Revenue Judgement Mortgage

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greenerfield

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This could be the wrong forum i apologise if it is and will move it should it be warranted.

I believe i will soon recieve a judgement mortgage from revenue and my question is the following.

Is it true that the judgement mortgage exists for 30 years based on statute of limitations as opposed to other creditors who only exist for 12 years?

Many thanks for your time in reading this.
 
I don't know the statute of limitations in relation to this, but I'd be concerned they might force you to sell the house. Is there equity in it? Is it the family home?
 
Hi Bronte,

Thanks for responding there is no equity in the house a shortfall (negative equity) to market of approximately 125K euros. It is currently a family home however the person in question is going to emigrate and rent it out.

Its unknown how much revenue will set for the judgement but it could be as much as 240k and with the interest of 10% per year at 240k it may never reach floating water (the house).
 
Statute of limitations on a normal debt is 6 years. this is extended to 12 years where the debt is secured by Real property (i.e. land/buildings). If the property is currently in negative equity your friend should seriously consider selling it now as given the original mortgage and the new JM there is no basis for paying down any element of the capital.
 
Okay but is the statute of limitations for revenue debts 12 years as i read somewhere it was 30 years ?

The way my friend is looking at it the debt will never be cleared in 12 years so them forcing a sale would be of little or no use. So it could potentially expire in 12 years...
 
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