Everyone is saying I WILL NEVER GET A MORTGAGE.

Nelly76

I am completely and utterly at the end of my theather. I am married with 2 small children and lost as to my next move. Everyone is saying I WILL NEVER GET A MORTGAGE. Can they be wrong ??

In brief...if thats even possible...

2008 ; Property purchased jointly with ex partner.
2009 ; I left property due to abusive relationship. (Several failed Transfer of Equity requests).
2013 ; Property fell into arrears.
Got cancer.
2014 ; I was informed of arrears & met with Bank official in person. Advised her I had discovered the other mortgage holder was planning on leaving the country & requested they reposes the property or take action.
Consequently, ex partner skipped the country.
2015 ; Gained access to vacant property and agreed a Voluntary sale of property. Bank refused to enter discussions re; agreement on balances owed at this point.
Remission from cancer.
2016, April ; Voluntary Sale closed
2016 ; Attempted to negotiate the neg equity, balance owed.
- September ; Entered into a Personal Insolvency agreement ; Failed
2017;
(Some of many) Discussions with the Bank below ;
25/1/17 ;I made an offer of over 10k which is 10% of bal owed & all i could afford. That balance incidentally is interest upon interest upon interest...you get the jist.
30/1/17 ; Spoke with a bank official on the phone who verbally advised bank will not be actively chasing me for the monies owed. But as I am looking for closure/clear credit rating etc..They have failed to give me this in writing & Arrears Statements continue to arrive every 3 months by post.
14/2/17 ; Letter sent requesting update ; No reply.
16/5/17 ; Letter sent requesting update ; No reply.
23/5/17; Asset & Liability Affidavit request. Completed & returned.
7/7/17 ; SFA request. Completed & returned.
Bank stopped taking my daily then weekly calls after that, giving me new contact names for my case every time i got the switch board, and their numbers would land at someone else's mailbox. I never ever get a call back....They have disengaged with me not the other way around !!!

Now, No mortgage agent will look sideways at me, once i've laid bare my tale of woe.
Is there ANYTHING i should be doing to help my situation ????

Thank you in advance ......
(Negative sometimes, but not always) Nelly

cruizer101

I can't offer too much advice and don't know would they take you on but you should look into the new government mortgage scheme. Another option may be pepper mortgages who as I understand have slightly higher rates but are more lenient in some ways.

Stheno

cruizer101 wrote: »

I can't offer too much advice and don't know would they take you on but you should look into the new government mortgage scheme. Another option may be pepper mortgages who as I understand have slightly higher rates but are more lenient in some ways.

The op has outstanding arrears if 100k listed on their credit report

After five years that is usually removed but if she is still getting arrears statements it's likely the credit report is still being updated

All the council's have access to credit reports

Op you should get a copy of your report and contact Mabs/abhaile who might be able to advise you

C3PO

Apart from the arrears, would the OPs history of illness not also negatively affect a mortgage application?

Alkers

Would your original mortgage have been part of the tracker mortgage scandal?

Wesser

Why don't you just send in an application as you will find out.

Hack12

Until the debt is repaid then it will haunt you for 5 years after it is repaid. It may lead to a personal judgement etc. The fact the bank won't negotiate is odd. I would get a solicitor involved to act on your behalf to act with the bank as you can get to easily emotionally involved when it it needs to be cold and factual.

They may not trust you with an agreement as by the way you are talking you left your ex and may not have contributed to the mortgage payments once you left.

It might be worth investigating if you are on a variable rate are you involved in the tracker scandal as if you are interest owed and compensation could easily wipe out the €100K owed.

Need to look at why personal insolvency was not agreed or failed.

Get legal advice from a solicitor who deals with bankruptcy etc as headed paper going into the bank shows you are serious about tidying up your affairs.

Your illness may hold you back as you can't get life cover but other avenues may be looked at by some banks such as Death in Service, Pension etc.

Nelly76

Thanks Guys, something to start with. I appreciate your responses. N

Nelly76

No, no tracker scandal..

Nelly76

Well..not that i know of

seamus

Yeah, you need to go to MABS or Abhaile.

With no malice, your "tale of woe" is irrelevant to any mortgage agent. All they see is €100k unsecured loan outstanding and in serious arrears. Nobody will look at you until five years after this is repaid. How you got to this point is no concern of theirs.

So re-exploring the PIA, or even bankruptcy might be the easiest solution in the long-term.

Your health is not a blocker, but a life assurance company will charge big premiums for mortgage protection insurance. But that's far down the road for you. You're not going to get a sniff of a mortgage for several years, and that's if you take action now to resolve the outstanding debt.

LirW

Depending on your income and your current living situation, it might make sense to apply for social housing. You didn't give too many details so I might be completely off with my suggestion but you might as well try.

Nelly76

Thanks, I am married now to someone who is self employed. He cant get a mortgage without disclosing my history. It is just my situation that is holding my family back.

Villa05

Enjoy life with your kids. Stay away from property market it's designed to beat you up. Maybe look at it again when property gets beaten up, it will happen

thereality

Why did your PIA fail? As much as your bank says they might never go after you, there is no guarantee. They might not go after you at all, but someone in a few years could decide to sell your debt to a vulture fund for a few cents on the euro to crystallize their loss. Now this fund start hounding you and take you to court. Whereas a PIA will guarantee the debt is finished with

You really should not have agreed to a voluntary sale without the bank agreeing to write off the debt. That is here nor there. You really need to speak to MABS etc who can finalise your debt situation

No bank will touch you for years. But on the bright side, you have walked away from serious negative equity that most people don't have the balls to do. You could have been eating beans for the next decade to pay off your bank and still not be much further

dubrov

Work out deal with bank, wait 5 years, reapply for mortgage.

Plenty of options have already been suggested as to who can help you agree a deal

jockeyboard

I don't know anything about buying a house or mortgages but just wanted to say delighted you beat cancer, have remarried and have two kids. If you don't end up buying a house you still have a lovely life to live.

mariaalice

Why do you want to get another mortgage at the moment continue renting and give your head a rest then maybe in fiver years look at it again in the mean time get one of the debt charities to help you sort things.

Bass Reeves

Op I think if bank are unwill to deal with you in a PIA you should go the bankruptcy route. Bankruptcy can be as short as one year. You should investigate it, the bank can sit there and wait to see if you inherit money or win the Lotto. I think you should remove that threat to your future.

PhoenixParker

Did you take out life insurance with the mortgage and were those payments maintained?

Your cancer diagnosis may have made you eligible for a layout, depends on the wording of the policy.

Nelly76

Thank you so much...great perspective