Mortgage arrears

Homeown1 · 07-12-2019 1:41pm #1

Hi, can anyone please give me some info on the following. My mortgage was due to be paid today on the 7th. I'm about €250 short and have no way of making up the outstanding balance until 21st of december. They will recall on the 14th to try and collect and the fund will obviously still not be there. I can either make a €700 payment towards it with the rest paid on the 21st or I can pay in full on the 21st whatever suits them. Can anyone tell me if this will be considered arrears? I'm really stressed and not sure what to do. Thanks

FishOnABike · 07-12-2019 1:50pm

First thing to do is contact your lender and let them know. They may be able to propose a solution that keeps everyone happy e.g. partial payment, deferred payment, a combination of both, payment holiday, etc... Unless you enquire you won't know what options might be available.

Homeown1 · 07-12-2019 1:55pm

Thanks for the reply. I tried to phone first thing this morning but their support unit is not open until Monday. This is the first time it has happened over the last 2 years and it certainly wont happen again. I would just hate to have that hanging over me for the sake of €250.

amdublin · 07-12-2019 4:19pm

Definitely call the bank again.

Is it the same bank for your mortgage and your current account? Maybe they can put a small overdraft on the current account of $500 to ensure you can make the payment on the 14th?

If your current account is with another bank why not contact them and explain and ask for the small overdraft to be placed on the curr ac

smelly sock · 07-12-2019 4:20pm

Homeown1 wrote: »

Hi, can anyone please give me some info on the following. My mortgage was due to be paid today on the 7th. I'm about €250 short and have no way of making up the outstanding balance until 21st of december. They will recall on the 14th to try and collect and the fund will obviously still not be there. I can either make a €700 payment towards it with the rest paid on the 21st or I can pay in full on the 21st whatever suits them. Can anyone tell me if this will be considered arrears? I'm really stressed and not sure what to do. Thanks

Dont panic. Payment can be made within 30 days after it being due.

ALS · 07-12-2019 4:21pm

This is correct

smelly sock wrote: »

Dont panic. Payment can be made within 30 days after it being due.

phormium · 07-12-2019 6:02pm

Pay the amount you have even if has to be done manually, once the amount outstanding is less than a monthly repayment it won't trigger an arrears situation.

Homeown1 · 07-12-2019 9:10pm

Brilliant thanks for all the replies I can relax a bit now and get on with the week. I think it's more the embarrassment of it all to be honest I wouldn't normally be in this situation.

Static M.e. · 08-12-2019 9:08pm

Don't be embarrassed, it is far more common than you would think, People just don't talk openly about it.

It might be worthwhile going into your bank and speaking with a financial advisor (Free service). Lay all your cards out on the table and see if they can help you.

As a side note, you (everyone) should make sure that you are maximise your take home pay and getting a tax refunds \ credits that are due to you.

Hopeful19 · 13-12-2019 4:31pm

im in mortgage arrears due to one or both of us been unemployed over the past few years. had agreements with the ebs said if i made 6 full payments they would capitalise the arrears sent in sfs and they came back with mortgage unsubstainable and appealed it stil unsubstainable. dont know what to do now still paying and i know it 3400 in arrears but asking them for a bit of breathing space till we get back on our feet seems alien to the banks they want us to sell or let them sell it or.mortgage to rent. anyone got any advice please

Calahonda52 · 15-12-2019 12:39pm

Hopeful19 wrote: »

im in mortgage arrears due to one or both of us been unemployed over the past few years. had agreements with the ebs said if i made 6 full payments they would capitalise the arrears sent in sfs and they came back with mortgage unsubstainable and appealed it stil unsubstainable. dont know what to do now still paying and i know it 3400 in arrears but asking them for a bit of breathing space till we get back on our feet seems alien to the banks they want us to sell or let them sell it or.mortgage to rent. anyone got any advice please

All this for 3,400?

Have you kept to the sfs?

Berserker5 · 15-12-2019 12:45pm

Had a similar situation

Could pay the mortgage but not the arrears

Borrowed the arrears off a family member after I sent in the SFS

You still have the option to clear the arrears and exit MARP

Berserker5 · 15-12-2019 12:50pm

Hopeful19 wrote: »

im in mortgage arrears due to one or both of us been unemployed over the past few years. had agreements with the ebs said if i made 6 full payments they would capitalise the arrears sent in sfs and they came back with mortgage unsubstainable and appealed it stil unsubstainable. dont know what to do now still paying and i know it 3400 in arrears but asking them for a bit of breathing space till we get back on our feet seems alien to the banks they want us to sell or let them sell it or.mortgage to rent. anyone got any advice please

Also there's a giant leap between unsustainable mortgage and repossession

Askaboutmoney has advice on staying at the back of the repossession queue

Static M.e. · 15-12-2019 5:56pm

There a number of FREE resources available to you if you are in mortgage arrears. Pleasee see below.

https://www.mabs.ie/en/abhaile/

My understanding is that depending on who has your mortgage, a main Bank or Credit Servicing firm (fund), write downs and write offs are available. It depends largely on the individual situation and who has the mortgage. Despite the retortic Credit Servicing firms can be a lot easier to deal with.

Hopeful19 · 28-12-2019 10:29pm

Thanks for that cant get a loan for the arrears already borrowed money for a new boiler and his mother wont help. Am going to pay as much as we can and hopefully the job he went for comes through that will save us from the mortgage been unsubstainable.

neverfindaname · 22-06-2022 4:51pm

https://www.boards.ie/discussion/comment/112011627#Comment_112011627

Hiya. I found myself in a similar situation in 2017 with EBS, literally verbatim your scenario, I was just over 3k in arrears. In June last year, EBS sold my loan to Mars, and my monthly repayment dropped 60e. We're June 2022 now, and I've discovered EBS were screwing me since 2017. Very same story as yours, pay for 6 months and they'd capitalize and/or re-negotiate the loan. After the 6 months, I was told sell the house or they would. I flipped out, and wrote back to them and told them I'd drop the keys personally to them, I kept up all my payments since, but payments would go up a small bit. When I questioned EBS about this, I'd get nowhere. Turns out they were keeping my TRS payments (got a cheque for 1k back in the post just before xmas) and the matter is now currently getting ready to go to the Ombudsman. I cannot recommend MABS enough, I was green going into it, and they were so quick to find faults with EBS, plus if you have arrears, you can avail of this service for free. EBS are a law onto themselves. I'm hoping my case will make the papers!! :)

Mortgage arrears

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