Judgement Mortgage

T

thefullhero

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I am trying to finalise a mortgage on a property belonging to my father which is being transferred to me. The folio with the property has 2 judgement mortgages from a bank. (2007 and 2012 years of each judgement)

The father has engaged a third party professional to engage with the bank to reach a settlement. The amount owed is 35k. But the bank in question aren’t responding, this is ongoing with 3 months.

My timeline is tight as I have a letter of offer from the bank which will expire.

The folio contains 200 acres.
My solicitor says that the charge will follow in the transfer and my mortgage provider won’t accept it.

If my dad voluntarily transfers some of the folio to my mother then the charge would be joined on that folio and the transfer to my folio would be free of the judgment and my bank will accept it.

Is this possible?
 
"If my dad voluntarily transfers some of the folio to my mother then the charge would be joined on that folio and the transfer to my folio would be free of the judgment and my bank will accept it."

I don't think that works. The charge will remain on the entire folio, and on each new folio opened out of the head folio, until it is discharged.

There is no reason for the bank to make a settlement/ furnish a discharge especially in circumstances where, clearly, there is now a reason to deal with the judgment mortgages.

The 2007 judgment will expire in 2019.

Why not sell some land? Problem solved?

mf
 
Brendan Burgess said:
Surely it's fairly simple?

Your father owes €35k and has 200 acres of land. He should pay his debts. Then he can transfer what he wants to you.

What am I missing here?

Brendan
Click to expand...

He is trying to pay it, but the bank are not responding - they say they are in a process of selling off bad loans at present
The point is it could take a long time for it to be sorted out
 
mf1 said:
"If my dad voluntarily transfers some of the folio to my mother then the charge would be joined on that folio and the transfer to my folio would be free of the judgment and my bank will accept it."

I don't think that works. The charge will remain on the entire folio, and on each new folio opened out of the head folio, until it is discharged.
There is no reason for the bank to make a settlement/ furnish a discharge especially in circumstances where, clearly, there is now a reason to deal with the judgment mortgages.

mf
Click to expand...

I thought if the folio (value of the asset) that is transferred covers the Judgement amount as long as the bank agreed to it, the voluntary transfer could be made with the banks agreement..

I did not think that the judgement mortgage could be charged against more than one folio?

Are we saying this would mean the charge could be registered on lets say example 5 different folios from the Header Folio and on discharge all these folios would be amended to clear the charge?
 
What exactly are you doing? Buying a site one presumes. Do you have to do it now, can you wait until the JM is sorted? If the bank are not responding can your dad not complain to the ombudsman. Did the bank put it in writing that they will not deal with him right now?
 
I wish to build on a site within the folio
I began mortgage application in May with the presumption if would be discharged by now;
There was initially 3 judgements - the other charge has been sorted in the Summer but that was with a different bank and was resolved quickly

I can obviously wait but that puts other pressures on you when you have a letter of offer that will run out, you have a young family and all of lifes other pressures

They have not responded to any written correspondence, only conversations have been held to my knowledge
 
Well conversations are a waste of time. Has nobody written to the bank?

Maybe you're putting the pressure on yourself. Wanting this to be sorted out quickly when it clearly it is not going to happen quickly. Have you the planning permission already? When did you hope to start building by and do you have a builder lined up or are you self build etc .
 
As stated, they have not replied to the written correspondence!
It should not take this long when the charge is wanted to be paid
The other bank charge was dealt with immediately (different bank)

Yes planning, builder and mortgage all ready and waiting
 
Well you can continue to stress and try and do the impossible, or delay and relax and try and get the problem sorted. Starting with finding out exactly what 'written' correspondance exists and coming back here and posting it.
 
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