Hi all,
I am at my wits end. I separated from my husband almost 4 years ago, not before I (very reluctantly) agreed to go on mortgage for two RIP's (Residential Investment Property Mortgages).
I have never had the keys for the place or received any rent etc.
Once we separated, I immediately wrote to the bank saying that I had no access to property or rental income and wanted to surrender properties. At the time had they been sold, there would have been minimal profit/loss. The mortgages were paid up to date at this stage.
Within a month of us separating, my husband started defaulting on the loan. As I had sent a letter, I would have thought accounts should have been flagged as potentially troublesome. He was receiving €2,200 per month in rent and repayments were circa €1,800.
I was not working as I just had a baby so could not pay these mortgages or in fact mortgage on family home. I went through courts for maintenance, which still is problematic and is constantly in default.
Year 1 I never heard from lender and assumed mortgages on RIPs were being paid. As part of preparation for family law case, I phoned up bank to get up to date balances and found that mortgages had not been paid for a year. From that point on, I constantly kept in contact asking them to escalate the accounts. At one stage they admitted they had fallen through the cracks and hadn't been passed over to arrears dept.
I phoned them constantly and begged them to turn cases legal so that at least, interest wouldn't continue to roll and that my husband wouldn't get to squander the €2k rental income. I checked with PRTB and they weren't registered and I reported it also to revenue as he admitted in court he wasn't declaring income. I wrote to my husband saying that we could lease properties to local county council and mandate income to lender, but he ignored my letter.
I thought the bank was ignoring the problem as they did not want to realise by now a substantial loss, so I tried other routes. I wrote to them saying that the two properties had tenants and requesting that they appoint a fixed asset receiver to at least collect rent. I never got a response, so I phoned bank and they denied receiving letter. I said letter had been sent by certified post and the guy laughed and said it was typical, so many letters got lost on the wrong desk. I got his email address and sent him letter as attachment. He said he would pass me on to legal dept.
I spoke to a manager in legal dept. and she said the situation was very serious and that she would take out file and do a full review and call me back within 2 days. That was 15 months and I still am waiting for a call back or response to my letter. I am currently seeking a legal separation but it has stalled ad my husband has failed to enter as much as an affidavit of means. We are in court every 2 months, the judge issues an order that he has 1 week to lodge it, roll on next court date and the same thing happens again and again. I am living in groundhog day.
Nothing is happening with these loans.
My husband and the bank are ignoring the situation (they still have no proceedings issued despite 4 years non payment) and I feel trapped. I am at a loss what to do and feel i can't move forward with my life with this time bomb waiting to explode. I struggle with my own mortgage, and while I can't make a full repayment, I make some payment monthly.
I contacted New Beginnings and they could offer me no help as there is no pending legal action.
I also think from a societal point of view if this is how banks are (not) dealing with really toxic loans, we have no hope of recovery.
I don't know what advice people can offer, if any, but I need to offload and hopefully somebody can see a solution that I'm missing. I can't talk to people in real life about this, but hoping that I can't see the wood from the trees and that a fresh set of eyes can give me a new perspective.
Thanks.
I am at my wits end. I separated from my husband almost 4 years ago, not before I (very reluctantly) agreed to go on mortgage for two RIP's (Residential Investment Property Mortgages).
I have never had the keys for the place or received any rent etc.
Once we separated, I immediately wrote to the bank saying that I had no access to property or rental income and wanted to surrender properties. At the time had they been sold, there would have been minimal profit/loss. The mortgages were paid up to date at this stage.
Within a month of us separating, my husband started defaulting on the loan. As I had sent a letter, I would have thought accounts should have been flagged as potentially troublesome. He was receiving €2,200 per month in rent and repayments were circa €1,800.
I was not working as I just had a baby so could not pay these mortgages or in fact mortgage on family home. I went through courts for maintenance, which still is problematic and is constantly in default.
Year 1 I never heard from lender and assumed mortgages on RIPs were being paid. As part of preparation for family law case, I phoned up bank to get up to date balances and found that mortgages had not been paid for a year. From that point on, I constantly kept in contact asking them to escalate the accounts. At one stage they admitted they had fallen through the cracks and hadn't been passed over to arrears dept.
I phoned them constantly and begged them to turn cases legal so that at least, interest wouldn't continue to roll and that my husband wouldn't get to squander the €2k rental income. I checked with PRTB and they weren't registered and I reported it also to revenue as he admitted in court he wasn't declaring income. I wrote to my husband saying that we could lease properties to local county council and mandate income to lender, but he ignored my letter.
I thought the bank was ignoring the problem as they did not want to realise by now a substantial loss, so I tried other routes. I wrote to them saying that the two properties had tenants and requesting that they appoint a fixed asset receiver to at least collect rent. I never got a response, so I phoned bank and they denied receiving letter. I said letter had been sent by certified post and the guy laughed and said it was typical, so many letters got lost on the wrong desk. I got his email address and sent him letter as attachment. He said he would pass me on to legal dept.
I spoke to a manager in legal dept. and she said the situation was very serious and that she would take out file and do a full review and call me back within 2 days. That was 15 months and I still am waiting for a call back or response to my letter. I am currently seeking a legal separation but it has stalled ad my husband has failed to enter as much as an affidavit of means. We are in court every 2 months, the judge issues an order that he has 1 week to lodge it, roll on next court date and the same thing happens again and again. I am living in groundhog day.
Nothing is happening with these loans.
My husband and the bank are ignoring the situation (they still have no proceedings issued despite 4 years non payment) and I feel trapped. I am at a loss what to do and feel i can't move forward with my life with this time bomb waiting to explode. I struggle with my own mortgage, and while I can't make a full repayment, I make some payment monthly.
I contacted New Beginnings and they could offer me no help as there is no pending legal action.
I also think from a societal point of view if this is how banks are (not) dealing with really toxic loans, we have no hope of recovery.
I don't know what advice people can offer, if any, but I need to offload and hopefully somebody can see a solution that I'm missing. I can't talk to people in real life about this, but hoping that I can't see the wood from the trees and that a fresh set of eyes can give me a new perspective.
Thanks.