Vulture fund,civil bill

Open air

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Hey guys,,looking for some advice.We took out a mortgage in 2006 with BOSI.We ran into difficulty around mid 2011,my wife became very ill and had to receive alot of hospital care, chemo and trips abroad to see specialists.Our income collapsed as we were both unable to work.The arrears built rapidly as BOSI.were very slow to grant moratorium's or interst only periods.Around the end of oct 2013 we started making regular payments again,approx €330 p/m,should of been paying €700.We kept increasing these payments,as of the 1/1/15 we have paid €520 p/m,full payment is €690.So we have paid every month since oct 2013.Tanager took over our loan in april 2014.Our outstanding on mortgage is €188,000,our arrears balance is €22000.They have never really engaged with us,,to be honest we have had to contact them.My wife cant return to work due to her condition,,i am her carer and have a small business that i run on the side to help with bills.They rang us last mont and offered us a €50,000 euro discount on our mortgage if we could buy them out,we cant..They served us with a civil bill for possession this week and we now have a court date,,where to next,,any advice appreciated.
 
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Advice for people facing court repossession proceedings

If you have a mortgage of €188,000 on a tracker rate of 1%, then the annual interest is about €2k a year.

If you are paying €6,000 a year, that means that you are reducing the mortgage by €4,000 a year.

Based on our experience in observing court proceedings, it's very unlikely that they will get an order for possession any time soon if ever.

The problem is that while the balance on your mortgage is reducing, the arrears balance is increasing all the time.

They will argue, with some justification, that your mortgage is not sustainable. The problem for you is that the alternatives are not sustainable either.

1) Show up in court, ideally with your wife, and tell the Registrar the full story. You get an automatic adjournment on the first appearance, but you should show up anyway. Do not bring a solicitor. You will do much better on your own.

2) Keep a record of all your efforts to engage with Tanager. Show that you have been trying, but they have been refusing.

3) They will have to certify that they complied with the Code of Conduct on Mortgage Arrears. If they have not engaged, then they are not complying.

4) You can argue that your mortgage is sustainable. You are gradually reducing the the balance outstanding. Perhaps at some stage, your business or earnings will improve and you will be able to resume full repayments.


Longer term, you should see if it's at all possible to get family help to clear the arrears, or, at least, resume full repayments.

How much is the house worth? With your arrears record you won't get a mortgage elsewhere. But could you sell it to a family member or friend and rent it back?

There is also the possibility that you might qualify for the mortgage to rent scheme. A housing agency would buy your house and rent it back to you. The local authority would probably give you a Housing Assistance Payment to help you with the rent. But I don't think you should be investigating this for some time.

Brendan


 
It,s hard to value the house.we are in a rural area,and our house was built in council acre site in the 1950's.In the 70's a family member built on the other half of the acre site.my house was adapted by a local authority grant for my wife,and there was a extension put on.So even though ther is no physical boundaries on the site,,according to the folio map we are built 12 metres inside the other family members property.So i reckon it would probably never be sellable to a outsider without some demolition or compensation being paid to the other family member,,ive tried to explain this to them ,but to no avail.What ya think?
 
my house was adapted by a local authority grant for my wife

Make sure you tell the Registrar this.

So even though ther is no physical boundaries on the site,,according to the folio map we are built 12 metres inside the other family members property

Make sure to tell the Registrar this as well.

Tell the Registrar that you intend to fully pay your mortgage but that you need time. And that Tanager will get more money by waiting.

An alternative to consider is to agree a voluntary surrender or voluntary sale at a huge write off of the mortgage. And then try to get someone to buy it.

Brendan
 
Hi Open Air,
I was involved in a similar situation regarding
a property built partly on a neighbour's folio.
The bank involved placed the building on the market in 2010, the estate agent sold it on two separate occasions but once the purchasers Solicitors got involved it never went through.Not knowing the full details i think you are in a strong negotiating position.
 
Some guy from a self help group the other day told me to stop paying them,,,(go's against everything i believe),,and he said to take no more phone call's (even though they dont make too many),to get everything in future in writing and signed by a named person.He also thought that tanager has some issue with loans they took .?Any thoughts?
 
Some guy from a self help group the other day told me to stop paying them

This is just rubbish. They are presumably a Freeman type group who think that you can defeat the bank with spurious legal arguments. Adopting this approach is probably the best and quickest way to lose your home.

If you pay what you can, you will be able to stand up proudly in court and tell the Registrar that who will do everything in her power to keep you in your home by making life difficult for the lender. If you try to win a legal argument, you will lose the support of the Registrar.

Brendan
 
Thank you lukas,,,i hope so too! Thanks brendan i thought as much. I imagine the boundary issue's are a big plus in my favour so?
 
Agree fully with Brendan as regards Freeman
Etc,but i do think you should explore the folio
Situation it could be very important.Discuss the possibility of your neighbour issuing a Lis
Pendens.
 
To register a Lis Pendens is an easy process
But you really need to discuss the benefit of
It with your Solicitor.You will absolutely need
Your neighbours cooperation.
 
Should the Lis Pendens not be kept in reserve until the lender gets an order for possession, if ever?

The Registrars and Judges don't warm to borrowers who try to use legal tactics to avoid orders.

Brendan
 
Brendan is right; the truth is the best way to win this one. Keep paying, appear in Court every time, respect the Court and emphasise that you are doing your best. This is a house that has been adapted for use by someone who was stricken with a medical condition.

I would be shocked if an order is granted in a case like this.
 
Yes probably best kept in reserve,but it is a legitimate avenue for the debtor to pursue notwithstanding any
court bias.
 
The neighbour is my dad,,,so to be fair keeping him on side is the easy part!.Ya as brendan says ill walk in keep the head high,,ive done no wrong,and we have broken are backs with last 35 consecutive monthly mortgage payments.Disappointed to be heading down this route,,but what can ya do! Thank you guys for all ye're input
 
Hi there I am so sorry to hear of you and your family being placed in this awful situation. It might be useful to look at the central banks website and look at the mortgage arrears Resolution process steps and check that the bank fulfilled each part of the code. I think you will find they have not. It particularly in relation to notifying you in writing of the details of the appeal process. Also tanager as a credit servicing firm also had to fulfil the consumer protection code for servicing firms so check the consumer protection code for credit servicing firms on the same website also. Show you are committed to paying and working out a solution with the bank and I hope you get the outcome you need.
 
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They only solution that tanager put forward was to make full mortgage payment and put 200 on top to clear arrears.The official line was because you are not making full payments we cant do anything for you.
 
Leaving aside the 'don't pay' - which is terrible advice - I would 100% agree with ensuring everything is in writing and stop any further phone conversations. Make it clear that you are engaging but that it must be in writing.

Many of these companies have a high staff turnover, and you cant be sure that matters are correctly recorded.
 
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