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.
Would a PIA work for me?
- Thread starter Open air
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Hi Open air and everybody
Just to point out that Open air appears to meet the main criteria for a "no-veto" PIA, that is, being in mortgage arrears on the family home as of 1 January 2015.
A "no-veto" PIA may be worth exploring. A potential proposal could involve adjusting the mortgage balance to the approximate value of the property, adjusting the term of the mortgage and the repayments to fit Open air's proven repayment capacity of €520 a month. Although it is an involved process, the big advantage is that the agreement of the lender is not needed, it gets imposed on the lender by a judge. Also, one of the first steps when applying for a PIA is the obtaining of a protective certificate. This would halt Tanager's civil bill for repossession allowing time for the PIA to be formally proposed.
Just to point out that Open air appears to meet the main criteria for a "no-veto" PIA, that is, being in mortgage arrears on the family home as of 1 January 2015.
A "no-veto" PIA may be worth exploring. A potential proposal could involve adjusting the mortgage balance to the approximate value of the property, adjusting the term of the mortgage and the repayments to fit Open air's proven repayment capacity of €520 a month. Although it is an involved process, the big advantage is that the agreement of the lender is not needed, it gets imposed on the lender by a judge. Also, one of the first steps when applying for a PIA is the obtaining of a protective certificate. This would halt Tanager's civil bill for repossession allowing time for the PIA to be formally proposed.
Brendan Burgess
Founder
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Hi Open air
I have copied your original post and TLO's response to a new thread, as it seems clear to me that this is well worth exploring , but you did not respond to TLO's suggestion.
I would not mention the PIA at the first hearing in the Registrar's Court though. You will get an adjournment anyway, and might want to use the PIA to get an adjournment later.
Brendan
I have copied your original post and TLO's response to a new thread, as it seems clear to me that this is well worth exploring , but you did not respond to TLO's suggestion.
I would not mention the PIA at the first hearing in the Registrar's Court though. You will get an adjournment anyway, and might want to use the PIA to get an adjournment later.
Brendan
The registrar just told us to use our time wisely.There is an extremely competent mabs guy who speaks in court where we are on behalf of distressed borrowers,,and the registar treats him like a king.The registrar absolutely slated tanager in the court the day we were there.Hopefully all will go ok