Mods please feel free to move this post if its more suited to the legal section.
A couple of years ago an older family member of my wife remortgaged their home. The top up mortgage was to be paid back within three years.
Roll on a couple of years later and this individual is still paying the mortgage with a lesser amount. The bank become vexed because the mortgage was not paid off within the time frame. The letters became more threatening and all being told it became a very messy situation. The bank were on the verge of seeking repossession. The person in question had exhausted all avenues but the bank did not want to know.
This person became ill from sheer pressure that had been applied by the institution. If it had been me I'd have thrown the keys back at them and expressed my views to the mortgage holder but they were having none of it especially having come from a generation who paid their debts to the full.
To cut a long story short a family meeting was called and it was put to me to purchase this persons home before the bank finally closed in on them. I was hesitant at first but finally took out a mortgage and purchased it. This allowed the person to continue to live in their home and pay me the mortgage amount each month.
Now this is were it gets technical - the house is now in negative equity and I have a fifteen year mortgage remaining on it. There is absolutely no problem with this person paying mortgage.
The family member has recently come into money and I was thinking of asking them to make some sort of contribution.
Is this way out or order on my part?
A couple of years ago an older family member of my wife remortgaged their home. The top up mortgage was to be paid back within three years.
Roll on a couple of years later and this individual is still paying the mortgage with a lesser amount. The bank become vexed because the mortgage was not paid off within the time frame. The letters became more threatening and all being told it became a very messy situation. The bank were on the verge of seeking repossession. The person in question had exhausted all avenues but the bank did not want to know.
This person became ill from sheer pressure that had been applied by the institution. If it had been me I'd have thrown the keys back at them and expressed my views to the mortgage holder but they were having none of it especially having come from a generation who paid their debts to the full.
To cut a long story short a family meeting was called and it was put to me to purchase this persons home before the bank finally closed in on them. I was hesitant at first but finally took out a mortgage and purchased it. This allowed the person to continue to live in their home and pay me the mortgage amount each month.
Now this is were it gets technical - the house is now in negative equity and I have a fifteen year mortgage remaining on it. There is absolutely no problem with this person paying mortgage.
The family member has recently come into money and I was thinking of asking them to make some sort of contribution.
Is this way out or order on my part?