equity is quite high and actual balance relatively low that a Vulture fund would accept a small discounted offer, is it even worth trying?
I need to reiterate, the offer to clear comes from a dear friend with no strings attached but I will fully intend assigning property in some way to that friend, my case is genuine, illness and reduced income has been my honest challenge and maybe into the future.
Thanks for any advice and please no prejudging, I accept my responsibilities, just looking for an amicable cost effective solution.