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Has Your Mortgage Been Sold To An Irish Vulture Fund?

Since the 2008 crash, millions of people in Ireland have fallen victim to ‘vulture funds’. These funds are known to purchase non-performing loans for next to nothing and then ruthlessly pursue homeowners for the money owed.

Since the 2008 crash, millions of people in Ireland have fallen victim to ‘vulture funds’. These funds are known to purchase non-performing loans for next to nothing and then ruthlessly pursue homeowners for the money owed.

If you have been in arrears at any point, or availed of financial relief to pay your mortgage, there is a good chance a vulture fund now owns your mortgage. Quite often, the first you will know of this loan sale is a threatening letter from the fund that has purchased it. Once these letters start, they will only get more aggressive and threatening.

“I Received a Letter From a Vulture Fund, Should I be Worried?”

Unfortunately, the simple answer is, yes. Vulture funds purchase debt for reduced amounts on the basis that they can recover enough money to make a profit. This means that they are willing to spend a lot more time and effort to recover the full amount owed.

In addition to this, their only role is to recover money. This means they are a lot more efficient and act more quickly than traditional banks like AIB and Bank of Ireland.

The strategies that vulture funds use for recovering money are broadly similar but, some are more aggressive than others. If your mortgage has been sold to any of the vulture funds operating in Ireland, you need to seek professional advice. However, if you receive a letter from any of these funds, you need to act now as they will act more quickly and aggressively:

  • Cerberus
  • Promontoria
  • CarVal
  • BCM global
  • Cabot
  • Pepper
  • Apollo/Mars Capital
  • Seaconview

What You Can Expect From a Vulture Fund

Vulture funds often seem like they are friendly and easy to deal with when they initially purchase a loan. However, if you are unable to meet their financial demands, they can quickly become extremely difficult to deal with.

Banks and Vulture Funds have been using the same techniques to recover money from Irish homeowners since the 2008 crash. The key differences with vulture funds are:

  • They employ much more aggressive techniques to recover debts.
  • They are more persistent and will not stop until you have paid them.
  • They will continue to add charges and additional fees to the original debt.
  • They can be harder to negotiate and achieve a settlement with, but it is possible, with the right help.

If you fail to pay your mortgage, these funds will be a lot more likely to evict you and repossess your home. They can also take legal action to force you to repay the debt. In the worst-case scenario, you could even face bankruptcy if your property is in negative equity.

Leah O’Kane

Associate Director

Can You Do Anything? Yes, You Can.

Despite the doom & gloom, there are tried and tested strategies that can help to deal with property debt. These solutions require you to do two things:

  1. Act quickly – Vulture funds work quickly so, the longer you wait to deal with the situation, the more difficult it is to resolve.
  2. Don’t bury your head – It can be difficult to face these issues, especially when your home is at risk. However, waiting will cause more fees and costs to be added. As well as this, the vulture fund will become more entrenched and less likely to settle.
  3. Get expert advice – Vulture funds generally will not settle with anyone. Getting an agreement requires experience and knowledge of how vulture funds work. Experts can help you navigate this maze and get the best result possible.

Although this may sound very negative, it is possible to resolve your property debt issues, with the right help.  We understand the stress that being trapped in a property nightmare can bring, and that is why we are always here to help.

If your mortgage has been sold to a vulture fund, you will need to consult property experts. We have been assisting Irish homeowners with negative equity, interest-only mortgages and vulture funds for over a decade. Since 2008 we have saved millions of euros for hundreds of homeowners with banks and vulture funds.

Our experience and unique mixture of legal and financial professionals give us a unique approach to property debt issues.

Contact us today to speak to a property debt expert, you can call us on 0330 159 5820 or complete a call-back request.

Contact us today to speak to a debt specialist.

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