Buying a house with Judgement mortgage on it

[GWM80]

Hi ,
I was wondering if anyone has come across this when buying a property. Currently offer accepted but when contracts where recieved by my solicitor, there was 7 judgement mortgages on the property, that add up to more than the purchase price. The owner of the property is deceased, but we think the judgements are against a family member. Seemingly the vendors solicitor is looking to pay a percentage of whats owed on each judgement. how long does this process take and is it likely all parties would agree to a percentage of whats owed, as the current property market is hardly going to grow over the next few years. approx 20% more due on the property!!!

 

[Time]

A judgement mortgage can only be placed on a property if the owner or joint owner owes the money so the family member is highly unlikely.

It could takes months to resolve if it can be resolved at all. They may or may not agree. Sit tight and see what happens.

 

[GWM80]

Thanks a mill, we been looking for a year now, and pulled out of two other porperties, one due to NAMA and the other being a ghost estate basically.. It`s very frustrating at this stage..

 

[Luckycharm]

7 Judgement mortgages they must have owed alot of money, after the bank and revenue. People generally get paid out in the order that they put the Judgement mortgage on the property so first in get preference etc.