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Thoughts on repossessions

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  • 07-07-2012 4:43pm
    #1
    Teaandcoffee
    Registered Users Posts: 94 ✭✭


    I probably know the answer to this question already but I thought I'd kick it around and see what others thoughts were on it.

    For example, Joe Bloggs has a mortgage with a remaining term of 25 years. He hasn't made repayments in two years, arrears are mounting and repossession is on the cards.

    His origional contract with his bank states that his mortgage should be cleared within 30 years.

    As there is a remaining term of over two decades left to clear the mortgage, can he protest that he should be allowed stay in his property as he envisages that he will clear the debt in the remaining timeframe as per orgional contract?


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    #2
    wexie
    Closed Accounts Posts: 7,480 ✭✭✭wexie


    Teaandcoffee wrote: »

    His origional contract with his bank states that his mortgage should be cleared within 30 years.

    Just guessing here now but I'm pretty sure the contract will have mentioned something regarding regular monthly payments as well.....


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Teaandcoffee wrote: »
    I probably know the answer to this question already but I thought I'd kick it around and see what others thoughts were on it.

    For example, Joe Bloggs has a mortgage with a remaining term of 25 years. He hasn't made repayments in two years, arrears are mounting and repossession is on the cards.

    His origional contract with his bank states that his mortgage should be cleared within 30 years.

    As there is a remaining term of over two decades left to clear the mortgage, can he protest that he should be allowed stay in his property as he envisages that he will clear the debt in the remaining timeframe as per orgional contract?

    No and obviously so. The agreed timeframe is 30 years based on contractually agreed repayments each month. If this is not done then the contract has been broken and the bank can seek repossession based on the monthly payments not being made.

    You dont really think your "friend" can protest on this claim? I believe this would be naive and distract the person from the issue they are in.

    I would advise your "friend" seek advice of MABS. visit mabs.ie for further info. There are processes and procedures in place in the banks to deal with customers in arrears.


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