Joint Ownership of property, but only one signature on mortgage document

[irishguy2015]

My parents are having financial difficulties and the bank repossessed one of their investment properties. They have another investment property and they refinanced with that bank which repossessed their other investment property a while back

My parents sent a FOI to the bank to see the banks paperwork,etc. They discovered that in the paper work, the bank realised years later that the old bank who my parents refinanced from still has the charge over the property and the new bank refinanced bank doesnt have charge over it. The documents show only one of the joint owners signed for the mortgage and there is only reference to one of them in the loan documents.

The bank wants to repossess the second property as it is in arrears(it is in their documents). I would think it would be beneficial for my parents to pay off the arrears to slow the repossession of the property. Is there any point if the bank wants to get the residual debt?

What are the implications for the bank considering they currently have no charge on the property(they stated several times that they wanted to put a charge on the property, but no one in the bank actually carried it out) and the fact only one of the owners is listed on the mortgage.

 

[Brendan Burgess]

I would think it would be beneficial for my parents to pay off the arrears to slow the repossession of the property.

Maybe this is a stupid question, but if they can pay the arrears, why don't they?

Otherwise...

This really is one where you need to contact a competent solicitor who will advise you.

If the lender has no charge on the property, how can they repossess it?

Presumably they will first have to get a charge on the property? Is that even possible at this stage without the consent of the second borrower?

As I say, your solicitor will have to advise you, but it looks to me as if the bank has an unsecured loan to one of your parents, say your father.

Your father still owes the money. But your mother doesn't.

If that is correct, they can get a judgement for the loan. Then they can secure the judgement on the property and any other property your father has. And then they can seek an order for the repossession of the property. Half the proceeds would go to your mother, and the other half would go to the bank.