12 year judgment and selfbuild on parents site?

[time2]

Does a creditor (bank) have the power to pursue you through the courts or whatever means for a judgment mortgage (debt shortfall)at any stage within the 12 years timeline of a judgment to the extent that they can put a judgement on a house you build in the future on your parents site? Could they force a sale on such a self build if it is in positive equity? We would be leaving ownership of site in parents name until the judgment expires over time if this helped?? This self build would be principal private residence to raise family.

note: The judgement mortgage relates to an old investment property

 

[Brendan Burgess]

Very complicated issue.

I have tried to summarise the background in this Key Post

Does my debt just disappear after 6 years?

But I am a bit confused.

They have a judgement against you? You have money to build a house? Why don't you pay the debt you owe?

Brendan

 

[Time]

Do not change the ownership until 12 years are up as they can and will slap a JM on any future property you buy in the 12 years. If it is in positive equity they may well look for a well charging order to force a sale.

They can do nothing if it is still in your parents name.

 

[Gerry Canning]

To Time2.

If your debt relates to investment property, would you have shared the profit with the Bank ? You now appear to have funds to build. Creates questions?
.........................................................................................................
Leaving a property in parents name and awaiting the 12 years can still be challenged if it can be shown as an intent to avoid the judgment.It would though be very hard to prove.
There are now companies (buying)these old debts at a huge discount and using local reports to keep an eye on things .
It might be an idea to approach the lender and see can you now get an agreed discount. THen everyone can just move on without watching each other !!