# Judgement mortgage on family home & separation



## justwondering (10 Sep 2016)

We are currently in the process of separating.  My husband has 3 judgement mortgages against the family home since 2009 and 2012.  They are not in my name and I did not sign them.  The business they relate to no longer exists.  I will remain in the home with 2 young children.  We have another property to sell and release some equity, that could cover the JM's but would leave us very, very short and will restrict him moving on.  If we leave the JMs to run until we eventually sell the house, do they continue to gain interest?


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## mf1 (11 Sep 2016)

See this thread.

Those debts are part of the family problems that have to be addressed in the context of separation. The judgments/judgment mortgages last for 12 years from the date of the judgment.  Interest accrues on the debt at the rate of 8% per annum. 

http://www.askaboutmoney.com/threads/judgment-mortgages-on-family-homes-have-little-value.199702/

mf


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## Jim Stafford (12 Sep 2016)

As referred to in the above link by mf1, the judgment in respect Muintir Skibbereen Credit Union means that the judgment creditors are unlikely to enforce the judgments on the family home.

When judgment creditors register judgment mortgages they generally register them against every property that they can find.  Accordingly, there is a possibility that the creditors also have JMs against the other property.  If they do, then that property would not be protected against enforcement, as it is not a family home.  If there are no JMs against the other property, then I suggest that your husband consults a Personal insolvency Practitioner with a view to doing a Personal Insolvency Arrangement. Before you consult a PIP, you should ask your solicitor to do a search on the property to check if there are any JMs registered.

Jim Stafford


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## justwondering (12 Sep 2016)

Thanks for the replies.  The other property is in Spain so unlikely a JM is registered there.  You mention that last 12 years, does that mean if they're paid within 12 years they can force the sale of the house?


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## mf1 (12 Sep 2016)

"does that mean if they're paid within 12 years they can force the sale of the house?"

Typo? 

"the judgment in respect Muintir Skibbereen Credit Union means that the judgment creditors are unlikely to enforce the judgments on the family home."

mf


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## Jim Stafford (12 Sep 2016)

Whilst it is rare for creditors to register Irish JM's on property in Spain, it is possible to do so.  In short, I would sell the Spanish property as quickly as possible.

It can literally  take years to sell Spanish property, unless you are prepared to heavily discount. Brexit has had a negative impact on the geographic  markets where British demand is dominant, namely Alicante,  and Malaga and the Canaries. Not only has Brexit reduced British demand for Spanish property, it is forcing some British pensioners to sell up as their pension income has been reduced by 15%, and there is concern whether they will continue to benefit from free health care if Brexit actually happens.

Jim Stafford


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