I'd appreciate if anyone can clear this up for me. A bank has a JM against me and has registered it against my property. However, the bank subsequently sold on the debt to a vulture fund after having obtained and registered the judgement. Is the JM still valid now that they no longer own the debt? or can I apply to have it cancelled? I assume the accounts in question would now be recorded as settled albeit for a reduced amount?
I'd appreciate if anyone can clear this up for me. A bank has a JM against me and has registered it against my property. However, the bank subsequently sold on the debt to a vulture fund after having obtained and registered the judgement. Is the JM still valid now that they no longer own the debt? or can I apply to have it cancelled? I assume the accounts in question would now be recorded as settled albeit for a reduced amount?
The vulture fund just has to amend the proceedings that the bank got the judgment in and replace the bank as plaintiff. Then the judgment mortgage can be amended.
You still owe the money. All of it, regardless of what the vulture fund paid
Vulture funds are very commercial and would prefer to do a deal instead of wasting €5,000 + VAT on legal fees to have them substituted into the legal proceedings, only to end up with a Judgment Mortgage that is actually very expensive to enforce. Indeed, they may not be able to enforce it at all.