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Can Bank Call For Repossession?

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  • 16-06-2010 2:17pm
    #1
    dublinjackeen
    Closed Accounts Posts: 6 ✭


    Hi, this may come across as a very silly question but I'm worried sick because of it.

    I've never missed a mortgage payment but my salary has dropped drastically. I knew this was coming and informed the bank immediately. In response, they halved my monthly payments.

    Since these payments were halved I've since had another decrease in salary. I had no option but to inform the bank of this. Now they are doing a full investigation into my financial affairs. When they start doing their sums it will be obvious that I will not be able to return to full mortgage payments.

    Can the bank start the repossession process now because of a customers dropped income?


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    #2
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Try not to worry dude, the banks will do everything they can to help you, you did right contacting them before you were in arrears. They really don't want to take your home. If you can afford to pay half mortgage on the new reduced wage they'll no doubt leave it at that and review again in 12 months.


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    #3
    was.deevey
    Registered Users Posts: 1,213 ✭✭✭was.deevey


    The way things are going we'll be into "generation" mortgages in ireland before long ..

    But in fairness to the banks they have not been going nuts re-possesing, rather the opposite in extending payments until we're all a bit better off (christ I hope that does happen).

    They aren't saints though. Taking your home at this stage makes no sense.. depending on how much is already paid off they'd likely take a hit if they dropped it at auction.

    They will do everything they can to take the pressure off the payments until you are in a position to increase (if even by a small amount) either 6 or 12 months down the line.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    You'd really have to be in dire straits for the bank to consider repossession, and if it's your family home, it's less likely to happen. Also, if it's your family home, AFAIK all the banks have an agreement not to try to repossess for the next 12 months, or something like that.


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    As long as you maintain the agreed repayments the bank will not seek to reposses your home.

    So far, you seem to be doing all the right things and all the other posts cover you fears.


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    #6
    daithimac
    Registered Users Posts: 515 ✭✭✭daithimac


    The only question I would ask is who is your mortgage with. If it is a sub prime lender then I would think that there may be some cause for concern.

    they seem to be very trigger happy in the way in which they pursue clients for there property.

    If it is AIB BOI or any of the other main banks then as above I would say honesty is the best policy as they seem intent to avoid repossession in any case where there client is reasonable about trying to make payments.


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    #7
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Recently, the Irish Mortgage Council requested that financial institutions with customers who may be facing difficulty with their mortgages, place a dedicated page on their website with the following information:
    o Code of Conduct on Mortgage Arrears;
    o IBF Pledge to Homeowners;
    o MABS protocol;
    o Guidance what to do in case of difficulties; and
    o A contact point helping troubled clients further.

    Here are some of the links:
    Permanent TSB
    Bank of Ireland
    EBS


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    #8
    Pythia
    Registered Users Posts: 7,469 ✭✭✭Pythia


    As long as you are co operative, the bank won't repossess the house. Better late than never.


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    #9
    dublinjackeen
    Closed Accounts Posts: 6 ✭dublinjackeen


    daithimac wrote: »
    The only question I would ask is who is your mortgage with. If it is a sub prime lender then I would think that there may be some cause for concern.

    they seem to be very trigger happy in the way in which they pursue clients for there property.

    If it is AIB BOI or any of the other main banks then as above I would say honesty is the best policy as they seem intent to avoid repossession in any case where there client is reasonable about trying to make payments.

    It's with ACC. I haven't had much dealings with them apart from this but seem to see their name quite a bit in newspaper articles related to repossession cases.

    I know I'm incessantly worrying but with my job looking increasingly like its on the line it has become a concern.

    Thanks everyone for your replies you've been very helpful.


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    #10
    WildBoots
    Closed Accounts Posts: 337 ✭✭WildBoots


    dublinjackeen wrote: »
    Hi, this may come across as a very silly question but I'm worried sick because of it.

    I've never missed a mortgage payment but my salary has dropped drastically. I knew this was coming and informed the bank immediately. In response, they halved my monthly payments.

    Since these payments were halved I've since had another decrease in salary. I had no option but to inform the bank of this. Now they are doing a full investigation into my financial affairs. When they start doing their sums it will be obvious that I will not be able to return to full mortgage payments.

    Can the bank start the repossession process now because of a customers dropped income?

    You might be interested in the following site, there's free ebook available for download that explains everything.

    http://www.freeandclearin90.com/

    For even more information see www.freemanireland.ning.com


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