Ulster Bank Mortgage - Possible sale to vulture fund

ElaineMac13

Registered User
Messages
7
Hi

We have a mortgage with Ulster Bank and our assuming it will be included as part of the potential sale.
It is a tracker mortgage - outstanding balance €271,000
Remaining Term is 21 Years
Arrears Balance - €32,000

Just recently being offered a Step Up Arrangement which includes full payments and additional sum of the arrears (€200).
Have capacity to make full payments and affordability to meet repayment if arrears capitalised.
Arrangement due to commence on 25 July 2019.
End 25 December 2019
Really want to try and get to that stage so Bank will capitalise arrears but scared it will sell off in the meantime.
So many mixed messages about Banks-v- Vulture funds.
Very worrying time.
Have written to the Bank to ask that they consider keeping mortgage on their books to end of December 2019 at least so arrears can be capitalised.
Scared they will sell on.
We have actively engaged with Bank since getting into arrears some 5+ years ago - always being 6 month arrangements.
Will Vulture fund honour seem type of repayment proposal as Ulster Bank is - this is based on our current SFS.
Welcome any advice/reassurance please.
So worried.
Also liaising with MABS
Thank you
 

ElaineMac13

Registered User
Messages
7
By the way, Brendan - I admire you so much - love this Forum as it helps to receive information and off load some worries. The first comfort I got was listening to you on RTE News on Tuesday night in which you said it is sometimes easier dealing with Vulture Funds than Banks.
 

Leo

Moderator
Messages
10,086
Please edit your thread title to make it more meaningful, this will encourage more people to read it and likely get a better response.
 
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