How do banks deal with non performing mortgages

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Winnie1

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Mortgage has gone unpaid for approx 3 years, bank engaged but parties not making payments due to divorce, agreement on family home rent payments not being implemented by either party - rent being kept by one party.

No change in behaviour or either party expected so will the bank eventually sell the non performing mortgage or will legal proceedings be issued eventually?
 
Some useful info here:

Mortgage Arrears Resolution Process (MARP)

Mortgage lenders must follow a defined process when dealing with borrowers facing arrears. This process is known as MARP.
www.citizensinformation.ie www.citizensinformation.ie

Consumer protections for people with mortgage problems

Mortgage lenders must adhere to codes of conduct when dealing with customers. Find out more.
www.citizensinformation.ie www.citizensinformation.ie
www.centralbank.ie

How does the Central Bank protect people in mortgage arrears?

The Central Bank has a statutory Code of Conduct on Mortgage Arrears (CCMA) that lenders must follow. Explore our infographic about how the CCMA works.
www.centralbank.ie www.centralbank.ie
 
Bank will probably add fees and charges along with punitive legal fees when it goes legal.

Then sell the mortgage to a fund who will simply want to get a profit on the deal and will look at a forced sale.

The problem is that the couple will probably never get another mortgage and will end up renting for life because of their squabbles. They will also have problems getting credit cards and any type of credit

Someone needs to get them to see sense and the long term damage it will do both of them
 
peemac said:
Bank will probably add fees and charges along with punitive legal fees when it goes legal.

Then sell the mortgage to a fund who will simply want to get a profit on the deal and will look at a forced sale.
Click to expand...
Or just repossess.
Even though the Irish regime doesn't make this easy for a lender to do when borrowers are in default and making no effort to engage to rectify the situation.
 
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