Vulture fund not engaging

ShellRoss

New Member
Hi, hoping someone can give some advice. We have a BTL property that was recently sold from ulsterbank to a vulture fund. We have been paying the full mortgage on this for the last few years without problems but there is arrears of €3400 on it from a few years ago. My husband has contacted the vulture fund and asked if we could pay the arrears back in installments an continue to pay the full repayments back also. They have said no and that they expect it to be paid in full or they will repossess the house. Can they do this for such a small amount when we are trying to engage and if so how long would it take before it went to court (meaning we could have it paid back in a few months). Or would a judge allow them repossess it instead of engaging.
 

RETIRED2017

Frequent Poster
Shellross Are you sure it Will go to Court, I suspect if the paper work in in order they do not have to,
Is rent covering mortgage,is it in positive equity,
 
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Jim Stafford

Frequent Poster
The fund are engaging, just not on your terms!

It is not possible to provide you with proper advice unless provide full financial details.

It might be advisable to sell the property now for example?

In any event, if you do not immediately clear the arrears it is likely that the fund will appoint a Receiver. (Even if you pay the arrears they might still appoint a Receiver anyway, as you have breached the terms of the loan.)

Jim Stafford
 

ShellRoss

New Member
The house is still in negative equity as we bought it in the boom. So you are saying they can still make us sell it even if we pay the arrears and pay the monthly repayments on time? The rent does cover the mortgage so it is paid in full each month.
 

ShellRoss

New Member
The letter states that as have 30 days to pay the arrears or they will appoint a receiver. If we pay the arrears can they still appoint one and if so what happens then? ImI'not duresif it makes a difference but we are on a tracker mortgage of 0.6 over the ecb (it was a staff mortgage so very good rate). I believe this is why it was sold to promontoria as UB were not making a huge profit from us and hard to believe they would sell a mortgage thsttonly had arrears of €3400 but was paid on time and in full for the last few years.
 
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Jim Stafford

Frequent Poster
If you had arranged an ARA (Alternative Repayment Arrangement) with UB then it is possible that the ARA incorporated the arrears = the fund are bound by the ARA.

In fairness to the funds, they do not always get reliable information from the banks, and thus they may be incorrect in their view that there are arrears.

The big difference between the funds and the banks is that the funds are much more assertive and much more decision orientated.

Jim Stafford
 

NoRegretsCoyote

Frequent Poster
It's basically an empty threat.

Continue to pay the mortgage in full.

Write them a letter saying you will pay the arrears over time, and send them a cheque for €100 a month.

No court in the land will repossess over €3600 of arrears that is being repaid.



Btw: the negative equity is irrelevant.
 

Bronte

Frequent Poster
It's basically an empty threat.

Continue to pay the mortgage in full.

Write them a letter saying you will pay the arrears over time, and send them a cheque for €100 a month.

No court in the land will repossess over €3600 of arrears that is being repaid.



Btw: the negative equity is irrelevant.
How is it an empty threat. It's a BTL. If a receiver gets appointed the last thing she'll be worried about is just the arrears.

OP I would beg borrow or steal the arrears and sort this out.
 
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