Advice needed on Judgement mortgage

EchoDelta

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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?

Any advice much appreciated.
 
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?

Any advice much appreciated.

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
 
Thanks for the reply. How likely is it that the VF will actually carry out that exercise do you think?
 
Very as it is straightforward, are you able to address the debt or have you considered another way forward.
 
Thanks for the reply. How likely is it that the VF will actually carry out that exercise do you think?
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.

I suggest that you see a PIP for expert advice.

Jim Stafford
 
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