Cerberus & Ulster Bank

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PatsyMc

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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
 
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.
 
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
 
HI Brendan,

Yes, they are both in negative equity.

Appreciate the advice.

I will wait until they contact me.

Thanks,

Patsy
 
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
 
Hi,

I also haven't heard anything from Ulster bank in over 5 years...not sure what's going on ??

The house was taken away (if you get me) I only found out the loan book from UB by a pal who works for the bank. I have no idea what the balance is ?? Even there is a balance on the loan ?? The number I was given to contact Cerberus / promontoria finn LTD 0818 300 060. That's the company the sold the massive loan book to. But, good luck trying to get through to them. I've been trying to contact them for months.
 
Hi,

Thanks for get getting back to me.

So, it gets written off after 6 years ??

Sorry that number is 0818 3000 60.
 
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