If you co own the property and you took the mortgage, it would seem to me the only thing the bank can go after is your half share. They can't touch your dad's part if he didn't borrow or co sign for a loan on it.
Hi my mother and father owned the house my mother passed away so my father became full owner until he put my name on deeds as joint owner I was with bos then they sold my mortgage to tanager in April 2014 for less than half of the value the mortgage due bos could of easily repossessed house and got nearly full amount that's owed but they knew there was issue's with the ownership my father passed away in June so my case is not straight forward a sc told me that it would be very hard for any bank to repossess the best thing for them would cut me a deal as it would most likely be a unsecured debt now.What do you mean by family home?
What do you mean the bank 'takes' small amounts per month?
How did this mortgage come about.
If you co own the property and you took the mortgage, it would seem to me the only thing the bank can go after is your half share. They can't touch your dad's part if he didn't borrow or co sign for a loan on it.
Who told you the loan was illegal? Obviously it's not illegal to give a loan.
Sorry about fullstops etc but my father put me on deeds as joint full owners with himself, when I took out the mortgage I handed over the deeds to the solicitor and it turns out the bank nor the solicitor done a basic search of who owned the property it seems the bank made a huge mistake this was back in 2003 when the bank's were throwing money at people.It is very hard to read your posts because you don't use any punctuation.
I suggest that you need to have someone look at your deeds and walk you through the different situations you've outlined.
So: the house was originally owned by both your parents.
You mother died.
Your father gave you an interest ( all? or some?) in the property. There must have been a solicitor involved. And a Deed. Or a Transfer.
You say you raised a mortgage. Are you sure? Is there a chance that you have an unsecured loan only?
It is most unlikely that any bank secured a mortgage on the property, without your father's consent, unless he had transferred the entire legal title to you.
The senior counsel who gave you the advice may have had difficulty understanding your position. Unless he had access to all the information.
I don't think the Bank will give you back your deeds. Is there any prospect of you ever being able to repay the debt? Can you sell and clear the debt?
How much is the debt? How much is the house worth?
mf
Well if you're joint tenants of the property, and your Dad didn't execute any mortgage documents, your bank are simply unsecured lenders. You still owe the debt obviously but your bank won't have any valid security interest over the property.
Thanks for that if it is a unsecured debt what happens about my deeds
As I mentioned in my earlier post it's not an unsecured debt.
Doing it up, and put most into my business that has since collapsed
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