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:
    373
    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:
    31,831
    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
     
  5. Kine

    Kine Frequent Poster

    Posts:
    373
    Hi Patsy,

    Have they contacted you yet? It's been several months from the initial "contact" letter where UB outlined what has happened, and the interim period is going on and on. UB now have no interest in dealing with any queries (although they continue to collect the rent) and have advised some people to google Cerberus and try get a contact number that way (seriously!).

    So, if someone's payment plan ends in the not too distant future, they now have no one to call / contact or any idea what's happening. So, plan ends and if you don't go back to full mortgage servicing, you are then in default....funnily enough that is exactly when the vulture fund gets their legal "in" to take the property. Now, I'm not usually cynical :)D) but this is screaming underhanded behavior in my view.

    K
     
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