17 Apr 2018 9:23 PM:

Markfish, thanks for the response.

Your original PM I never received, very sorry.

Hayley will assist you in every way she can, any case in Andalucia will be passed on, however for the moment if you are performing on your loan then their is no need for concern.

The information I stated below is correct and up to date.

Activity levels and planning is currently underway with the new owners to address all NPLs in order to try and resolve their situation in the best way.

I wish you all the best.

 

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

--------------------------------------

17 Apr 2018 9:36 AM:

As I stated a few months ago, Otagaz sold the portfolio to another fund, whom I will not name on here. 

The fund are now actively addressing cases both Non performing and performing, as you can imagine their are a number of NPLs that need to be addressed.

The service provider is still the same and if you need help please PM me and I am happy to assist.

Usually registration of any change of title will take around 3 to 4 months in the land registry, however the actual deed signed on the day is always available on request, weather it be a credit or asset purchase.

Over the last 3 months the new owners have been very active and plans are now starting to be put in place to assist both resident and non resident borrowers.

On another note GE stopped lending back in 2007/8 which is .10/11 years ago now, no new mortgages were administered after this date and with the crash of 2008, most if not all mortgages given are more than likely in negative equity. Also with the interest only products that clients took advantage of, the switch to capital repayment is causing clients a real problem.

Obviously I do not know your case, however you can PM me and I will see if I can address it.

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

--------------------------------------

06 Apr 2018 5:33 PM:

Markfish, the portfolio was sold on again in Dec last year to another fund who I won't name.

However it is still Peppers that are handling everything.

You can PM me for more details.

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

--------------------------------------

24 Jan 2018 11:31 AM:

Good Morning Zyloc,

Thank you for your private message to which I have responded.

The portfolio was sold on again at the end of last year however this has not affected the service provider has they have been instructed to keep managing the portfolio.

This year alone their are in excess of 180 mortgages switching from interest only to repayment, which we know will create a lot of defaults, indeed we have clients that have already stated they cannot meet the montly payments when the switch takes place.

Nothing will happen with any of the mortgages until March/April at the earliest.

We already have several cases from last year that were put on hold due to the sale of the portfolio, these are now been studied and decisons are starting to be made about how we will handle them, it may be similar to how we have dealt with the cases in the past, but I cannot confirm.

Please feel free to contact me privately with any questions you may have.

Unfortunately I do not have the time to keep posting on open forums, information that is sensitive and private, I am sure you fully understand.

Kind Regards

 

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

--------------------------------------

12 Dec 2016 1:38 PM:

Smiley, you are correct with GMAC and their portfolio, this was the first ever portfolio I worked on and to this day I am the consultant for Paratus AMC/Fortress who purchased the GMAC portfolio.

I have worked on this portfolio since 2008 and on the back of my work for Paratus I gained the consultancy role for GE Capital.

We purchased the book from GMAC in 2008 (14c/$1) and to this day I am still working on cases here in Malaga where we are now just been awarded the title due to clients not copperating.

I cannot tell you what the intentions of GMAC or GE were initiallly what I can tell you is that they were not traditional lenders, with high street offices. They got their fingers burnt and decided that the residential market in Spain was not what they wanted to be involved with and so they put their portfolios up for sale.

The orignal lending for both entities within the Spanish residential market was very small and they simply wanted to remove it from their balance sheet.

The banks are still sat on large amounts of NPLs and I am given portfolios to study on a regular basis for Paratus and Hispania.

GE (OTAGAZ) are simply managing performing cases and trying to limit the default cases by entering into an arrangement with the client.

Unfortunately the reality is that if you purchased property before 2008 (2002-2008) the chances are the property will be in negative equity and that will probably remain for the next 15 to 20 years and possibly beyond! 

I have seen numerous cases over the years since the crisis where mortgages on properties were at unbelievable levels and we have ended up selling the asset for 65% below mortgage. This is my main role.

Indeed I have had 3 cases come in over the last 7 days (GE Capital) and we are now working with the client to dispose of the asset at no cost to them and with zero liability relating to the short fall on the mortgage.

This is what the banks are off loading at the moment, however what we are seeing in the bidding process for the portfolios is that other funds are driving the price of the portfolios up to a point where their are no margins and going north of 50 cents in the dollar.

 

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

--------------------------------------