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Properties in receivership

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  • 13-05-2014 8:45pm
    #1
    KareB
    Registered Users Posts: 1 ✭


    Hi,

    We bought a house in 2000 as our family home. In 2005 we were moved abroad for work, so we rented our family home, with the intention that when we move back to Ireland, we would live there again. We didn't tell the bank anything about renting, just kept paying the mortgage.

    2013 was a really difficult year financially for a number of reasons - we fell behind in mortgage payments and went on interest only for six-monthly periods at a time. We took really drastic steps to overcome the financial difficulties - new jobs, etc. We were in constant contact with the bank. In the end, we missed three payments. We were given a deadline to pay X amount in April this year, which we were planning to do, but two weeks before the deadline, a letter came saying the property was in receivership. No notice, no warning.

    We've contacted the bank, and they said that because we rented our house, we were considered an SME now and we have no way of appealing the receivership - is this even legal? We never changed the terms of the mortgage (in terms of it being a principal home). And while we're not living in the house, it was never a buy-to-let mortgage.

    I got a call from the guy at the bank today who made the agreement that we would pay in April - he said that it was he, himself, not the bank, who made the agreement with us, and in any event, the credit committee overruled his agreement. Without telling us?

    We are in a position now to start repaying the arrears - that's what we've been working our asses off to do since we got into this mess in the first place. We can resume capital repayments. We do NOT want to lose this house. But the bank is not budging.

    Anybody know where we can go from here? I also contacted the receivers, and they said they were under instruction from the bank to sell as soon as possible. Our tenants are freaking out and wanting to leave, which, if that happens we would not be able to repay as much.
    Thanks!
    Karen


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    #2
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    Karen you need to seek legal advice, I'm afraid Boards.ie is not the place to ask this type of query.


This discussion has been closed.
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