If you’re under pressure from a Vulture Fund (VF) on your family home, we can help. We purchase your home, generating cash for you to settle with the VF and have your debt written off. We simultaneously grant you a long lease so you continue to live in your home without all that debt hanging over your home!
Importantly, you and your family obtain the right to buy back your home after 5 years at a deep discount to today’s value; that discount is set today so you know how much equity you have day 1. Have a look at our Calculator to see what may be possible for you.
In order to obtain a settlement with the VF, you will need to engage with them and follow the steps as set out below. You must meet the “proportionality test” which means you must engage, act honestly, pursue all options available to you and then tell your own story.
How to meet the “Proportionality” test.
You must try all possible routes to fulfil your contractual obligations. That means the following:
- Engaging with the VF.
- Offer to make payments (affordable to your circumstances) as part of a long-term restructure plan.
- Explore the opportunities offered under the insolvency legislation, bankruptcy law, etc.
- Explore the various Mortgage-to-Rent options available in the market.
Steps to a good night’s sleep
- You should ask the VF for a long-term payment plan.
- If refused, obtain the refusal in writing.
- Contact Homeoptions to obtain a settlement quote.
- Offer that amount to the VF in final settlement.
- If settlement refused then ask, in writing, for the price the VF paid for your mortgage.
- If they reject your settlement offer, please forward rejection letter to Homeoptions.
- Homeoptions will assess the rejection letter and advise you on your next steps.
- If the letter you receive includes the threat of legal action, Homeoptions’ legal adviser will provide a standard template letter for you to complete and return to the VF.
- If the VF continues with legal action then we will introduce you to a solicitor to prepare an affidavit outlining your defence. There will be a fee involved but refundable if we subsequently restructure you into one of our Homeoptions long-term solutions.
- Hopefully these steps will enable the VF to settle at a reasonable figure and we will then fund that settlement for you.