Hi,
Apologies if this is the wrong section. I searched Cerberus and only found one thread on it in here.
2 years ago, I restructured my family home mortgage with Danske into one performing variable rate loan and one warehoused loan. (about 50%/50%). I have not missed a payment since then.
The house is in small negative equity.
Last week I received a letter from Danske/Pepper saying they are selling the loans to Cerberus Capital Management. I know they must comply with the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015.
More than likely, Cerberus have bought the loans at a huge discount meaning there is positive equity in the house as far as they are concerned.
As Cerberus are a vulture fund, will they
1. be able to increase the variable rate so high that they deliberately force me into arrears in order to repossess my home?
2. can they apply different rates to each customer or must they have the same rate across the board for all customers?
Thanks.
Apologies if this is the wrong section. I searched Cerberus and only found one thread on it in here.
2 years ago, I restructured my family home mortgage with Danske into one performing variable rate loan and one warehoused loan. (about 50%/50%). I have not missed a payment since then.
The house is in small negative equity.
Last week I received a letter from Danske/Pepper saying they are selling the loans to Cerberus Capital Management. I know they must comply with the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015.
More than likely, Cerberus have bought the loans at a huge discount meaning there is positive equity in the house as far as they are concerned.
As Cerberus are a vulture fund, will they
1. be able to increase the variable rate so high that they deliberately force me into arrears in order to repossess my home?
2. can they apply different rates to each customer or must they have the same rate across the board for all customers?
Thanks.