Am I still liable for mortgage? Name not on mortgage

T

tyson

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I inherited a property from my Dad a few years ago.

My dad so wanted to make sure i got the house before he died so that I could sell it and have some money.

This property was in joint names with his ex who had moved out several years before. A large enough sum was paid to her to sign over her interest in property to me upon his death.

The deeds are now in my name and I have just about managed to pay the mortgage the last 3 years.

With my husband just been made redundant and the last year has just been so tight we can no longer make the repayments.

We were never able to sell the house and even if we could it may or may not even cover the mortgage (there was no life cover on this mortgage, stupid I know!). Its still on market for sale.

My question is - Who down the road will the bank come after if I stop paying the mortgage?

The loan with the bank remains in my late fathers name and his ex.
I have never signed anything with the bank.
The bank will not discuss directly with me any details in decreasing term - they advised I must ask ex to put in writing what I want- This makes me think that his ex would still be liable.

The bank do send me letters but my name is not on mortgage,its c/o of me as I am paying it and need too know if and when it increases.

I hate to have to go this route but I don't have a choice now and would really appreciate advice on who is legally bound to pay especially as i agreed to inherit property.

Thank you for your time
 
Your story is not clear. Your dad owned a house with his ex. There was a mortgage on the house when he died. You inherited his share of the house and the ex signed over the other half? Therefore after probate the house was transferred to you? But there is a mortgage on it in your dad's name and also that of the ex. You alone have been paying the mortgage. Was there not life insurance to pay out the mortgage on the death of your father? The ex still has the mortgage in her name and is therefore liable for it but she doesn't own any share in the house.

This doesn't make sense.

In any case if you inherited something with a mortgage/debt on it you inherited nothing so why take it.
 
Are you in Ireland? This is an Irish site, don't all mortgages in Ireland have obligatory life insurance cover so they are paid in the event of death.
 
fizzelina said:
Are you in Ireland? This is an Irish site, don't all mortgages in Ireland have obligatory life insurance cover so they are paid in the event of death.
Click to expand...

No, they are not all obliged to have life insurance cover, but the story still doesn't make any sense.
 
Yes I know it sounds complicated.

As advised previously my father cancelled his life assurance, then got sick and died very quickly.

I agreed at the time during my fathers illness - everything was so rushed and he wanted me to have the house because at the time we were still in a boom and he had anticipated a 100k profit which he so desperately wanted me to have but obviously within a few months of his death the recession hit.

Probate is finalised, All was done through a solicitor. The bank have the deeds in my name and land registry is finalised however the bank would would not agree for me and my husband at the time to transfer the mortgage into our names (is this a blessing?) as we would not qualify financially for the mortgage amount. They have no problem sending out all correspondence to me and advising me of any changes in variable rates. However the mortage remains in my father and ex name and they send to me as c/o.
But when i enquired a few months ago about extending term. they said they need dad's ex partner to put in writing any request through solicitors.

IT just makes me wonder if there is any chance I can get out of it. I just about make ends meet andd that was before my husband was made redundant and have used all my savings to keep that mortgage going never mind the 30k which I borrowed to give ex partner to sign over her interest. But I would happily thank God just to let it go as it costs over a grand a month.

Hope this is a little clearer. I often wonder NOW why ex did agree as her name still remains on loan.

I so appreciate your advice and I have made an appointment to see a solicitor also.
 
Sorry i also forgot to say maybe that while dads ex moved out several years before, my dad wass never able to get her name removed as bank would not remortgage in his name only. Later he put house up for sale during which time he took seriously ill and died within 3 months.
 
What bank is this, they would never agree to this. Did you not sign something for the bank.
 
PTSB - I never signed anything ever with bank.

I just signed a letter with solicitor I think to receive inheritance (personal items) and that Dad wrote he wanted me to have the house and to pay ex to sign over her interest.

And solicitor has letter to ex giving 30k
 
Yes I know it sounds complicated.

As advised previously my father cancelled his life assurance, then got sick and died very quickly.

I agreed at the time during my fathers illness - everything was so rushed and he wanted me to have the house because at the time we were still in a boom and he had anticipated a 100k profit which he so desperately wanted me to have but obviously within a few months of his death the recession hit.

Probate is finalised, All was done through a solicitor. The bank have the deeds in my name and land registry is finalised however the bank would would not agree for me and my husband at the time to transfer the mortgage into our names (is this a blessing?) as we would not qualify financially for the mortgage amount. They have no problem sending out all correspondence to me and advising me of any changes in variable rates. However the mortage remains in my father and ex name and they send to me as c/o.
But when i enquired a few months ago about extending term. they said they need dad's ex partner to put in writing any request through solicitors.

IT just makes me wonder if there is any chance I can get out of it. I just about make ends meet andd that was before my husband was made redundant and have used all my savings to keep that mortgage going never mind the 30k which I borrowed to give ex partner to sign over her interest. But I would happily thank God just to let it go as it costs over a grand a month.

Hope this is a little clearer. I often wonder NOW why ex did agree as her name still remains on loan.

I so appreciate your advice and I have made an appointment to see a solicitor also.
 
The bit that does not make sense is how ownership could legally be transferred to you unless the bank consented. Most mortgages have a prohibition on transfer without discharging the mortgage or obtaining banks consent.

What is not clear:

1. How ownership could be transferred and neatly tied up without dealing with the mortgage.
2. Why ex would get a payment for her share when there was a mortgage outstanding
3. Why you would accept an inheritance with a mortgage on it unless you were also taking on the mortgage.

When you strip it down to simple solid facts, you can see the issues.

mf
 
It would seem unlikely that the ex would sign over the house to you, without you taking over the liability for the mortgage. Are you sure you did not sign something to that effect when paying the ex for her share of the house?
 
Regardless, this reads as the Bank have made a huge error. Personally I would play them to my own benefit. Their mistake, so let them take the hit.
 
thank you for comments and I know it sounds complicated but have checked my documents

The land registry ownership has been transfered from ex name to dads name and then to me as full owner as per the land registry legal document. Solicitor then sent deeds to bank. Ex partner signed over her hald share interest in property.

The only document i have signed was to execute will and on this my dad willed me his estate including full ownership of property and personal belongings.

In relation to previous query why I would take on a debt. At the time the house should have sold and made a clear profit of 100k which unfortunately never happened.

In relation to query why ex would sign over her interest - she received a large payment from myself and I suppose she possibly thought the house would sell quickly also ( not that she had any dealings with teh house over the last 3/4 years. My dad had been maintaining the payment all along.

So this still leaves me not sure as to who the bank would come after.

Thank you for comments
 
Tyson, I think you should seek advice from a solicitor as it is really complicated.
 
Are you saying that if you made 100k profit, you wouldn't consider that your Fathers EX partner is entitled to anything.

But if she is liable for the loan, and there is loss due to current value of the property - you would be happy to leave her liable for the loss?
If you stop paying, for your house you are hopping your Dads ex will have to pay up?
 
Yes if you read previous comments thoroughly you will see that ex got 30k, Ex never contributed to house for at least 3/4 years and previous to that was my dad that paid most of mortgage.

But getting back to the original question I am now unable to pay mortgage and wanted to know LEGALLY who would bank come after.

Maybe if you are knowledgable in the area of law you might know otherwise opinions around whether it is morally right or wrong to expect ex to pay is not helpful. Worse case she gets her house back with 30k!
 
tyson said:
wanted to know LEGALLY who would bank come after.
Click to expand...

Well then, why don't you ask your solicitor. You either haven't explained what happened correctly or someone made numerous huge mistakes, you cant expect anyone on a forum to give you the correct legal advice, thats why we have legal professionals.
 
As the mortgage is in the name of the ex she is liable for the loan but the loan is secured on a house that she does not own. Technically based on what you've posted that is correct but I wouldn't like to try that in court as a basis for not paying back the mortgage.

Do you have documentation from the bank that outlines why they would be willing to allow a transfer to you of the property while having a mortgage left with someone else. There is no reason a bank would allow this. If the ex has no other assets and no job they have no security.

Whatever about a bank allowing this I'm amazed your solicitor went along with it. What advice were you given?

Could you do some figures and dates for us. Date property was purchased and term of mortgage and remaining balance and repayments and rent.
 
Thank you for your comments and advice and I have app to speak to solicitor so will hopefully know better then.
 
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