BoSI has sold its mortgages to Tanager Ltd, a vulture fund

Hi Brendan,

Thanks, I think we'll stop now and neither apply for recap or make any further repayments. I'm just sorry we made a payment today as we will be running on fumes from now until our end Jan paydays.

I think our only realistic option is to ask Tanager allow us to sell for market value and write off the balance or will this be the only scenario regardless? Would you see Tanager chasing us for any/all of the shortfall as current market value may not yield them a profit based on reported purchase level of loans?

Our current credit rating would be basically junk , we don't see any possibility in approaching another lender for a market value mortgage.

How would a sale and write down impact our future credit rating?

I will keep the thread updated with any Tanager contact.

Thanks Again.
 
I'm just sorry we made a payment today as we will be running on fumes from now until our end Jan paydays.
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As I say, whatever about meeting your moral duty to try to meet your repayments, you should not be living on fumes to meet your mortgage. You will get no credit for it.

Would you see Tanager chasing us for any/all of the shortfall as current market value may not yield them a profit based on reported purchase level of loans?
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I simply don't know. I would certainly be trying to get the write off agreed before agreeing to a sale.

Your credit rating is destroyed anyway. I presume that once Tanager takes over, they will cease feeding into the ICB, so your record should cleanse itself after around 5 years.
 
Just off the phone to BOSI, was impossible to get through to certus today (45 minutes on hold), rang the bank directly and got through quickly to someone.
They advised that my account has not been transferred so far , although it may be in the future as they are just in the early stages of transferring accounts.
Somewhat unsure of how to proceed now.
 
michaelg said:
Just off the phone to BOSI, was impossible to get through to certus today (45 minutes on hold), rang the bank directly and got through quickly to someone.
They advised that my account has not been transferred so far , although it may be in the future as they are just in the early stages of transferring accounts.
Somewhat unsure of how to proceed now.
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Are your loan(s) performing or non performing (if you don't mind me asking)?
 
michaelg said:
The mortgage is about 860 per month but I can afford to pay only 400 per month,,

Sent from my XT1032 using Tapatalk
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Seems to be only non performing loan are looked at to be transfered.

I was on to Certus yesterday about something else and asked about this and they said my loan would not be transferred and when I pushed why not the guy on the phone said it was only loans 'in trouble' that were being transferred.

As a side note they will allow me to rent out my PPR and keep my tracker rate even though it says in my T&C's they have the right to change it. However they will not allow me to sell and move my tracker. I was only chancing my arm on the second point as I knew they would say no however was pleasantly surprised on the first point.
 
Brendan Burgess said:
Very interesting. Would you mind adding this point to this Kep Post ?

Has anyone lost their tracker through renting out their home?

If you get it in writing, you might let us know.

I wonder will Tanager have the same policy as Bank of Scotland?

Brendan
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Sorry Brendan, I should have been a bit clearer.

I was on the phone to them yesterday and by chance also received a letter from them yesterday as well. The letter confirmed, among other things, that I could rent my PPR and keep my tracker rate.

Will add to the other post as well.
 
Tanager options

Hi

I too got letter from BOSI saying mortgage had been sold to Tanager.

In my case our difficulties meeting mortgage repayments and getting into arrears mainly arose because myself and my wife separated 4 years ago. I kept up payments until downturn hit my business & income and it became unsustainable.

We have been dealing with Certus and had rolled over 6 month interest only agreements with them. In November I managed to get a meeting with them to try and agree a long term solution. Our priority is for my wife and kids to stay in house until kids are finished college so what we offered was that we make interest only payments and then sell the house in 3 years time to hopefully clear mortgage. The offer was knocked back las week and my advice was to appeal it through Certus process and to ombudsman if necessary.

The sums in our case are that the outstanding balance is €789,000 and the house is valued at and would sell for €645,000 today.

From what I have read here my instinct is that the knock back and Tanager purchase letters crossed. I know it is hard to guess their strategy but Is there a possible silver lining given that the loan was bought at such a discount? Will they be open to do a deal Or are we first in line for repossession?

The goalposts have definitely moved so any advice would be welcome.


Thanks
 
I would say that they will probably do a deal. "Sell the house and give us the proceeds and we will write off the shortfall. "

I think though that you need to get your prioities in order. If you want to keep your house, you should not be thinking of borrowing €19,000 for a car. Car Loan

Presumably you have a cheap tracker? Is it interest only for the full term or do you have to make repayments? You should start a new thread using this format

Standard Format for mortgage arrears Case Studies

I think though that you need to get your prioities in order. If you want to keep your house, you should not be thinking of borrowing €19,000 for a car.


Brendan
 
Hi Brendan

Thanks for the reply.

"Sell the house and give us the proceeds and we will write off the shortfall" is a good outcome if I can kick it down the road for a few years. I will try and clarify position with Certus and will post any feedback. When I did manage to arrange a meeting with Certus after 2 years in MARPS the guy I met was extremely helpful.

Totally take your point about car loan...

Thanks
 
Hello,

I have a performing mortgage with BoSI of €1.4m (split 700k on tracker and €700k on variable). The tracker portion is ECB + 0.7% and the variable is obviously very low also as they have passed on all ECB rate reductions (so essentially a higher interest tracker).

Both loans are interest only for the full term..... 27 years remaining.

These loans from an actuarial perspective must be costing BoSI a fortune so to call them 'performing' is somewhat ironic. I didn't get any letter so I'm assuming that Tanager/Apollo haven't taken the loans over.

My question is this....... are BoSI likely to keep plodding along losing money on my mortgage or is there a possibility that they could be persuaded to take a large haircut and see me off their books and into the arms of another provider via a refinancing mortgage?

Secondly how much of a discount would make it worth my while to switch away from my BoSI very low interest only tracker(s), to a full capital and interest scenario with another provider at fairly steep rates compared to what I'm dealing with now?

I take the earlier point by someone that my mortgage isn't so much of a problem for BoSI as it could likely be securitised by them, but surely the price paid by them to get it securitised and off their books would be a steep discount to entice a potential purchaser? If I could match whatever discounted price is on offer for my loan in the securitisation markets, then perhaps BoSI could be enticed to do a deal directly with me?
 
guys -this is about the loans which have been sold. start a new thread if you want to discuss performing loans which have not been sold.
 
Tanager

Hi all,
I received a letter informing me of my mortgage being sold to Tanager. This arrived the same day the bank's solicitors sent me out the Voluntary Surrender documents that I had been speaking with them about. At no stage did they inform me of the recent sale to Tanager. I will hold off on voluntary surrender until I make contact with Tanager.
 
Hi Brendan,
New to this and trying to get to use the info.
Judgment mortgage on one person, on a jointly owned family home, what is the risk of order of sale.
J
 
Debt sold to tanager

Hi

I am really glad I found this thread. I also received a letter from
Bosi stating that they sold my mortgage to tanager as of 5th December 2013.

I bought for €359k, arrears of €40k - current balance €365 - property worth €200 roughly. I lost my business hard and fast and found myself in an unattainable situation for a long period. Agreement in place with Certus to repay €635 monthly which I stuck to entirely up to December 2013 when this letter was received. I was told the debt price was agreed with tanager as of the date stated and any payments made to Certus following this would not be reduced off my debt but more go to the Certus pot to cover costs??

I have not made a payment for jan.

In September 2012 BOS started legal proceedings with me. I have had over 8 court dates each one being adjourned as I was in constant communication an negotiation with the bank and had short term agreements in place. My next court date is 24th feb. I wasn't too worried as I was told to expect a letter with the transfer date soon but thought I would have it by now. I don't know where I stand now. Can BOS seek repossession even though they have agreed the sale of my loan??? Does the fact that I am currently in legals with BOS mean that tanager will just come in a continue and go for rapid repossession?? Will I be given a chance to negotiate with them? I can continue my current repayments not much more. I have 2 little babies under 2, this is my family home and these guys seem ruthless from what I have read plus I am no longer protected by a regulatory body but rather consumer law. I am really concerned and any advice would be really appreciated.

Thank you

Alison
 
What does your solicitor say?

Tanager would be taking over the full rights of BoSI and so can take their place in the legal proceedings.

It sounds as if your mortgage is totally unsustainable. What negotiation can you do?

It's possible that they might well agree to the voluntary sale of your home and to the writing off of the shortfall.

You are well beyond the protection of the CCMA now anyway as you presumably exhausted the MARP.

Brendan
 
Melodyash said:
. I have had over 8 court dates each one being adjourned as I was in constant communication an negotiation with the bank and had short term agreements in place.

I can continue my current repayments not much more. I have 2 little babies under 2,
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Alison who adjorned the court cases and on what basis?

If you've only got enough money for the next short while and as you've two young children, would you not be better off keeping that money for a deposit and rent when you eventually have to move.

What is it you want from your bank/Tanger?
 
Hi, What is your advice on paying mortgages that have been sold to Tanager Ltd. I was paying €750 per month on a mortgage up to December, my mortgage payments should be €2,100. I didn't pay in Jan as I received the letter to say it has been sold on. I have received 3 calls from Certus in the last 2 weeks, looking for money and I have told them I will wait to deal with Tanager. They are saying that I should be dealing with them, but to me it seems like dead money esp if Tanager are going to change the goalposts as soon as they have the loan book. Have we any idea of when this will be? I am nearly 60k in arrears and expect them to start proceedings soon, if the book is not moved to Tanager. I would do a voluntary, as long as debt is written off, as I have no other way out of this unless I go Bankrupt. Thanks.
 
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