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1. When I was sold the mortgages 10 years ago I was lead to believe I could continue to extend interest only indefinitely. I feel I was misold these mortgages ( I originally took mortgages with first active and they are now with UB)
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2. If the banks are to repossess my properties how long does it take, if I decide not to hand them back voluntary, can the whole thing be dragged out
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3. How long does it take for bank to appoint a receiver
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4. Can anyone recommend a solicitor who deals with these issues in case I have to go to court to fight my case
Do you have equity in your home?
The main reason for dragging it out should be the very low interest rates, even if property values don't change.
Brendan
im with you Longford , you will be in positive equity within one year , its all about supply and demand.
if you ask for the information i suggested it will take them about 2 months to acquire it , so you are now into 2018.
im with you Longford .....
.... I wonder how many properties get back to owner once receiver appointed?
This is why you need to provide all the information asked for and not have it dragged from you bit by bit.
If the banks appoint receivers, you will lose your very low trackers and you will end up with a residual debt of probably around €200k. They will get a judgement for that and register it as a judgement mortgage against your home.
If you sell your home, the equity might enable you to retain these investments and your solvency.
Brendan
I do not think we know the circumstances here to be fair Mr. Burgress ?
I strongly recommend that you complete the following so that you can get comprehensive answers:
Information required for mortgage arrears and negative equity questions
It may further be the case that the borrower may be unable to obtain additional debt on their home due to lack of ability to service that debt, or a poor credit record.
....his excellent investments.
Brendan
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