Father is Guarantor on Unsustainable Mortgage.

Hi, Just looking for some advice for my brother & parents.

My father went guarantor for my brothers mortgage on his apartment 7 years ago. Both my brother and father have not worked in 2 years and the mortgage is now been classed as unsustainable and the bank is issuing legal proceedings against them.

Im just concerned that my parents can lose their house because of my brothers debt.

Has anybody got any advice or experience of this?

Thanks a million

How much is owing?

278k including arrears.

Is their equity in your parents house? Is it mortgage free?

They have a small mortgage of approximately €50k.
The house is valued at 165k.

Get legal advice immediately, although they may not have any good news for you. I'm afraid family friends of ours lost their family home this very way, father had gone guarantor so of course the bank took his house.

Sorry not to have better news, seek legal advice right away in case maybe there's an issue with the guarantor or some othed circumsrance that might prevent this happening.
Best of luck