Judgement Mortgage : Revenue

No court process is necessary. You need to file an affidavit with the PRA. See link below:


Jim Stafford
 
thanks jim and would i have to pay gift tax after the family home is signed over to me and how long would the process take to get the revenue jm removed ?
 
The thrust of the article appears to be aimed at the holders of judgment mortgages (banks and similar creditors) rather than the debtors against whom the JM was obtained. Why would they be doing this? Or perhaps I'm missing something?
Just idle curiosity!
 
thanks jim and would i have to pay gift tax after the family home is signed over to me and how long would the process take to get the revenue jm removed
The normal Capital Acquisition Rules apply. Depends on valuation, prior gifts, relationship etc.

The thrust of the article appears to be aimed at the holders of judgment mortgages (banks and similar creditors) rather than the debtors against whom the JM was obtained. Why would they be doing this?


The article also gives advice on the necessary steps to debtors who which to have JM's removed. Every application is considered by the PRA on a case by case basis. Before the PRA can proceed with the cancellation of the burden, it must serve a notice of the cancellation on the judgment mortgagee (the judgment holder). If no objection is received the burden may be cancelled. The process should take less than 6 months.

Jim Stafford
 
thanks very much jim you have been very helpful will i have to pay gift tax if the family home is signed ober to me or do i have to be living there for 3 years or more to avoid paying gift tax thanks in advance ?
 
hi does anyone know how long the process is of cancellations of burdens is sent in a afterdavit to PRA in early november and heard nothing since dont know if thats a good or bad sign hopefuly someone on here might have a idea of it thanks in advance