Arrears and repossession letter

[3blondes]

I hope I'm posting in the right place.

I have just over 6k arrears on my mortgage. Balane outstanding (incl arrears) is €287k. House in negative equity.

Arrears built up this year due to personal circumstances and are made up of 2 full missed payments and a bunch of partial payments.

I've had my head in the sand about the arrears, stupid I know.

Received a 10 day demand letter yesterday indicating that the bank will move towards repossession unless entire debt is repaid.

I will be contacting the bank first thing on Monday morning to arrange a meeting.

I'll be proposing to pay €400 per month off the arrears in addition to my normal mortgage payment commencing in January. This will be affordable.

Just wondering has anyone heard of the bank accepting a proposal such as this? If they do will the halt the repossession process?
If they refuse this and insist on proceeding should I just start doing it anyway and hopefully by the time it goes to court most of the arrears would be cleared and it would be thrown out?

Thanks.

 

[Brendan Burgess]

Hi Blondie

You need to put up this information to get a meaningful answer

Information required for mortgage arrears and negative equity questions

In particular, which lender?

Many people put their heads in the sand and pay nothing. It sounds that you have at least paid intermittently.

If it's a mainstream lender, they just want you to engage and will restructure your mortgage.

Brendan