I was trying to negotiate with Bank of Ireland on my late brothers home in order to pay off his mortgage arrears.
That doesn't really make any sense.My mother was his next to kin & she renounced her rights to me.
Did your brother have life insurance to cover the mortgage?
Sorry my post want not clear. He had mortgage arrears. There was approximately €100k equity in his house. As the house was in bad repair I tried to negotiate with the bank to to see if I could offer 30k less than the arrears & I take possession of the house. They wouldn’t reply to me & I then find out the sold house to Mars capital. He died in intestate. His only surviving parent was his mother. As she was elderly she passed her rights to me. She passed away a few months after him. She had a Will passing my brothers affairs to me. He had no other assets. I wanted to hold onto his house as it’s the only thing I have left belonging to him & because of its segmental value.Let's be clear here - the arrears are irrelevant.
Your brother's estate has assets and liabilities.
If his assets exceed his liabilities, then the Executor must sell the assets and pay off his liabilities. It's not complicated.
So if your brother has a house worth more than the amount due on the mortgage, the house must be sold and the mortgage cleared.
If the mortgage is worth more than the house... well the house must still be sold and the proceeds go to the bank to clear the mortgage.
If he has other assets then they should be used to pay off the shortfall.
I don't really see what you are trying to negotiate?
Brendan
You are getting a lot of good advice here.I’m still not getting answers though.
Yes1. Can BOI sell a loan to vulture fund without notifying me, the executor of the estate?
They can't sell the property without an order to do so.2. Mars now have bought the loan, presumably bought for a lot less than was owed on the house. If they sell the house do they then have to release the equity? (I guess not).
This is nothing to do with "banking law". If there even is such a concept.3. Does anyone have the name of a good solicitor. My local solicitor doesn’t have a clue about banking law.
Great, so proceed with settling the estate.Letter of administration issued late last year.
Do not put yourself under stress or financial pressure to hold onto the house. If it is not in good repair, it will cost you even more money to get it up to date. And what will you do with it then? Rent it out to strangers? Or else you will do nothing with it and it will end up in an even worse state. Surely there are some belongings in the house that you can hold onto as a reminder of your brother? As well as the memories. Properties are too expensive and are a constant cost to be held onto for sentimental reasons.He had no life insurance.
Sorry my post want not clear. He had mortgage arrears. There was approximately €100k equity in his house. As the house was in bad repair I tried to negotiate with the bank to to see if I could offer 30k less than the arrears & I take possession of the house. They wouldn’t reply to me & I then find out the sold house to Mars capital. He died in intestate. His only surviving parent was his mother. As she was elderly she passed her rights to me. She passed away a few months after him. She had a Will passing my brothers affairs to me. He had no other assets. I wanted to hold onto his house as it’s the only thing I have left belonging to him & because of its segmental value.
My question is can a bank sell his house to a vulture fund without notifying me? How do I now deal with Mars capital?
He had no life insurance policy.
Not necessarily.The Executor must act within the law and sell the house and clear the mortgage
So the OP is the owner of the property & can keep if they wish; however to do so they will have raise a mortgage in their name & redeem Mars Cap.
Agreed.OP will be the owner of the property until after probate is granted and title is transferred.