So he would like the taxpayer to take the loss on his holiday home so that he can keep an empty site and all the equity in his home?He really wants to hold onto the site but wouldn't mind getting rid of the holiday home but is there any scope to do this? If he approached the bank about repossession/write-off, what would the likely outcome be?
If he is in arrears on his mortgage, they could get a judgement against him and register it on the site and force the sale of the site. They are unlikely to do so, however. They would be well within their rights not to allow any rescheduling of the mortgage while he owns a valuable site.Could they force him to sell the site?
Yes, he and the wife are jointly liable for the mortgage on the holiday home. If they don't pay it off, they can get a judgement for the unpaid debt and attach it to the family home.Can they make any claim on the family home?
This guy can't afford to give away his assets while he has liabilities. This is real property developer stuff. Transfer the assets to the the wife so that when NAMA comes looking for repayment, tjey have no assets to pay them. The only problem with your scheme is that it won't work as his wife's name is on the mortgage, as you realise yourself: " And the bank wouldn't agree to his wife's name coming off the mortgage anyway."His intention is to sign the family home over to his wife.
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