alzeimhers and investment

Hi Folks

Im hoping someone here may be able to help. My father is suffering from early stages of Alzheimer's. He decided last year to buy a place in Spain to play golf (but is not physically capable of walking down road). We advised against and he said he agreed to lose the deposit. However, he went ahead and got two separate mortgages for over a million. He now needs to adapt his home and does not have the cash to do so with these mortgages. It is based on an investment property of his which he had thought would pay for future care which he will undoubtedly need. Is there any way the banks would write any of this off or is it caveat emptor?

I doubt very much if the banks would write off such a loan. I don't think that they should be asked to write off investments which don't work out.

You need to see a solicitor immediately and find out the best way to prevent this from happening again.

Brendan

Purely from a layman's point of view. The bank flogged a loan to a person who was not fully compos mentis. A recent case in the US had a financial gurrier flogging a sub prime mortgage to a woman over 80! Now, remember the Ron Saunders debacle ..... put this in reverse. My learned friend allowed this scallywog to escape porridge because of his Alzheimers ......... and then, a world's first! He later was running a successful company.

Is there any indication that OP's father was not compos mentis?
If he was not compos mentis then why did his family not apply to have him made a Ward of Court?
It can be very difficult for a Bank or legal adviser to even query whether a client is compos mentis.

mf

Simeon said:

Now, remember the Ron Saunders debacle ..... put this in reverse. My learned friend allowed this scallywog to escape porridge because of his Alzheimers ......... and then, a world's first! He later was running a successful company.

Click to expand...

I am not familiar with this and would be interested to be pointed to some links with coverage of the story. (Google wasn't especially helpful) Thanks.

That's because it was Ernest Saunders not Ron Saunders!

Simeon said:

Purely from a layman's point of view. The bank flogged a loan to a person who was not fully compos mentis. A recent case in the US had a financial gurrier flogging a sub prime mortgage to a woman over 80! Now, remember the Ron Saunders debacle ..... put this in reverse. My learned friend allowed this scallywog to escape porridge because of his Alzheimers ......... and then, a world's first! He later was running a successful company.

Click to expand...

Definitely someone around here who's not fully compos mentis

Yes, I'll cough up on that one. But hey, I'm older than most. And I won't admit it 'til *they're comin' to take me away Ha Ha!*

Certainly anybody who takes out mortgages for the amount stated would of had to have gone through a Medical. And if only a year ago the Doctor would have noticed the early signs of this condition. If last year he was able to play a round of golf and this year his house needs to be adapted, then unfortunately I think he may be beyond the early stages of the condition.
I would suggest you speak with a Solicitor fairly quickly, to protect your dear father and his future well being .