securing main residence from investment property banks

[Luternau]

I would say you should re-read posts 6,7 and 9 again. Judging by the question(s) you are asking and reasons for asking, you need to get professional advice. Good luck with whatever you choose to do.

 

[Bronte]

MF1 is corrrect, not Spiker. Just look at all MF1's excellent and accurate posts.

 

[Steve Thatcher]

I am legally qualified. The answer is that if you default on your investment properties you could be subject to a monetary judgment. That judgment can be secured against any asset of yours, ie your family home. Once there it would be possible at least for the judgment creditor to ask the court for an order for sale. Now whether the court would grant it is another matter and one for judicial discretion subject to established case law.

Steve

 

[44brendan]

Fully accurate Steve, but to be fair cases of JM holders progress to Well Charging orders and orders for sale are extremely rare in RoI. It is expensive, extremely slow and I have yet to see one through to conclusion.

 

[sunhill]

any chance of a reply Brendan Pleae ?

 

[44brendan]

This is nonsense! From a new poster.

The family home is just bricks and mortar. End of.

It is an asset that can be attached.mf

Yes I agree, but with reservations. You have an interest in your family home, whether or not your name is on the title deeds. The holder of a judgement can register a JM on the property on foot of that interest. Theoretically the JM holder could then apply through the Courts for a well charging order and order for sale on that property. Practically this is not going to happen. It is an expensive and protracted process and the Courts would be unlikely to support an order for sale in the circumstances described.

 

[Steve Thatcher]

Yes I agree, but with reservations. You have an interest in your family home, whether or not your name is on the title deeds. The holder of a judgement can register a JM on the property on foot of that interest. Theoretically the JM holder could then apply through the Courts for a well charging order and order for sale on that property. Practically this is not going to happen. It is an expensive and protracted process and the Courts would be unlikely to support an order for sale in the circumstances described.

Essentially then the JM sits there until the property is sold some time whenever? Is that right.

Steve

 

[sunhill]

Any chance of a reply Brendan ?

 

[sunhill]

Thanks Steve and Brendan44.

I t is nice that you clarified steve that you were legally qualified when we got into the nitty gritty of this thread, which is while the courts may put a judgement on your PPR ordering the sale of the property is very rare if it has happened at all. MF1 was commenting but wouldnt give his background and seems to be a regular poster but didnt have the finite detail in his replies to this thread which can be more dangerous than useful when giving advise or opinion.

sunhill

 

[Bronte]

Sunhill if you default on one or all of the investment properties then the bank involved will force you to sell that investment and you will still be liable for the shortfall. They will then do either one of the following.

1. Judgement mortgage, they will go to court and put a judgement mortgage on your home. After that they may or may not force it to be sold to get your share of it. The forced sale is called a well charging order and is very rare. Your wife, if she is co-owner will be entitled to her share.

2. Instalment order, this is a court order for you to pay them back a certain amount over time.

You need to focus on what you can do to sort out the situation, before the situation itself forces you. If there is no hope then you must do the sums and then decide what to do. Be that selling the family home and renting or going to the UK or whatever. You can also hope that the new insolvency legislation has a solution for you. That we do not know yet.

 

[Luternau]

Thanks Steve and Brendan44.

I t is nice that you clarified steve that you were legally qualified when we got into the nitty gritty of this thread, which is while the courts may put a judgement on your PPR ordering the sale of the property is very rare if it has happened at all. MF1 was commenting but wouldnt give his background and seems to be a regular poster but didnt have the finite detail in his replies to this thread which can be more dangerous than useful when giving advise or opinion.

sunhill

Rather than analyse or question the bone fides of people kind enough to offer advice, perhaps it is time to seek professional advice that you can rely on?

AAM, while a tremendous source of information, is not a replacement for such advice. You now need professional advice on what to do next and importantly, as to whether the key question you ask -whether you can protect or put beyond reach of your creditors, your interest in the family home, or other assets you may have.

If you are following the high profile cases before the courts, you will be aware that this is a complex matter and by no means plain sailing and the timing of any such action you may undertake is just as important as the action itself.

 

[barryl]

im also in a tight place with investment properties and neaitive equity,as im sure are thousands and thousands of middle Ireland.I imagine most are awaiting the new personal insolvency agreement.maybe there might be something in it for struggling landlords.i think your case is completely unsustainable and something will have to be sorted out with the debt you owe to the banks.The banks were completely stupid and irresponsible to lend so much money to you.Its my view that they are just as responsible and culpable as you are.Harsh medicine is on the way for the foolish investment bankers,Harsh medicine indeed.

 

[Time]

They cannot force a sale just because they might have an instalment order.

 

[Khublei]

i think your case is completely unsustainable and something will have to be sorted out with the debt you owe to the banks.The banks were completely stupid and irresponsible to lend so much money to you.Its my view that they are just as responsible and culpable as you are.Harsh medicine is on the way for the foolish investment bankers,Harsh medicine indeed.

And if the properties trebled in value would you be suggesting we split the rewards with the bank too? Time for this country to grow up and stop blaming banks/politicians/whoeverwecan

 

[barryl]

And if the properties trebled in value would you be suggesting we split the rewards with the bank too? Time for this country to grow up and stop blaming banks/politicians/whoeverwecan

the bankers were foolish and greedy,they deserve what they get.foolish,foolish,foolish bankers.

 

[hastalavista]

the bankers were foolish and greedy,they deserve what they get.foolish,foolish,foolish bankers.

The last time I looked they had got 50 bn from the Irish taxpayer, with another 15 to 30 bn to come.

In addition, other than job losses where is the mechanism for the

they deserve what they get

?

For banks to lend they need to borrow from shareholders/depositors/bond market

The losers in Ireland are the shareholders and the Irish taxpayer. The G/tee took care of the depositors and bond holders.

The Irish taxpayer will be paying for this through 2030