what happens to mortgages held by IBRC?

newsmartphone

with the current situation in the dail, how would this impact on mortgages held by IBRC?

( ie morgages that were transferred over from Irish Nationwide)


do they just move over to NAMA?

Chips Lovell

I'm guessing so. At least until Nama sell on the mortgage book to someone else.

newsmartphone

i wonder will there be anyone in IBRC tomorrow to answer the phones /emails?

Scortho

newsmartphone wrote: »

i wonder will there be anyone in IBRC tomorrow to answer the phones /emails?

Noonan mentioned that there will be contact details on the department of finance website.

ednwireland

Vladimir Kurtains wrote: »

At least until Nama sell on the mortgage book to someone else.

that sounds like problem waiting to happen,it didnt work out too well in the usa now

ncmc

I’m also wondering about this, we have a mortgage with IBRC formally Irish Nationwide. I’m presuming our mortgage will transfer to NAMA with no noticeable change, but we have payment protection insurance which I know is nearly impossible to get now. I am hoping that our insurance is still valid if our mortgage moves to NAMA or eventually on to another mortgage company.

pmcalli

just wondering if payments will be taken as normal from accounts. or will there be a few weeks where payments will be late and then try take them all at once. my next payment is due on the 10th feb. which is sun so should come out on monday. if they dont take it im seriously thinking of taking it out of my account and telling them go and jump

chris85

pmcalli wrote: »

just wondering if payments will be taken as normal from accounts. or will there be a few weeks where payments will be late and then try take them all at once. my next payment is due on the 10th feb. which is sun so should come out on monday. if they dont take it im seriously thinking of taking it out of my account and telling them go and jump

I think the transition could be better and a few things are a bit unsure but what you expect to gain by telling them to go jump. You still owe the money and will need to pay it. With the transition I would consider the possibility it may not be taken but that NAMA would be in touch to reorganize payment. Ultimately you will still have to pay.

BuffyBot

I can't see anything on the day to day operations of accounts changing overnight, so I wouldn't go telling anyone to jump anywhere just yet. Even if/when IBRC is wound up and things are transferred to NAMA etc, it's possible the servicing of the outstanding mortgages will be done by a 3rd party such as Certus etc.

Dampsquid

My mortgage repayment was due out over the weekend, but it still hasn't been taken.

ncmc

I’m the same, repayment due yesterday, hasn’t been taken. From what I can gather from the news, they are unable to take payments at the moment but they will be taking them in the next couple of weeks and no one will be in arrears over this.

NinjaN

I rang IBRC a few days ago as we are in the same boat. They said that the mortgages would be transferred to someone else and no idea who or when it would happen but that payments in the mean time should continue as normal and be unaffected.

Mortgage payment for this month still hasn't been taken though!

whatcanyoudo

Is anybody else incensed by the fact that we are still paying for the building society's mess or is it just me?
Does anybody think it would be a good idea for all us ordinary home owners with former INBS loans to get together and do something instead of just accepting everything. we are just struggling on trying to pay when the developers have had their loans written down by 70%. WE were not the ones who fecked up Irish Nationwide so why out of all the former borowers are we the ones carrying the can?
As I wrote to the INBS a couple of years ago, It's like some kind of a sick joke. . . . THEY screw up, the gov bails THEM out, because of that bail out the government makes savage cut backs, as a result of those cut backs MY hours are cut, my income halved etc. and they come threatening me!
WE are paying TWICE. we are paying the IBRC AND the Troica ( don't know how to spell it) through the universal social charge.
Meanwhile fingleton keeps his million.
I wonder if his bonus would clear all our loans ?
I wonder how many of US there are still are on IBRC's books(by US I mean ordinary home owners)
Apparently only something like 20% of all the loans were to home owners.
Wouldn't it be interesting to find out just how many of us there are and what we could do to help ourselves and each other if we stuck together.....................

BuffyBot

Keep on topic folks: which is what happens to current mortgage holders. Not what happened in the past or fight da powah

smcgiff

Dublin chick,

I'm with INBSIBRC NAMA as well. I'm pretty sure there was a clause to such that the mortgage could be assigned to another party.

Delboy5

Brendan Burgess apparently on the radio this morning suggesting that if IBRC are going to sell the mortgages off at big discounts, they should offer these discounts directly to customers..........sounds good to me!!!

Duberlin Chick

I second that motion!!!

smcgiff

Best idea ever!

Was wondering about this myself.

Delboy5

http://www.askaboutmoney.com/showthread.php?t=176854

chris85

Delboy5 wrote: »

Brendan Burgess apparently on the radio this morning suggesting that if IBRC are going to sell the mortgages off at big discounts, they should offer these discounts directly to customers..........sounds good to me!!!

Fair enough but if they offer you the discount can you pay it all now upfront? They are not going to offer a discount for people to continue paying as per normal terms.

Delboy5

chris85 wrote: »

Fair enough but if they offer you the discount can you pay it all now upfront?

Not a mission.......

magari

Well, what happens if a third party buys out our mortgages at say 50% of the value, do we still keep paying the full amount? Even if the mortgages are bought by Nama?
I am sure mortgages can be assigned to a third party, but this is a different case, the bank is no more, this is liquidation stock!
The press seems to be extremely quiet about the whole thing. There was a brief article in the Independent Fri or Sat just gone and said that they may allow mortgage holders to buy out their loans if they can match the liquidators' offer. But how do we know what the liquidators' offer is going to be?

Mr Freeze

I'd say we will end up paying the same, no matter what discount whoever takes on the mortgages gets.

They will make a nice profit. No change us mortgage holders.

I would love if the offer was passed on, but cannot see it happening.

HM2605

If you have a mortgage with IRBC (previously Irish Nationwide) then this is cause for concern. Moving to NAMA isn't in our best interest and we really need to get the voice of the "customer" to the liquidator and the government.

Sorry to push to other site but if you want more info on how we come together to do this then PM me or update this Thread - http://www.askaboutmoney.com/showthread.php?p=1319987&posted=1#post1319987

I'll looking for other mortgage holders in this position.