Lost Deeds & Vulture Banks

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sneachta

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In April 2014 I had gone sale agreed which after 25 years i was no longer able to make mortgage repayments for . After 16 weeks the bank eventually came back & advised they were unable to find the deeds of my house. The buyers lost patience & pulled out of the sale. The house has been on the market ever since and despite the deeds eventually showing up the best offer we can get is 40k less than we had gone sale agreed for 16 months ago.

The original loan has been passed from Irish Nationwide - IBRC- Mars Capital who continue to charge interest. Not only have i lost 40k on the sale but i have also been charged interest ever since. As I am unable to pay the large monthly repayments I must sell the house at the reduced price but i have asked Mars to take the circumstances into account but they wont budge. They claim the blame lies with IBRC/ Irish Nationwide who are now out of business.
I have offered to give Mars x2 times what they paid for it but they not willing to move on their inflated price of x3. If I hand over at the requested amount i will be forced to go on the social housing register.... a treble hit to the taxpayer.

Is there any options available to me as these vulture companies seem to be a law to their own?
 
sneachta said:
I have offered to give Mars x2 times what they paid for it
Click to expand...

Am I missing something here?

If you can afford to give them twice what they paid for it, surely you can afford to pay your mortgage? Why are you in arrears at all?

It also strikes me as odd that the value has fallen by €40k since April 2014? Ah, maybe it was April 2015 you went sale agreed?

Brendan
 
Hi Brendan

I think that "giving them twice what they paid for it" involves the surrender of the property and a partial write-off of the outstanding debt (i.e. the OP doesn't have the cash to settle the debt).

Gordon
 
Thats right Gordan. This was a performing loan for many years so the sale of the property would leave me with some money left over after the debt is clear. A clawback of some of the money lost from the non sale along with interest charged on the now non performing loan would make all the difference to me.
Brendan- it was indeed April 2015 that we went sale agreed, my mistake.
Thanks for the replies. I was hoping there may be an alternative to the legal route but it does appear to be my only option.
 
Hi Sneachta

Could you give us the actual figures here?

1) What price did you go sale agreed at?
2) What is the current value of the home? Is that your estimate or have you been offered it?
3) How much is outstanding on the mortgage?
4) How much have you paid in mortgage payments over the last year?
5)Why are you not able to make the full repayments?
6) I presume it's your family home and you are living in it?
 
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