Vulture fund - Can they appoint a receiver to a house with no deeds/title documents?

[KloMae]

Current situation- had a mortgage with IRBC and MARS capital took this over. There was an issue with the ground rent and title deeds of which I have neither. This resulted in me stopping paying the mortgage until I got this settled. I don't recall singing any documents with MARS so I am wondering if they have a right to reposes the house or collect the rent when its rented out? I have tried proposing payment plans to no effect and now I am wondering how to find out who owns the house on paper? If not registered to MARS do they have any rights? Thank you!

 

[Leo]

There was an issue with the ground rent and title deeds of which I have neither. This resulted in me stopping paying the mortgage until I got this settled.

I don't understand this piece. Why would you stop paying your mortgage just because there were issues with the title? You don't get to take possession of deeds until any loan secured on the property has been paid off.

 

[Jim Stafford]

I don't recall signing any documents with MARS so I am wondering if they have a right to reposes the house or collect the rent when its rented out?

if Mars purchased the loan then they do not need your signature. If you default on a loan (which you have done) then Mars could either appoint a Receiver (if it is a buy to let) or seek re-possession (if it is your family home.)

You can check the Property Registration Authority to see if the mortgage has now been re-registered in Mars name (it probably has t this stage.)

As the issue is not going away, you should really engage with Mars and pay something off the mortgage.

If the mortgage is on your family home and if it was in arrears as at 1 January 2015 you would be eligible for a "no-veto PIA" and have the mortgage written down to the market value of house.

Jim Stafford

 

[mtp]

the purchase of a loan does NOT mean interest on property. To get an interest in property securing loan the owner of the charge must transfer his ownership of the charge to purchaser and owner of a charge is conferred with no interest in land until the charge is registered on the folio in the owner of the charges name. That is the Supreme court decision in Kavanagh v Mclaughlin. Purchase of a loan does not equal purchase of a charge or interest in any land. It just that the debtor is owes debt to purchaser of loan but vendor may still hold interest on property if vendor is registered owner if charge.