Several years ago my wife and I came through life-threatening illnesses but as we were both self-employed our income suffered greatly and we fell into mortgage arrears. In time we agreed with AIB to sell our investment property which had about €300,000 in equity - comfortably enough to more than satisfy arrears, family loans and, crucially, Revenue. The property was cross-secured against our family home and unfortunately we didn't realise the implications of this. Incredibly, with the investment property on the market, AIB sold both loans to Everyday Finance/Link. With the purchaser waiting to sign the papers, Everyday/Link refused permission to sell unless all of the proceeds were remitted to Everyday leaving us with nothing to pay Revenue (a substantial sum which had built up because we knew we could cover it with the property sale) or other debts.
We have been led a merry dance by the vulture fund too upsetting to get into here but even after showing proof of Revenue debt and proof of income showing our ability to comfortably service the related mortgage on our family home they have been utterly intransigent and furthermore are insisting we put the house on the market at a price well above its market value - a completely unrealistic approach. Revenue is looking for its money and thus far we have been able to stall them because they are aware of our intention to sell but a final demand is imminent.
Is there any way to force or persuade the vulture fund to allow us to retain funds to pay our tax arrears from the sales proceeds? Are they within their rights to set the selling price? Is there a strategy here to force us to sell the family home?
We have been led a merry dance by the vulture fund too upsetting to get into here but even after showing proof of Revenue debt and proof of income showing our ability to comfortably service the related mortgage on our family home they have been utterly intransigent and furthermore are insisting we put the house on the market at a price well above its market value - a completely unrealistic approach. Revenue is looking for its money and thus far we have been able to stall them because they are aware of our intention to sell but a final demand is imminent.
Is there any way to force or persuade the vulture fund to allow us to retain funds to pay our tax arrears from the sales proceeds? Are they within their rights to set the selling price? Is there a strategy here to force us to sell the family home?