Cerberus & Ulster Bank

Discussion in 'Mortgage arrears & negative equity case studies' started by PatsyMc, Mar 9, 2017.

  1. PatsyMc

    PatsyMc New Member

    Posts:
    2
    Hi All,

    I have 2 Ulster Bank Buy To Let loans that were seriously in arrears and were sold to Cerberus in October 2016.

    I have not heard from Cerberus yet and want to know if someone could point me in the direction of a professional who has experience in dealing with this company.

    I have one property empty and ready for sale and the market is strong at the moment in that area.

    Should I contact them before I place the property for sale?

    I am keen to get it resolved and move on.

    Thanks for your assistance
     
  2. Kine

    Kine Frequent Poster

    Posts:
    370
    My understanding is that the latest sale legally transferred mid-December, with an interim management period while Cerberus took over (with all payments going to UB until you're informed otherwise). I don't know if Cerberus (well their agent) has actually contacted people yet.
     
  3. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    30,717
    Hi Patsy

    Is the property in deep negative equity?

    They will probably do a deal with you. But if you tell them that you have put it up for sale, they might not. In other words, you should reluctantly agree to a sale in return for writing off the shortfall.

    Brendan
     
  4. PatsyMc

    PatsyMc New Member

    Posts:
    2
    HI Brendan,

    Yes, they are both in negative equity.

    Appreciate the advice.

    I will wait until they contact me.

    Thanks,

    Patsy