Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Court and Mortgage Payments

Options
  • 20-11-2012 4:15am
    #1
    katy39
    Registered Users Posts: 116 ✭✭


    Hello all,
    I have been on Interest only Mortgage for last 3 years with the Bank of Ireland because I'm on the Dole.
    They have now reviewed my situation and want me to pay an extra 40 euro a week I cant afford. If I continued with paying them the Interest only what would the chances of them bringing me to Court to repossess and winning ? I have heard there has been Legislation which says they cannot make someone homeless is this true? Any advice appreciated, Thanks.


Comments

  • Options
    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    katy39 wrote: »
    Hello all,
    I have been on Interest only Mortgage for last 3 years with the Bank of Ireland because I'm on the Dole.
    They have now reviewed my situation and want me to pay an extra 40 euro a week I cant afford. If I continued with paying them the Interest only what would the chances of them bringing me to Court to repossess and winning ? I have heard there has been Legislation which says they cannot make someone homeless is this true? Any advice appreciated, Thanks.

    Winning it not really the correct term, well dependant on what sort of legal action. People who are engaging with the lender and are in difficulty will not be pursued in court for 12 months at least. After this its technically fair game but the banks are not seeking many repossessions these days due to the political sensitivity of the matter.

    You should definitely have a read of the mortgage arrears resolution process released a few years ago by Central Bank. Lenders obliged to follow this.

    http://www.centralbank.ie/press-area/press-releases/pages/newmeasurestoprotectmortgageholdersfacingarrears.aspx


  • Options
    #3
    rahenyrover
    Registered Users Posts: 222 ✭✭rahenyrover


    The basic crux of MARP as mentioned by the previous poster is that to be protected by it you must be -
    A) engaging with the bank
    B) complete a standard financial statement
    C) meeting whatever payments they request of you after completion of the SFS

    They are within their rights to request you to pay an extra €40. If you don't agree you do have the right of appeal and the process should be detailed in the letter they sent you. If you appeal they have to have a different underwriter assess your SFS but if the appeal fails and you don't meet their requested payments then you are technically no longer protected by MARP and the bank can begin legal proceedings against you. Whether they actually would instigate legal proceedings is another matter and a number of other factors would determine it but they were within their rights.

    There's a common misconception that all you have to do is speak to the bank to be covered but that simply not the case.


Advertisement