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Posted: Tue Mar 04, 2014 2:36 pm
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Some musings inspired by the Central Banks latest figures.

I know from people's posts here and other places that people can worry terribly about losing their home. People can panic if they get a letter from their bank saying they should do a voluntary surrender of their home. There are a huge number of those letters being sent out.

I don't want to down play this because obviously some people will eventually lose their homes but not everyone who gets a letter advising them to do a voluntary surrender will lose their home. I would think that most of them won't.

The latest Central Bank figures show nearly 100,000 home mortgages in were in arrears of over 90 days in the last quarter (owed more than 3 full mortgage payments) and 63 repossessions. That is about 1 in 1500 of those in more than 90 days arrears.

If you get a letter like that it should actually have some good advice in it. It says you can appeal and it gives numbers for independent advice. Do both. There are options out there for most people.

http://www.irishtimes.com/business/sect ... -1.1712125


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Posted: Tue Mar 04, 2014 8:12 pm
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ClaireC, what powers do the banks have with regards to surrender one you're keeping up your repayments? I think I remember another poster who had asked the bank for a payment break or interest only in order to give themselves some breathing space. They hadn't missed any payments and the banks response was that their mortgage was unsustainable. I assume in this case your home is safe?
I suppose what I'm asking is, is there any risk to making this type of request to the bank?


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Posted: Tue Mar 04, 2014 8:27 pm
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If you are meeting the terms of the contract, paying your mortgage payments in full and on time, the bank cannot go for repossession.


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Posted: Tue Mar 04, 2014 9:29 pm
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Thanks, good to know


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