Judgement mortgage and repossession

belle1

Registered User
Messages
34
Morning all

Can anyone tell me what happens to a judgement mortgage that has been enforced from a creditor while the house is being repossessed by another
creditor?
 
I am not a solicitor, but this is my understanding.

House sold for €100,000
First mortgage: €80,000
Judgment mortgage: €10,000

The judgment mortgage gets paid in full.

House worth €80,000
First mortgage €100,000

The judgment mortgage is of no significance. It doesn't get paid. And I presume it can't stop the sale of the property.

The debtor still owes the creditor the €10,000 , it's just that they no longer have any security for it.
 
Ok Brendan thanks for the info. Also in relation to judgements and enforcing them, if debtor is out of the country can the creditor enforce a judgement? I'm sorry if this has been discussed before and should be on another thread.
I'm just trying to figure out worst case scenarios in my head.
Also if the creditor doesn't have up to date address for you, for example Aib have my parents Address in their system. In all the years deing with them no one ever asked me do I have a mortgage, have i changed address etc so I never volunteered the info either. What would happened in that that case in relation to judgements?