My name is (lets say Paul). I am married with two children in Dublin. I have a question for you. Very technical – so if it needs to be passed on – then do so – I just need the right advice for this.
I bought a house in 2001. I have paid the mortgage etc for the last 12 year. I have no debt. The mortgage is up to date and I have never defaulted on payment.
I married my wife in 2005.
In 2004 my wife father purchased an apartment for my wife in her name with him as the guarantor. This was for €312000 and she earned €17000.
We married 2005.
She stopped working in 2006 to look after our kids. She has no income. The apartment was rented out since 2004.
My father in law managed the property until 2009. I had no dealings with it until then.
I tried to make it work but the fact is that the mortgage is unsustainable. Further more is causes tax problems for me.
My father in law wanted me to remortgage over a longer period with my own house to cover his mistake. I refused.
He is unable to move the mortgage as he is 70 years old. The property makes a loss of 700pm rented out and about €1500 a month not rented out.
There are tax costs.
I wrote to the bank and revenue about the matter.
I told the bank that if they reduced the mortgage to 120k then the mortgage would be sustainable and I would look after it otherwise I think that its unsustainable and refuse to have anything to do with it.
They ran my father in law who is a company director. He went mad. We met – we differ on this matter because if the mortgage defaults his credit rating is gone. Not my issue.
The bank also only will deal with him as my name isn’t on the mortgage and he controls the loan and all the accounts relating to the apparment. I have no control here.
He is going to fill out form 11s and submit them on my behalf but expecting me to pay this bill.
Revenue will think that I submitted the forms and I will be linked to the mortgage. This is dangerous for my job.
I have considered separating my wifes and my taxes. As I see it – the apartment worth 140k has a mortgage of 220k. I simply put cannot take any responsibility for it. It was not my doing.
Can you tell me what happens in certain scenarios and what would be the best advice that you can give me.
1. What happens if my father in law dies – who inherits the debt / can I be affected?
2. How can I separate this issue from myself as the revenue don’t seem to understand that I have no access to running / costs / income of this?
3. What can I do to bring this issue to ahead considering that my father in law is paying the losses on the banks side but leaving taxes to me knowing that if I don’t pay taxes I go to jail not him. My wife also wont support me as she doesn’t want to affect her dad.
I bought a house in 2001. I have paid the mortgage etc for the last 12 year. I have no debt. The mortgage is up to date and I have never defaulted on payment.
I married my wife in 2005.
In 2004 my wife father purchased an apartment for my wife in her name with him as the guarantor. This was for €312000 and she earned €17000.
We married 2005.
She stopped working in 2006 to look after our kids. She has no income. The apartment was rented out since 2004.
My father in law managed the property until 2009. I had no dealings with it until then.
I tried to make it work but the fact is that the mortgage is unsustainable. Further more is causes tax problems for me.
My father in law wanted me to remortgage over a longer period with my own house to cover his mistake. I refused.
He is unable to move the mortgage as he is 70 years old. The property makes a loss of 700pm rented out and about €1500 a month not rented out.
There are tax costs.
I wrote to the bank and revenue about the matter.
I told the bank that if they reduced the mortgage to 120k then the mortgage would be sustainable and I would look after it otherwise I think that its unsustainable and refuse to have anything to do with it.
They ran my father in law who is a company director. He went mad. We met – we differ on this matter because if the mortgage defaults his credit rating is gone. Not my issue.
The bank also only will deal with him as my name isn’t on the mortgage and he controls the loan and all the accounts relating to the apparment. I have no control here.
He is going to fill out form 11s and submit them on my behalf but expecting me to pay this bill.
Revenue will think that I submitted the forms and I will be linked to the mortgage. This is dangerous for my job.
I have considered separating my wifes and my taxes. As I see it – the apartment worth 140k has a mortgage of 220k. I simply put cannot take any responsibility for it. It was not my doing.
Can you tell me what happens in certain scenarios and what would be the best advice that you can give me.
1. What happens if my father in law dies – who inherits the debt / can I be affected?
2. How can I separate this issue from myself as the revenue don’t seem to understand that I have no access to running / costs / income of this?
3. What can I do to bring this issue to ahead considering that my father in law is paying the losses on the banks side but leaving taxes to me knowing that if I don’t pay taxes I go to jail not him. My wife also wont support me as she doesn’t want to affect her dad.