Q: What is happening to my mortgage?
The liquidators of what was renamed IBRC are selling off all of its loans, or trying to, through a series of auctions.
Loans are likely to be sold off at a discount, though the Government insists it's not a fire sale.
Q: How can you buy a mortgage?
A: Banks regard loans as assets that can be bought and sold. In theory, if you "buy" your loan, at say 80 cent in the euro, then it's effectively paid off.
Q: Great, I recently came into some money, can I make an offer for my INBS mortgage?
A: If you are a small borrower – with a mortgage or small business loan – the only offer you are allowed to make is to pay off 100pc of your loan.
A small number of big borrowers are being given a chance to bid for their own loans, though – the likes of TV3 and the 'Racing Post'. Large investment firms – dubbed vulture funds – are also being invited to make bids on all loans, including mortgages.
Q: That's unfair. Why is it happening?
A: It's about practicalities. It is far faster to sell off bundles of loans, or portfolios, than to allow bids on every single account.
Q: So a vulture fund could get my loan, that doesn't sound good.
A: The terms and conditions on your mortgage won't change, but an outside fund might not have to stick to the code of conduct that applies to most banks, so if you fall into arrears they might be more aggressive about pestering you for their money. But this is not necessarily so.
Mortgage sales have been happening already, a company called Pepper bought the mortgages of GE Capital, with little impact on borrowers.
Q: Is it true I end up in NAMA even with just a small mortgage?
A: If no one else buys these mortgages they will go into NAMA.
But you won't be rubbing shoulders with the big developers. NAMA is currently looking for an outside agent to manage any mortgages it gets.
If your home loan does go to NAMA you will be informed in writing, but after that you should barely notice any difference.