Hi folks,
I was following this forum for a while, and also listening to radio interviews, including an interesting slot on Today fm Sunday morning.
Can anybody provide an answer to the following;
In Irish bankruptcy, the family home appears to be a focal point and something many commentators have speculated will be kept as long as humanly possible. I've heard reports of "the spouse may be able to buy it for a few thousand euro" etc., especially if in negative equity.
If both spouses, however, like most joint home owners (with mortgages jointly owed for their house), enter bankruptcy, will it not be case that BOTH of them will be made bankrupt?
Or will the OA somehow allow one of them to buy it a reduced price and keep the family in the family home?
For example purposes;
Mortgage outstanding €300,000 and 30 years left
Purchase price €330,000 5 years ago
House value €150,000
Negative equity €150,000
Really confused over this.
Thanks.
I was following this forum for a while, and also listening to radio interviews, including an interesting slot on Today fm Sunday morning.
Can anybody provide an answer to the following;
In Irish bankruptcy, the family home appears to be a focal point and something many commentators have speculated will be kept as long as humanly possible. I've heard reports of "the spouse may be able to buy it for a few thousand euro" etc., especially if in negative equity.
If both spouses, however, like most joint home owners (with mortgages jointly owed for their house), enter bankruptcy, will it not be case that BOTH of them will be made bankrupt?
Or will the OA somehow allow one of them to buy it a reduced price and keep the family in the family home?
For example purposes;
Mortgage outstanding €300,000 and 30 years left
Purchase price €330,000 5 years ago
House value €150,000
Negative equity €150,000
Really confused over this.
Thanks.