Expert sought to deal with Vulture Funds

J

justo

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A 'friend' has had their mortgage, which was not in arrears, sold by Ulsterbank to Cerberus.

I think the friend should get expert professional advice. Any recommendations for someone who know how to deal with this and could advise on possible, probable next steps? Dublin area.

Thanks.
 
What sort of advice does your friend need?

If it's his family home, then I assume he is in deep arrears and in the courts facing repossession. I have done up this Key Post. It applies to all lenders. The only difference is that some vulture funds are more likely to write off the shortfall if he agrees to a voluntary sale or surrender. When he has read this, he might want to post his details to see if there are any suggestions specific to his case.

Advice for people facing court repossession proceedings
 
Thanks Brendan.

The advice he needs is to try to predict the next steps and plan accordingly. What is the vulture fund likely to do? Allow him continue repayments? Increase the interest rate? Insist he sells up and settles the loan?

Interestingly, prior to Ulsterbank selling the loan on, my friend had been making overpayments on the loan. He was not in arrears.

In this situation, my friend has other assets with no loans outstanding and has a reasonable income.
 
If he is not in arrears, the lender can't do anything.

But if he is not in arrears, why was the loan sold? UB says that only loans in the court process were sold.

They could increase the interest rate but are unlikely to do so.

It's likely that they got a good discount, so they might be open to a deal, i.e. giving him a discount if he refinances the loan elsewhere. So he should organise his affairs to avail of any such offer. In other words, only invest in liquid assets in case he needs to sell them.

Brendan
 
Thanks Brendan - much appreciated.

I can't understand why the loan was sold either.
 
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