House Repossessions - any experience?

Mesenger1

Hi all,

Hope this is in the right forum, if not please let me know.

I only have a quick question, are home repos on the rise?? Does anyone know of anyone personally that this has happened to? What happens on the day - do bailiffs actually turn up on day to turf you out? How does the whole process actually transpire?

Luckily I'm not in a position to find out soon but just curious so any feedback would be helpful.

Thanks in advance

M1

Slydice

I did a quick google and it looks like citizens information have a page on it:
http://www.citizensinformation.ie/en/housing/losing_your_home/home_repossession.html

I only just skimmed it but it looks to give a fairly comprehensive explanation

The_Conductor

The manner in which a property is repossessed depends on when the property was originally purchased.

If you agree to the repossession- an agreement is made between you and the lender to the repossession and you can agree the terms between you (e.g. I Mr. and Mrs. X will provide vacant possession of property Y to lending institution Z on or before Date (whatever) subject to the following terms (whatever).

If you do not agree to having the property repossessed a lender must go to court (at your expense) -

Prior to 1/12/2009 - Lender can initiate proceedings in either the circuit court or high court for a repossession order. If granted, any legal fees must be met by the borrower.

After 1/12/2009 - Lender must first lodge a case in the circuit court (i.e. they can't go directly to the high court).

At present the bulk of repossessions have been by companies who might best be described as 'sub-prime lenders', along with institutions cleansing their loan books (such as BOSI who have quit the Irish retail market). Repossessions by the 'big 4' are accelerating- after they have been instructed to repair their teir 1 capital ratios (i.e. the government want them to try to get as much as possible for any assets they can offload- in order to minimise any future capital injections deemed necessary). Reading between the lines- BOI might be a more likely to initiate proceedings against non-compliant customers- as they want to remain independent if at all possible (the other 3 haven't a hope- AIB is going to be circa 98% taxpayer owned).

Given last weeks instructions to NAMA to dispose of its residential property portfolio- its only a matter of time before a similar house clearing exercise (if you'll excuse the play on words) becomes de rigour in the retail institutions (and would be a precursor to the sale of one or more of the lenders to an international firm (such as the rumours regarding Santander).

If you feel that you are at risk of having your property repossessed- the very worst thing you can do is put your head in the sand and hope things go away. You need to open a dialogue with your lender.

With respect of the sheriff turning up and turfing you out- if a repossession order is granted to a lending institution and you do not comply with the terms of the repossession- by law the lending institution is instructed to use the sheriff to gain vacant possession of the property.

If you are at any risk whatsoever with mortgage repayments- open an immediate dialogue with your lender!!!!!!

Mesenger1

smccarrick wrote: »

The manner in which a property is repossessed depends on when the property was originally purchased.

If you agree to the repossession- an agreement is made between you and the lender to the repossession and you can agree the terms between you (e.g. I Mr. and Mrs. X will provide vacant possession of property Y to lending institution Z on or before Date (whatever) subject to the following terms (whatever).

If you do not agree to having the property repossessed a lender must go to court (at your expense) -

Prior to 1/12/2009 - Lender can initiate proceedings in either the circuit court or high court for a repossession order. If granted, any legal fees must be met by the borrower.

After 1/12/2009 - Lender must first lodge a case in the circuit court (i.e. they can't go directly to the high court).

At present the bulk of repossessions have been by companies who might best be described as 'sub-prime lenders', along with institutions cleansing their loan books (such as BOSI who have quit the Irish retail market). Repossessions by the 'big 4' are accelerating- after they have been instructed to repair their teir 1 capital ratios (i.e. the government want them to try to get as much as possible for any assets they can offload- in order to minimise any future capital injections deemed necessary). Reading between the lines- BOI might be a more likely to initiate proceedings against non-compliant customers- as they want to remain independent if at all possible (the other 3 haven't a hope- AIB is going to be circa 98% taxpayer owned).

Given last weeks instructions to NAMA to dispose of its residential property portfolio- its only a matter of time before a similar house clearing exercise (if you'll excuse the play on words) becomes de rigour in the retail institutions (and would be a precursor to the sale of one or more of the lenders to an international firm (such as the rumours regarding Santander).

If you feel that you are at risk of having your property repossessed- the very worst thing you can do is put your head in the sand and hope things go away. You need to open a dialogue with your lender.

With respect of the sheriff turning up and turfing you out- if a repossession order is granted to a lending institution and you do not comply with the terms of the repossession- by law the lending institution is instructed to use the sheriff to gain vacant possession of the property.

If you are at any risk whatsoever with mortgage repayments- open an immediate dialogue with your lender!!!!!!

Very informative reply with excellent advice, very much appreciate the time taken to post. Hopefully I won't ever need it though!!

Many thanks

M1