parents house repossession order

blackpanther

New Member
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1
Hi im looking for some advice regarding my parents current situation. Their mortage was with PTSB and at some stage pre recession was remortaged however the recession hit and they have not made repayments since 2009(older man unable to find work), they never told the family untill a court order was granted to sell the house in 2015 i think. The house was put up for sale however has not sold and the mortage debt has been sold to Start Mortages.I have taken over linking with Start as one parent has being giving a canacer diagnosis and is on chemo and radiotherpy, and the other has severe mental health issues . I have linked in with Mabs and am due to met them early next week . There is an order for repossession on the house and i believe my parents will not qualify for mortage to rent as the house is to big for just them. I had orginally thought of taking out a mortage myself and making a final settlement offer but the mortage i would get would not be the market value of the house ( the house has been let get very run down and needs work however is in a good area) so i suppose im asking is there any hope of retaining the family home at all?
 

Bronte

Frequent Poster
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13,358
As both your parents are ill they seem incapable of looking after a large house never mind paying a mortgage. Do they have an income.

What benefit would it be for you to be financially embroiled in this mess. Why would you even want to.
 

noproblem

Frequent Poster
Messages
1,694
As both your parents are ill they seem incapable of looking after a large house never mind paying a mortgage. Do they have an income.

What benefit would it be for you to be financially embroiled in this mess. Why would you even want to.
I would imagine he loves his parents and might like to help them. In his mind he probably feels there's value in the site and by doing this it may make a good investment for the future and so he kills 2 birds with the one stone. Now I could be completely wrong but then again? Why do you think he might be doing it and if you were in the same situation would you help your parents? There might be other ways but one has to allow for family feelings and the family homestead too. I think he's a good son with a great sense of respect towards his parents.
 

Bronte

Frequent Poster
Messages
13,358
He can’t borrow enough to pay back the mortgage. He’d then have to make mortgage payments. How will he do that. No bank would give him a mortgage as he doesn’t own the asset. And the house is going into disrepair. How is living there good for anyone. Sounds to me like the parents would be better of renting a manageable property. They have 3nough to be dealing with besides holding onto a deteriorating ‘asset’
 
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