Afterflood
Registered User
- Messages
- 74
Hello all,
My father and I bought an "investment" apartment in 2006. My mother, father and I are legally termed "tenants in common" and are all named on mortgage.
My father passed away last year.
I dont think the apartment is worth more than the amount of the mortgage. Luckily though the rent just about covers mortgage so we (mother and I) were planning on hanging on and waiting until price goes up or mortgage has reduced sufficiently so that we can clear mortgage and maybe if lucky make a few bob.
Anyway, mortgage is with BOI. About 6 weeks ago I wrote to mortgage department requesting that we be switched onto a fixed rate. My mother and I signed letter. BOI are aware of my fathers death but obviously news did not reach the mortgage department as they requested that my father sign letter requesting the switch to fixed rate also. So, I told them, All seemd ok. We were switched onto the fixed rate.
To cut a long story short they wrote a letter asking "when will I be in a position to clear the account".
They also mention that they can work with a solicitor if needed. We have no solicitor.
The letter ends stating that next payment is due on date XX/XX and that loan expires in 20XX.
I am confused and very worried.
Can we just carry on, pay mortgage and wait until a convenient time to sell?
Can they force us to sell or take some other action?
We have never missed a payment and never will. Even if rent fell through I have more than sufficent income to cover.
What I would really like to do is take over the property fully myself. I am saving like a hoor at the moment in order to get my finances in order.
Apologies for long question. Any advice would be appreciated.
Thank you
My father and I bought an "investment" apartment in 2006. My mother, father and I are legally termed "tenants in common" and are all named on mortgage.
My father passed away last year.
I dont think the apartment is worth more than the amount of the mortgage. Luckily though the rent just about covers mortgage so we (mother and I) were planning on hanging on and waiting until price goes up or mortgage has reduced sufficiently so that we can clear mortgage and maybe if lucky make a few bob.
Anyway, mortgage is with BOI. About 6 weeks ago I wrote to mortgage department requesting that we be switched onto a fixed rate. My mother and I signed letter. BOI are aware of my fathers death but obviously news did not reach the mortgage department as they requested that my father sign letter requesting the switch to fixed rate also. So, I told them, All seemd ok. We were switched onto the fixed rate.
To cut a long story short they wrote a letter asking "when will I be in a position to clear the account".
They also mention that they can work with a solicitor if needed. We have no solicitor.
The letter ends stating that next payment is due on date XX/XX and that loan expires in 20XX.
I am confused and very worried.
Can we just carry on, pay mortgage and wait until a convenient time to sell?
Can they force us to sell or take some other action?
We have never missed a payment and never will. Even if rent fell through I have more than sufficent income to cover.
What I would really like to do is take over the property fully myself. I am saving like a hoor at the moment in order to get my finances in order.
Apologies for long question. Any advice would be appreciated.
Thank you
