Banksurvivor
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Hope this is the right forum.
Need advice for a friend, who is fast running out of road.
He is a long standing property person, who has always operated in the most ethical manner.
His main loans were purchased as part of a portfolio by one of the new big entrants to the Irish market. Some smaller personal loans of his were also included in the purchase.
As is his wont, he cooperated completely with the new people to ensure that the value of the assets (fairly complex) was safeguarded. Having used his experience/expertise to get their arms around the complexities of the loans and the underlying assets - they now have started to beat him up and are pressurising him to sell his home. He had signed Personal Guarantee on the main loans, but there is no mortgage on his home.
They have now appointed a Receiver to a small property which is held as security for his personal loans. When he asked for a copy of the Mortgage Deed, he finds that it is signed by himself, but not by the Bank. The date on it is the date referenced in the Receiver's Deed of Appointment.
My question.
Is it possible for the Bank to rely on the Mortgage Deed although it was only signed by my friend?
He has no problem with acknowledging the fact that he owes the money. He just wants to get some kind of card to play - given the manner in which they are roughing him up.
He can no longer go to his solicitor. He has some time ago completely run out of funds and the solicitor no longer takes his calls.
Any views would be greatly appreciated.
Need advice for a friend, who is fast running out of road.
He is a long standing property person, who has always operated in the most ethical manner.
His main loans were purchased as part of a portfolio by one of the new big entrants to the Irish market. Some smaller personal loans of his were also included in the purchase.
As is his wont, he cooperated completely with the new people to ensure that the value of the assets (fairly complex) was safeguarded. Having used his experience/expertise to get their arms around the complexities of the loans and the underlying assets - they now have started to beat him up and are pressurising him to sell his home. He had signed Personal Guarantee on the main loans, but there is no mortgage on his home.
They have now appointed a Receiver to a small property which is held as security for his personal loans. When he asked for a copy of the Mortgage Deed, he finds that it is signed by himself, but not by the Bank. The date on it is the date referenced in the Receiver's Deed of Appointment.
My question.
Is it possible for the Bank to rely on the Mortgage Deed although it was only signed by my friend?
He has no problem with acknowledging the fact that he owes the money. He just wants to get some kind of card to play - given the manner in which they are roughing him up.
He can no longer go to his solicitor. He has some time ago completely run out of funds and the solicitor no longer takes his calls.
Any views would be greatly appreciated.