Judgment Mortgage

L

loulou117

Registered User
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4yrs ago a creditor got a judgment mortgage against my property, i now nolonger deal with that creditor as they have sold my debt to another company a few years ago and i am still currently servicing this debt with the new company.

Surely the judgment mortgage is not valid or should be removed??? the creditor that lodged it then, i nolonger deal with them and they are also nolonger in business.?? Any advice,pls..
 
Are they a registered company or an individual? Is that company still in existence on the company register?
 
re: judgment mortage

firstly the creditor "applicant" who made the judgment mortgage does not own my debt anymore, they sold it. They are a company and currently on the cro they are in receivership although i have been told they nlonger do business, my point is: they have nothing to do with my debt anymore the debt is with someone else and is being serviced and this company is nolonger "trading".

I understand the judgment will be removed when the loan is discharged but the original creditor nolonger exists and its the "applicant"/creditor that lodged the judgment that must remove the judgement and secondly, my debt is now managed by another company and is being serviced.

So does it not make this judgment property void? because that debt nolonger belongs to them, its being claimed/recovered by another company...
 
It does not matter if they are trading or not. If they still legally exist they have a valid JM.

Have you anything in writing to say this other crowd actually own the debt? It would be more usual for them to be acting on behalf of the original creditor. The selling of debts requires a notice of assignment and these are unheard of in Ireland.
 
Yes, i did receive a "notice of assignment", do you know what this means? and i did receive a letter saying, this new company now legally manages all documents etc. related to my debt...

Although the original company maybe still in existance, they don't manage/own my debt anymore? how does this make them entitled to retain a judgment on my property??

Does the judgment mortgage have to be legally transferred to the new company?
 

What does the 'notice of assignment' exactly say, also what does the letter say as well. You do not have to give the name of the company just the contents of what they are saying to you.
 
The letter from the old creditor says, "Notice of Assignment", account details, This letter is to inform you that, with immediate effect your account has been assined to "....", Please note all details of all agreements and promises have been transferred also. In accordance with the aforementioned assignment "...." now holds all legal rights authorities and obligations to same.

Then i got the below from the new company:

The letter says, "Reassignment Notice" , account details outlined and then the new companies name has been appointmentn by "...." as their asset manager to mannage your account on their behalf. Previously your account was owned and managed by "...." and then to contact them (this letter is from 2yrs ago).

No mention of a Judgment Mortgage on either and i confirmed from the land registry today the judgment mortgage is still in the old creditors name...
 
When you clear the debt, the new company can lodge a satisfaction with a copy of the Notice of Assignment. That will be sufficient. The Judgment Mortgage will remain attached to the property until then.

mf
 
mf1 said:
When you clear the debt, the new company can lodge a satisfaction with a copy of the Notice of Assignment. That will be sufficient. The Judgment Mortgage will remain attached to the property until then.

mf
Click to expand...

I am not sure about this, but I thought when a charge is placed on a property by court then the new collector has to back to court to get it transferred to them and this will cost them a fee.

Would it be in the best interest for the OP to send a freedom of Information request to the new collector to see if they have complied with the rules ie that they have been given the authority by a judge to collect the debt in accordance with the original judgement.

[broken link removed]
 
yes kev your absolutely right, the new collector should have a judgment transferred in their name and have gone about it in the correct way. I have contacted their offices today requesting this information as they won't answer my emails. If no reply i will presue it under the FOI Act.

But i still think the judgment mortgage should be void as i nolonger deal with the old company and they nolonger own my debt......

This new company needs to show that the judgment mortgage is now legally their entitlment.
 
I disagree with both kev and loulou.

This is all about the original debt and, ignoring that, and, focussing only on the assignee of the debt, and, the ins and outs of who is entitled to what, will not change the liability of the debtor.

The judgment mortgage is not void. End of.

mf
 
mf1, your right the judgment mortgage is not void, i do understand that. My concern is the original debt is nolonger with the original creditor (applicant who lodged the jm), the original debt is currently being serviced and is with a new creditor.

How can a company (i.e.old creditor) continue to have a jm on my property, if they nolonger own the debt?

surely the jm should be trasferred legally into the new creditor name ?
 

As far as I am aware as it was Court Judgment it should have gone back to the court for it to be legally transferred into the new company's name to collect the debt.

Check the deeds of your home and see what company's name is on it now to collect the debt outstanding. Also check your credit reference agency and see what is on there as well.
 
I rang the land registry and they have confirmed, that judgment is still attached to the property and its in the old creditors name!!!!

this is my point, how can the old creditor be entitled to a judgment on my property and they nolonger own the debt.

I am in the process of finding out has the new creditor gone about obtaining/transferring the judgment mortgage into their name.
 
Things will get very interesting if the old company is struck off the companies register and then legally ceases to exist.

It will become unenforceable as the other crowd won't be able to enforce it.
 
Can I ask something? Why does this matter? It seems like a lot of energy being thrown into something that is of absolutely no consequence? The money is still owed. The property cannot be sold until the debt is cleared. So, why would anyone go to the trouble of removing the mortgage and then getting it put back in place? Who will [pay the costs of that?

I genuinely cannot see what the difficulty is. Is it a point of principle? Because they tend to be expensive and, more often, not what the issue is in any event.

mf
 
Time said:
Things will get very interesting if the old company is struck off the companies register and then legally ceases to exist.

It will become unenforceable as the other crowd won't be able to enforce it.
Click to expand...

They're in receivership.

mf
 

The OP is aware that the debt is still owed, but is concern about the company that has taken it over ie was it done via the court and the court has given authority to the new collector to collect the debt.

The OP should look at the original judgement and see what it say, if anything, about it being transferred to a new collector.

Who is this collector, it could be a scam for all the OP knows.

As far as I am aware it must go back to the court for the judgement to be transferred to the new owner. The new company will have to pay a fee for this and perhaps that is what they are trying avoid.

The OP should contact the court direct to see what the position is regarding the transfer of the judgement on her property. Also she can do FOI request to the new company and see what they on her case.
 
This is very important to me.... firstly, this is a secured debt now and wasn't originally and does not fall under the DNR when it comes into law shortly. Secondly, it is a matter of prinicpal, originally this loan was for a small amount (5k) and at that time i had a payment plan and the original creditor still went ahead and got a personal judgment against me and then lodged the judgment against the property, he went to every effort to black list me.

Back in 2010 when that original company sold my debt (clearly they knew their business was in trouble), he sold the debt and to date this loan is still being serviced with the new creditor.

Checking all the old documents from the oringinal creditor, there seems to be alot of inaccurcies, no dates on letters, different company name who debt was being assigned too and alot of photocopied papers that look suspicious.

But most importantly, it is important i find out has the new creditor transferred this judgment property in their name and have the proper steps being followed....so when the loan is discharged they the new creditor can apply to the land registry and remove this.

And it is a big deal to me, that there is a company that legally has a judgment against my property and they nolonger own my debt.

Also, the original creditor when lodging the judgment on the property the fee was 200e and he added it onto my debt, that doesn't sound right??

By the way, the original company went into receivership feb 2011, can anyone tell me, how long receivership can last for??

I will be ringing the District court in the morning and ask has the new creditor transfered the judgments and i will ask do they have legally the authority to continue to collect this debt, that might clear a few things up.
 
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