Judgement Mortgage

[Bronte]

OP had another solution in this case, she could have made instalment orders to pay back the 30K and when that was discharged she could take over the mortgage (with the banks consent)

 

[Artemis]

Time and Bronte, thanks for your comments.

Am I following the line of thought that if the bank are owed 500K, even if a instalment order is applied fork, then 12 years, say at 500K per month, after 12 years, the balance of the debt dies also. What ever has been paid has been paid. Or can they still take your family home or apply a judgement mortgage on the equity in the home at this point, or apply for another instalment order. If so there is a middle ground between bankruptcy and slavery for life.

The context in which I ask this is I am 500K in negative equity on a bad property investment, 100K in negative equity on my home. Rather than go bankrupt, I would rather commit to paying a monthly amount for the next 12 years on the investments and pay my house off over the next 30 years. However, if I will never get out of debt of face losing my home in the later years of my life I would rather take the pain now.

 

[Time]

Once the 12 years are up all enforcement stops. They can't get another instalment order.
The balance of the debt doesn't die per say but it cannot be enforced further.

 

[Artemis]

Ok so if I win the lotto in 15 years, the debt still exists but the bank cant touch it?

Also, on our death would our children have to pay it from any inheritance we left them, eg. family home/our estate?

Also, does anybody know how a foreign property is repossessed? Part of the money we borrowed was used for a property in Spain?

 

[Time]

Ok so if I win the lotto in 15 years, the debt still exists but the bank cant touch it?

Nope.

Also, on our death would our children have to pay it from any inheritance we left them, eg. family home/our estate?

Nope.

Also, does anybody know how a foreign property is repossessed? Part of the money we borrowed was used for a property in Spain?

They would have to go through the Spanish legal system like they would in Ireland.

 

[Bronte]

Ok so if I win the lotto in 15 years, the debt still exists but the bank cant touch it?

Also, on our death would our children have to pay it from any inheritance we left them, eg. family home/our estate?

Also, does anybody know how a foreign property is repossessed? Part of the money we borrowed was used for a property in Spain?

It's very difficult to follow your line of questions, can you post up the actual details on a new thread and you will get better advice. You seem to be planning on defaulting or are not able to pay etc so to get the best advice please post more info.

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Edit: I see now you have posted on another thread, better to stick with that one rather than posting bits of your financial situation on two threads as it makes it very difficult to follow properly.