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House Repossessed for arrears of €1500?

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    #32
    te_tunts
    Registered Users Posts: 9 ✭te_tunts


    Thanks for all the replies.

    Just a quick follow up. I got some professional advice. They were absolutely gobsmacked by the letters we received from the vulture fund given that it was such small arrears however they said it seems to be a new strategy that these type of companies are taking. They will bring you to court to try and get the house repossessed - probably be laughed out of court but its worth a try from their point of view.

    Anyway, I have cleared the arrears and have started paying the full mortgage payment each month. The are happy(ish) with that and we are no longer in the MARP process and are deemed as a "Performing Account"

    It seems the letters were a scare tactic, which I suppose worked. What was really interesting was the adviser I spoke to said that this is not what these type of funds want. They are not in it for the long haul so we should expect our mortgage to change hands again in the future once they have repossessed and sold as many houses as possible from people who just cannot afford them.

    When they are left with only performing mortgages left on the book they will sell them on again.


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    #33
    Free-2-Flow
    Registered Users Posts: 442 ✭✭Free-2-Flow


    I hope it's a weight off your shoulders now

    Now you can "Relax" dare I say


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