Mortgage Sold to Mars Capital Finance by EBS

T

thebadger

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We have a 2 mortgages one with the Irish Permanent and the other with EBS,

the Permo mortgage is a buy-to-let which we are paying capital and interest,

the EBS one is our Family home and was restructured 7 years ago, again we pay capital and interest, we have stuck to this deal and paid back each month as agreed.

Due to a business failing and we were unable to pay the full amount, but due to this mortgage being restructured a few years back we were informed last week that the Mortgage is being sold By EBS/AIB to Mars Capital Finance DAC.

The problem we have here is we had both mortgages with the Irish Permanent but needed to remortgage, which the Permo wouldn’t do so, so we moved the Family Home Mortgage to the EBS,

our solicitor never checked there was a cross charge on the loans in the Irish Permanent and to date they will not release to deeds to the EBS/AIB,

so now our loan is been transferred to Mars Capital with no Title Deeds basically no security,

were at a loss as to what to do or what Mars Capital can do to us???

We are sticking to the terms of both loans which is costing us €4000 approx which we have struggled to do but want to keep a roof over our heads and were still in negative equity on the buy to let any help please
 
Last edited by a moderator:
I have broken up your post to make it readable.

This is not your problem. It is Mars' problem. They can't and won't do anything while you are paying your mortgage.

You will only have a problem if you want to sell your home. ptsb might insist that you give them the proceeds to pay off the mortgage you have on the buy to let.

If you want to sell the buy to let, you won't have a problem as long as the proceeds are sufficient to clear the ptsb mortgage.

Brendan
 
EBS/Mars may well have a case against your solicitor who presumably gave them an undertaking to give them good title. But that is your solicitor's problem, not yours.

I doubt Mars will be too worried about it while you are paying your mortgage.

They might find the whole thing too messy and offer you a discount for paying it off early. But I presume that selling your buy to let would not clear both mortgages.

Given the way the government is demonising landlords, you might consider selling your buy to let and regularising everything so that you can trade up if you ever want to. In a few years, it might be impossible to sell a buy to let.

Brendan
 
Brendan Burgess said:
I have broken up your post to make it readable.

This is not your problem. It is Mars' problem. They can't and won't do anything while you are paying your mortgage.

You will only have a problem if you want to sell your home. ptsb might insist that you give them the proceeds to pay off the mortgage you have on the buy to let.

If you want to sell the buy to let, you won't have a problem as long as the proceeds are sufficient to clear the ptsb mortgage.

Brendan
Click to expand...
I have been onto the EBS today they agreed with me that they don’t have the deeds, it looks like it’s a mess so they might not be able to pass the mortgage on to Mars, but that’s just the employees opinion. First time the EBS agreed with me though, just when they are selling my mortgage thanks for the advice
 
Brendan Burgess said:
Given the way the government is demonising landlords, you might consider selling your buy to let and regularising everything so that you can trade up if you ever want to. In a few years, it might be impossible to sell a buy to let.

Brendan
Click to expand...
Is there really a link between Government treatment of landlords and ability to sell a buy-to-let? When selling, you don't need to find another buy-to-let buyer. Given the huge demand for property in general at present, it's hard to see a circumstance where there is a difficulty in selling in the foreseeable future.
 
I thought you could no longer give your tenant notice because you wanted to sell it?

So you have to sell it with a tenant. That would put off most people who want to buy the house as it could take years to get the tenant out.

Brendan
 
Brendan Burgess said:
EBS/Mars may well have a case against your solicitor who presumably gave them an undertaking to give them good title. But that is your solicitor's problem, not yours.

I doubt Mars will be too worried about it while you are paying your mortgage.

They might find the whole thing too messy and offer you a discount for paying it off early. But I presume that selling your buy to let would not clear both mortgages.

Given the way the government is demonising landlords, you might consider selling your buy to let and regularising everything so that you can trade up if you ever want to. In a few years, it might be impossible to sell a buy to let.

Brendan
Click to expand...
Sorry to bother you again, just to run something by you, would you say in your opinion if we were to approach the Irish Permanent and ask them to remortgage our Family home. You were saying EBS/Mars might offer us a discount because of the mess if we were paying the Mortgage off early, so ask for a reduction on the mortgage with the money coming from Permo as they have the deeds already. Would you say this could be a runner.

Mars get loan off their books, Permo have the 2 deeds and 2 mortgage payments and we might be in a better position???
 
Brendan Burgess said:
I thought you could no longer give your tenant notice because you wanted to sell it?

So you have to sell it with a tenant. That would put off most people who want to buy the house as it could take years to get the tenant out.

Brendan
Click to expand...
Brendan Burgess said:
EBS/Mars may well have a case against your solicitor who presumably gave them an undertaking to give them good title. But that is your solicitor's problem, not yours.

I doubt Mars will be too worried about it while you are paying your mortgage.

They might find the whole thing too messy and offer you a discount for paying it off early. But I presume that selling your buy to let would not clear both mortgages.

Given the way the government is demonising landlords, you might consider selling your buy to let and regularising everything so that you can trade up if you ever want to. In a few years, it might be impossible to sell a buy to let.

Brendan
Click to expand...
Sorry to bother you again, just to run something by you, would you say in your opinion if we were to approach the Irish Permanent and ask them to remortgage our Family home. You were saying EBS/Mars might offer us a discount because of the mess if we were paying the Mortgage off early, so ask for a reduction on the mortgage with the money coming from Permo as they have the deeds already. Would you say this could be a runner.

Mars get loan off their books, Permo have the 2 deeds and 2 mortgage payments and we might be in a better position???
 
If you want to or wish to sell your rental property you can still sell it with vacant possession by issuing a notice to quit to the tenant. See "Sarencos" Thread on the subject and check the RTB website in order to follow the proper procedure.
 
Dermot said:
If you want to or wish to sell your rental property you can still sell it with vacant possession by issuing a notice to quit to the tenant. See "Sarencos" Thread on the subject and check the RTB website in order to follow the proper procedure.
Click to expand...
Thanks for that
 
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