Making a Deal with Your Bank : An Insider's Guide to Managing Your Mortgage Debt

By (author) Dalton, Fran

Making a Deal with Your Bank aims to help those in mortgage arrears in Ireland. According to author Fran Dalton, 'The last thing a banker wants is your house'. Drawing on his 35 years' experience in banking, the author brings you through the process of negotiating with your bank to achieve an arrangement that works for you. Making a Deal with Your Bank: * Gives you a clear idea of how to approach assembling your proposal for the bank, from accurately assessing your current financial position to realistically considering your goals * Explains and applies the Mortgage Arrears Resolution Process (MARP), the recent legislation on insolvency to tackle the personal debt crisis and the reforming changes to the Bankruptcy Act * Discusses the options available to you if you remain in difficulty, including those under bankruptcy and insolvency laws, and selling your house or buy-to-let property This book is an essential and empowering guide for all those who are in mortgage arrears and, indeed, anyone struggling with debt.

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  • Table of Contents PrefaceIntroduction PART I: MANAGING YOUR MORTGAGE DEBT: AN OVERVIEW 1. Processes for Dealing with Mortgage Arrears and Personal Debt Is Your Home an Asset? Under Starter's Orders! Debt Forgiveness Will Be a Lucrative Business Level 1 Level 2 Level 3 Level 4 2. The Market Participants The Participants in the Market The Central Bank of Ireland The Banks Financial Services Ombudsman Money Advice and Budgeting Service (MABS) Personal Insolvency Practitioners Insolvency Service of Ireland Finding an Approach to Your Difficulties Personal Insolvency Is a Formal Process 3. Dealing with Default The Process Is the Same for Personal and Business Debt The Standard Process for Dealing with Problem Loans Step 1 Step 2 Step 3 Step 4 Step 5 Stay the Course and Stay Engaged in the Process 4. The Negotiation Process: Doing the Deal Starting the Negotiation What Is Negotiation? Core Concepts: The Key to Success in a Negotiation 1. Best Alternative 2. Areas of Possible Agreement 3. Trading Value 4. Reservation Price A Simple Example of Negotiation Avoid Common Negotiation Mistakes Failure to Prepare Properly Failure to Apply the Win-Win Approach Failure to Remain Calm Failure to Listen How to Go About a Negotiation Choose the Right Time Anticipate Counter-Arguments Be Specific About Your Needs and Wants Be Tactful and Listen Carefully Show Willingness to Accept a Solution How Strong Is Your Case? Best Alternative Areas of Possible Agreement Trading Value Reservation Price Calculate Your Lifetime Earnings PART II: THE MORTGAGE ARREARS RESOLUTION PROCESS (MARP): YOUR LENDER'S SHORT-TERM SOLUTIONS TO MORTGAGE ARREARS 5. An Introduction to MARP Definitions and Meanings The Objective Is to Keep You in Your Home if Possible Engagement It Is a Process There Is No Eleventh Hour The Code of Conduct on Mortgage Arrears Purpose of the Code The Code Only Applies to Your Primary Residence Engagement and Co-Operation Are Vital Full Disclosure and Adherence to Agreements The Borrower Is Not Just You 6. Communicating with Your Lender Starting the Journey Step 1: Communication - Getting the Right Start Step 2: Financial Information Accurate Financial Information Is Key The Standard Financial Statement Is Your Friend Getting Your Desired Result Is Not Automatic The Standard Financial Statement Section A Section B Section C Section D Section E Section F True and Correct Statement 7. Assessing Your Financial Position Motivation What Is Your Goal? Debt Forgiveness Maintaining an Acceptable Lifestyle Reducing Financial Risk for Your Dependants Do Not Forget About Retirement Remember to Calculate Your Lifetime Earnings What Does Your Financial Future Look Like? How Much Do You Currently Earn? How Much Are You Worth? 8. How Your Lender Assesses Your Case Step 3: Assessment Step 4: Resolution Step 5: Appeals PART III: MORTGAGE ARREARS RESOLUTION STRATEGY (MARS): YOUR LENDER'S LONGER-TERM SOLUTIONS TO MORTGAGE ARREARS 9. Longer-Term Solutions: An Overview Present Debt and Commitments What Is the Solution? What Are the Criteria for Debt Forgiveness? Doing the Deal with Your Lender The Long-Term Solutions 10. Longer-Term Solutions: Working Examples Trade-Down Mortgage Split Mortgage Mortgage to Rent 11.The Arrears Process for Buy-to-Let Mortgages The Residual Debt Dilemma The Investment Mortgage Arrears Process Should You Hold Your Property or Sell It? Rules of Investing in Property A Rough Guide to Valuation Methods The Need to Reassess Your Property Yield and Growth: The Twin Pillars of Property Investment Should You Hold On? Spouses, Partners and Guarantors PART IV: PERSONAL INSOLVENCY AND BANKRUPTCY: NEW MEASURES TO TACKLE THE PERSONAL DEBT CRISIS 12. Is Personal Insolvency for You? Why Consider Insolvency? Personal Debt Is Personal: It Stays with You How Is Personal Debt To Be Resolved? Follow the Flow The Size of the Problem Is Immense 13. Personal Insolvency: Unsecured Debt Insolvency vs Bankruptcy Personal Insolvency: An Overview DSAs: The Solution for Unsecured Debt DRNs: The Solution for Small Unsecured Debt 14. Personal Insolvency: Secured Debt Insolvency and Bankruptcy: What Is the Difference? Are You Ready to Consider Insolvency? What About Repossession? Mutual Agreement Is the Best Option Time Is on Your Side The Solution for Secured Debt Prior Engagement with Your Lender Secured Creditors Guarantors You Get to Stay in the Family Home Maintaining Your Standard of Living Financial Statements 15. Is Bankruptcy an Option? Is Bankruptcy a Real Option? Asset Sales Amendments to the Bankruptcy Act Useful Websites

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書名 Making a Deal with Your Bank : An Insider's Guide to Managing Your Mortgage Debt
著作者等 Dalton, Fran
書名別名 An Insider's Guide to Managing Your Mortgage Debt
出版元 Orpen Press
刊行年月 2013.03.22
ページ数 250p
大きさ H216 x W138
ISBN 9781871305999
言語 英語
出版国 アイルランド