Can I get out of my mortgage ?

Gareth2011

torres3011 wrote: »

To the OP.

My morgage is based on 270k and im only paying Euro 930 and that's before 80 quid tax relief TRS or whatever.

Fair enough it's over 35 years but how in gods name are you paying 1400 a month?

He is probably on a ultra high interest rate. but even then it woulsd want to be about 6 or 7%

Hunchback

torres3011 wrote: »

To the OP.

My morgage is based on 270k and im only paying Euro 930 and that's before 80 quid tax relief TRS or whatever.

Fair enough it's over 35 years but how in gods name are you paying 1400 a month?

well, there's great variance in rates between trackers and variables (and fixed rate), and also from provider to provider.
for example, my mortgage= 230k. payments= 1100 pm

Zulu

Tigger wrote: »

Why not ?

Because there are legal provisions prevent them from doing so.

Afaik you can use recorded conversations as long as one of the parties of the call approved the recording

You're partially correct. You can use recorded conversations, as approved by the other party for the purposes described. ie: if you say the call is for training, it can only be used for training.

That position is backed by the DPC.

Sir Oxman

Rule #1.
Never deal with a bank over the phone in these matters. Writing only.
There is no other rule.

daltonmd

Zulu wrote: »

Because there are legal provisions prevent them from doing so.
You're partially correct. You can use recorded conversations, as approved by the other party for the purposes described. ie: if you say the call is for training, it can only be used for training.

That position is backed by the DPC.

Except where there is an allegation of a crime being committed - the Gardai can access the recordings without your consent.

Zulu

daltonmd wrote: »

Except where there is an allegation of a crime being committed - the Gardai can access the recordings without your consent.

...but that's not the case here though is it.

daltonmd

Zulu wrote: »

...but that's not the case here though is it.

"Just in relation to phoning the back: there's nothing wrong with phoning the back. They are not allowed to use the recorded conversation for anything other than what's advertised (ie: training & security)."

Sorry, I should have clarified as it was this as well that I was responding to.

Pjwal

dubguffer wrote:

2qk4u wrote:

I bought it because I could afford it at the time, I was earning good money then and now earn very little. Maybe I did make a bad financial but I cant change that now.

.

Hey..There's plenty of people like you who were duped into getting on the property ladder by the very people you now owe this "imaginary money" too..I think, like me, you should take the bull by the horns,go into them with a "take it or leave it" attitude and you tell them how much you want to pay..Dont forget, They "Don't want your house", they dont want another property rotting away and getting nothing for it. Money,Cash, is all they're interested in. So remember that, like I said.."the ball is in your court"..Be strong

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Pablo Sanchez

Pjwal wrote: »

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Sounds like a horrendous situation and my heart really goes out to you but i dont think your beef is with the bank who gave you the mortgage, come to an arrangement with the bank to allow you to sell your house and transfer over the negative equity (if any), they wont give you much sympathy of you simply choose to cease payments.

Pjwal

Pablo Sanchez wrote:

Pjwal wrote:

My wife and just decided tonight to stop paying our mortgage. The main reason isn't financial, it's the criminal Limerick family that moved 30 miles out of the city to live in our nice non council estate. 6 houses of them. They have the place full of filth, horses tied to the greens. Threatened me not to look out my back windows. Take the oil out of my heating tank as soon as it's put in. Can't let my kids out playing cos of thier thug kids. We can't walk out because of all thier dogs, politions and gaurds can do nothing about them, fighting and shouting most weekends and the speeding cars. It's a living hell and we are struggling to pay for a house in this kip. So we are stopping our mortage with the intintion of maving to a rented house.

Sounds like a horrendous situation and my heart really goes out to you but i dont think your beef is with the bank who gave you the mortgage, come to an arrangement with the bank to allow you to sell your house and transfer over the negative equity (if any), they wont give you much sympathy of you simply choose to cease payments.

Your correct that our beef is not with the bank. We have been in talks with the bank for over a year now. There are many houses for sale in the estate and they are just not even been viewed, let alone sold. Our nextdoor nighbours has as low e80,000 on thier house and still no takers. We owe e200,000 on our house and if we can't sell it at e80,000, there is no hope. I am not happy about it, but we don't have a choice. I have never not paid a bill in my life. This is the last thing I want to do. I even asked the bank if they had another empty property that I could swap into, but they simply said, that can't be done.

2qk4u

Just an update on my situation, I am now out of work and I receive no money from anywhere, I got in touch with the bank and asked for a meeting about my mortgage to ask for a break while I have no income, they were not very helpful and ended up trying to sell me a mortgage protection policy. I was also in a meeting with another bank about a personal loan and asked for a break until I find work and they said no. So the banks do not want to help people, my opinion is the want people to miss payment so the can charge more interest and charges.. My case is genuine and I went to the banks and got told NO, they will not receive a penny from me now, roll on the court case...

cookie1977

2qk4u wrote: »

Just an update on my situation, I am now out of work and I receive no money from anywhere, I got in touch with the bank and asked for a meeting about my mortgage to ask for a break while I have no income, they were not very helpful and ended up trying to sell me a mortgage protection policy. I was also in a meeting with another bank about a personal loan and asked for a break until I find work and they said no. So the banks do not want to help people, my opinion is the want people to miss payment so the can charge more interest and charges.. My case is genuine and I went to the banks and got told NO, they will not receive a penny from me now, roll on the court case...

That's hard. Under the code of conduct for mortgage arrears they should be working with you. Have a look here:
http://www.keepingyourhome.ie/homeowners_leaflet.pdf

Might be worth contacting FLAC or MABS to see if they can help you with your bank

2qk4u

cookie1977 wrote: »

That's hard. Under the code of conduct for mortgage arrears they should be working with you. Have a look here:
http://www.keepingyourhome.ie/homeowners_leaflet.pdf

Might be worth contacting FLAC or MABS to see if they can help you with your bank

Thanks, im going to MABS next Monday, I got a letter today saying my electricity will be cut off in 10 days, my wife made the call and they said that a payment of €100 on friday when my wife gets paid from her part time job wasnt good enough, they wanted a weekly payment of €40 or over, my wife explained that she only gets paid once a month and is on a low income and they said it wasnt good enough. What do they want people to do ? They were told I have no income and dont get any welfare payment and they said it doesnt matter, pay up or get disconnected.

cookie1977

You sound like you're trying to do as much as you can so remain honest and open with your bank and mabs should be able to help with things. You may qualify for mortgage relief depending on your circumstances. And under the code of conduct for mortgagee arrears the bank can pause for up to 5 years your capital repayments and 33% of your interest repayments on your mortgage depending on your circumstances again. Best of luck!!

2qk4u

cookie1977 wrote: »

You sound like you're trying to do as much as you can so remain honest and open with your bank and mabs should be able to help with things. You may qualify for mortgage relief depending on your circumstances. And under the code of conduct for mortgagee arrears the bank can pause for up to 5 years your capital repayments and 33% of your interest repayments on your mortgage depending on your circumstances again. Best of luck!!

Thanks, I cant get mortgage relief because Im not entitled to supplementary welfare allowance as my wife works 30 hours a week, I have to wait months for them to look at my application for JSA and I might get refused as I was self employed.
If the banks wont help someone with no income, and Mabs cant help, Ill try the financial regulator or financial services ombudsman, Im surprised houses are not being burnt to the ground every day if this is what people are faced with ...

cookie1977

The banks are legally required to help if you're playing your part so MABS should be able to help if not speak with FLAC. Good luck man.

Munstermad

Hiya am in similar situation if a little complicated.. Bought house 4 years ago for 225k, loan was 192k, house now valued at 140k :rolleyes:

Seperated from spouse 3 years ago, who pretty much bailed on mortgage and all communications with bank, so I tried to maintain joint mortgage on a part-time wage, and feed myself and 3 kids, fight for maintenance through courts and explain all this repeatdly to the bank for approx last 3 years.

Basically I haven't a hope of ever meeting mortgage payments, ex wont pay and is now in low paying job.... so I suppose I had resigned myself to the fact that the countdown to reposession is well underway.
So on Solr advice approx 18 months ago I started paying €500 per month, a figure I worked out that I could afford and told the bank that was all they were getting. They were reasonable enough but have my income under review currently.. am resigned that E Day is probably fast approaching.:eek:

So as it stands "we" are now in 15k arrears. And cant make even half the mortgage repayments. Even though we both still have a job... Although ex still pays nothing towards mortgage at least is now in communications with the bank.

But and am not sure if this is a glimmer of hope... or can anyone clarify for me.
Bank rang today and mentioned to me that they have applied for "us" to have an approval for a less than interest only repayment plan.. I suppose the one I have is only approved by myself

I never heard of such a thing , can anyone enlighten me????
Or am I throwing good money after bad...
Part of me hopes I can stay in my home but I'm probably delusional..
Apologies for the long winded msg..thanks for reading

cookie1977

First off sorry for your troubles.based on what you describe it sounds like the bank is looking to get the moratorium I mentioned above which could mean a full deferral of all capital repayments and up to 33% of the interest. In other words you'd need to pay possibly only 66% of your monthly interest payments on your mortgage. This situation could last up to a maximum of 5 years depending on your situation.

Call the bank and ask them what they mean

Munstermad

Plenty out there worse off than I but thanks a million for your well wishes.

I took the call in a car full of kids today (Parked ) So by the time I fully processed what I heard was too late to ring, will call first thing in the morning and let ye know...

If I even got 5 years, with a little security that would be great news!!!
Jaysus that sounds like a jail sentance...

Thanks again

cookie1977

It's called the deferred interest scheme and most lenders are signed up. To qualify there's lots of conditions but one is that you can afford to pay 66% of the interest from your monthly mortgage. This can last for 5 years to help you get back on your feet. In relation to your partner as far as I know separated couples who've told their bank they are separated must be treated as a single persons and banks cant communicate with your ex until they have come to an arrangement with you

http://www.mabs.ie/fileadmin/user_upload/documents/Information_Leaflets_and_Factsheets/MABS_Guide_to_Mortgage_Arrears.pdf

chris85

Is the remaining 34% of the interest placed on the capital balance also or is that just swept aside?

Dont have a mortgage myself but wondering out of interest. If the remaining interest is placed onto the capital it is all really on the hope every one is doing better in 5 years and if not the payments would be worse as the capital has increased by a decent amount.

cookie1977

chris85 wrote: »

Is the remaining 34% of the interest placed on the capital balance also or is that just swept aside?

Dont have a mortgage myself but wondering out of interest. If the remaining interest is placed onto the capital it is all really on the hope every one is doing better in 5 years and if not the payments would be worse as the capital has increased by a decent amount.

As far as I know it's deferred and would therefore be placed on the capital balance. It's a little difficult to find the specifics of the scheme as it depends so much on the situation.

That's it exactly. It could end up postponing the inevitable if the person cant get back on their feet. The group who proposed this had also proposed that if you ended up loosing your home and it was repossessed and sold that any outstanding debt on the mortgage would be wiped out as clearly you cant get blood out of a stone but unfortunately that recommendation was not implemented. This form of debt forgiveness should be implemented. Actually it was implemented in the personal insolvency bill but is entirely voluntary so the bank could refuse. Which again is ridiculous.

Another option is for the council or housing association cluid to take over your home and you become a renter.
http://www.irishtimes.com/newspaper/ireland/2012/0208/1224311463701.html

chris85

cookie1977 wrote: »

As far as I know it's deferred and would therefore be placed on the capital balance. It's a little difficult to find the specifics of the scheme as it depends so much on the situation.

That's it exactly. It could end up postponing the inevitable if the person cant get back on their feet. The group who proposed this had also proposed that if you ended up loosing your home and it was repossessed and sold that any outstanding debt on the mortgage would be wiped out as clearly you cant get blood out of a stone but unfortunately that recommendation was not implemented. This form of debt forgiveness should be implemented. Actually it was implemented in the personal insolvency bill but is entirely voluntary so the bank could refuse. Which again is ridiculous.

Another option is for the council or housing association cluid to take over your home and you become a renter.
http://www.irishtimes.com/newspaper/ireland/2012/0208/1224311463701.html

I have been of the opinion for a few years that people who lose homes should be able to rent their home. A few issues with this though.

• Council dont have money to pay for the house off the bank
• Who will take the equity hit following this (bank/customer - the council wont)
• Will people see this as a way of getting out of their mortgage and thus not pay and would mean the taxpayer would ineviatably pick up the bill for more defaults.

cookie1977

Basically it comes down to one thing, a happy medium. As in there should be consequencesa for debt, but we should also have a reasonable response. There will always be people unhappy with the proposals and finally the tax payer will have to foot the bill for any such proposals.

2qk4u

After a meeting last week with the bank to inform them I have no income and I want to come to an arrangement or possibly a break for a couple of months until I get my JSA dealt with, they asked me how much I could afford so I said I have nothing, I recieve nothing so I can offer nothing as my wife works part time and we cant pay our bills and finding it hard to just feed our four kids, they wanted us to stop paying everyone else and advised us that our mortgage was most important, I argued that feeding my family and having electricity and gas was more important. I got a call today to say that they have processed our request and sorry but no thanks, they dont want to help unless I have something to offer.
I understand where they are coming from but why make an agreement I cant stick too ?
Would it not be more beneficial for the bank to try help as they will be paid nothing for the next couple of months anyway ?

riclad

I,M not an expert as far as i know if you moved out, and they sold the house for 180k, they could still send you a bill for the loan minus 180,and charge you interest on the amount owed.A woman was on fm104 radio program 4 months ago ,said bank sold her house for 500k, sent her a bill for 400k.she had 900k mortgage.The bank were offered 850k for the house ,
they turned it down,cos she could not pay the extra 50k.
After a year sold it for 500k.And shes probably getting billed for interest on 400k as well.
SHE is working 3days a week,says she has zero chance of paying 400k.
IF you were to go thru bankruptcy process ,all your depts are written off .BUT are are registered bankrupt,ie cannot borrow any money for 12 years.ie in the future it would be hard to get a mortgage in ireland.
I Know theres new laws coming in which will reduce it to 3 to 4 years.
if you want to stay there ,go to mabs, they,ll negotiate with the bank,
you,d end up paying x amount, while leaving you with enough money to pay bills,
buy food etc
I don,t think theres a rule,the banks must write off x amount,
banks say ,we deal with each case on an individual basis.
Banks will go for repossesion if no payments are made,after x amount of time,
or if they know the house has been abandoned,left empty.

IS there anyone out there who actually got x amount written off
even 5k on a home loan.
The hse welfare are helping some familys pay part of the mortgages in case wheres there,s 1 or more children , probably by switching them over to interest only,
payments.
I Dont know the details of that scheme or how it is assessed.

FlexBrowne

cookie1977 wrote: »

First off sorry for your troubles.based on what you describe it sounds like the bank is looking to get the moratorium I mentioned above which could mean a full deferral of all capital repayments and up to 33% of the interest. In other words you'd need to pay possibly only 66% of your monthly interest payments on your mortgage. This situation could last up to a maximum of 5 years depending on your situation.

Call the bank and ask them what they mean

Are the Councils bound by this?

cookie1977

FlexBrowne wrote: »

Are the Councils bound by this?

How do you mean. Did you buy under the affordable housing scheme and get a mortgage through your local council?

borehead

blah wrote: »

Arrange a meeting with your bank and let them know now what you can and cannot afford. See if you can work something out. Are you paying interest only?

that would be a good idea . hope you would go through it .

cookie1977

FlexBrowne wrote: »

Are the Councils bound by this?

http://keepingyourhome.ie/consumer_protection_codes.html

Lending institutions such as banks and building societies are bound by two statutory codes of conduct in relation to mortgages. These are the Central Bank's Code of Conduct on Mortgage Arrears (CCMA) and its Consumer Protection Code 2012.

Local authorities operate under similar rules. For people having difficulty repaying local authority loans, two pieces of legislation, along with a set of guidelines, provide for the local authority to make arrangements to deal with the situation - (see ‘Local authority loans’ below).

Local authority loans

Section 11 of the Housing (Miscellaneous Provisions) Act 1992 provides that the local authority may make such monetary arrangements with you as it considers equitable to take account of your particular circumstances. In effect, this means that, if you are having problems making your repayments, you should approach the local authority to see if you can make an arrangement to facilitate you paying over a longer term or to restructure the repayments in some other way. Guidelines have been issued to local authorities on how to deal with such cases. These guidelines are based on the Central Bank’s Code of Conduct on Mortgage Arrears, described above. A revised set of guidelines will be issued shortly.

The Housing (Miscellaneous Provisions) Act 2009 provides that where you owe money to a local authority either for rent or loan repayments and the local authority is satisfied that you would otherwise suffer undue hardship, it may make an arrangement with you to repay by instalments. This section (Section 34) is in effect with respect of loan repayments since 14 June 2010 but not in respect of rent.