I don't understand what he's trying to achieve here. He will lose everything in the end. If he has a property he bought for 40k and then owes arrears of say 300k on his current property, then the bank will just sell the first one and get a charge on the second property for the remainder outstanding. They may even try and force him to sell the second property as soon as it's enough to pay off the debt. The longer that takes the more interest he pays on arrears.
Has he paid nothing at all on his mortgage in 12 months?
Where is he putting the mortgage payments?
Is he proposing to abandon his current home and mortgage?
It sounds really foolish. The MARP helps people stay in their home
And so does negative equity !! Jonny and Mary stop paying their €1200 a month mortgage for eight months and spend the €9600 on a car - they are €120k in negative equity. After the eight months they start repaying their mortgage as normal. Will the bank be running to the high court to repossess the house, MARP or no MARP?
Buying a house and putting it in someone else's name to deceive ? I'm not arguing any moral side here btw, I just think it's not a good idea and will end up costing your cousin a lot more in the long run (i.e. both houses)Brendan, my cousin is not a fraudster, he works hard and i trust his word,
There you go MandelbrotObviously he will not put the second home in his name, but given that he is willing to pay the price in terms of arrears and a bad credit rating, i can't see why not, at the end of the day the taxpayer will not have to pay an extra cent in this case, he would not get a loan of 40K anywhere else would he?
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