I heard a strange case today from a guy I work with.
His wife lost her job two years ago and has not resumed employment since. He is the only breadwinner in the house. His salary is just above minimum wage so they are both struggeling paying their mortgage.
In 2009, they applied for an interest only payment on their mortgage. The bank approved this and they continued to pay interest only until November 2010.
Not long after, I believe the MARP process came into play and they were approached by their lender to fill out a financial statement. They done so and the bank declared to them that they were bankrupt. They were then asked to nominate a figure they could afford each month. They nominated a figure and have continued to meet their commitment.
The conversation started when this guy asked me did I know anything about the MARP process. I know very little and rely on the information I receive from the good people who contribute to this forum.
So I am asking for further information on his behalf please.
Now this is were it gets interesting. When they were offered the MARP there was two conditions within the contract that they did not agree too. I believe one of them was preventing them from filing bankruptsy. I have no idea what the other condition was. They wrote to a high ranking official within the bank who said the conditions were quite harsh and would see to it that they were removed.
This is almost a year ago and the MARP option was not put on the table to them again. They have continued to pay what they can afford but the MARP seems to be in limbo. Nobody has contacted them and they never heard again from the official.
As it is almost a year now since the MARP option can the bank file for repossession of their home?
His wife lost her job two years ago and has not resumed employment since. He is the only breadwinner in the house. His salary is just above minimum wage so they are both struggeling paying their mortgage.
In 2009, they applied for an interest only payment on their mortgage. The bank approved this and they continued to pay interest only until November 2010.
Not long after, I believe the MARP process came into play and they were approached by their lender to fill out a financial statement. They done so and the bank declared to them that they were bankrupt. They were then asked to nominate a figure they could afford each month. They nominated a figure and have continued to meet their commitment.
The conversation started when this guy asked me did I know anything about the MARP process. I know very little and rely on the information I receive from the good people who contribute to this forum.
So I am asking for further information on his behalf please.
Now this is were it gets interesting. When they were offered the MARP there was two conditions within the contract that they did not agree too. I believe one of them was preventing them from filing bankruptsy. I have no idea what the other condition was. They wrote to a high ranking official within the bank who said the conditions were quite harsh and would see to it that they were removed.
This is almost a year ago and the MARP option was not put on the table to them again. They have continued to pay what they can afford but the MARP seems to be in limbo. Nobody has contacted them and they never heard again from the official.
As it is almost a year now since the MARP option can the bank file for repossession of their home?