Irish times - Bankruptcy and banks losing millions

Start were purchased by a private equity outfit relatively recently, so their outlook probably has changed.
 
michaelg said:
http://www.irishtimes.com/news/irel...g-to-deal-with-distressed-borrowers-1.2175288

I've consistently said this to my mortgage provider for years but they still would not meet and talk to me sensibly.
Spoke with someone at start mortgages a few weeks ago, they said they were open to all sensible offers and were not having a policy of repossessions, What a crock of sh*te.
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MichaelG.
We can be sure that whoever bought Start, bought it at a large discount.
They do not have a policy of Repo ,not out of softness but that Repo is a long drawn out, uncertain and more importantly expensive process for them.
If you are not in arrears there is no need for Start to settle.
If you are not in negative equity there is no need for Start to settle.

If you are in arrears and in negative equity ,a settlement might appeal to Start.

If you wish to (push) matters , do a Subject Access Request ,SAR to Start . For e6.50 you will get your hands on all documentation/calls etc on your account.
Also check have they Good Title to the house.
Quite often ie up to 20% Banks do not have clear title.
At worst ,after this you will have proper info to work on.

Am I right in thinking that Start have well reduced the rates they were charging to a sensible level?
 
Thanks for that Gerry
How would I check if they have good title ? What's the implications if they don't ?
 
michaelg said:
Thanks for that Gerry
How would I check if they have good title ? What's the implications if they don't ?
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Ask your solicitor to confirm ; that said he probably will say yes ,but in the (fluffy) times shortcuts may show up if things get difficult. Do not worry about it yet unless you are in deep trouble.

Reportedly 18% of Mortgages with PTSB , BOI etc have flaws in the Title that should (war) erupt twix lender and mortgagee it would be very difficult for lender to repo etc. What it could mean is that Lender would accept a compromise, short of Repo etc.
From experience the SUB -Prime lenders would have been slacker that say the PTSB,s.eg know of a case were wife did not sign !.
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If they do not have 100% clear title to the property , no one will buy it and eviction or enforcement becomes a nightmare.
 
And I know of a case with Start where the solicitor witnessing the document could not have done so on the date stated.
 
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