Receivership - corporate finance division appointed to a personal mortgage?

[letin]

Hi,
As per the subject. Is it possible for a receivership from the corporate division of a company be appointed to a personal mortgage account in arrears?

Thanks

Letin

 

[Brendan Burgess]

Hi Letin

That doesn't really make any sense. But I will try to answer it anyway

1) If it's a mortgage on a family home, the lender cannot appoint a Receiver. He must go through the Circuit Court and get an order for possession.

2) If it's a buy to let property and if the mortgage agreement allows it, the lender can appoint a receiver. The Receiver is usually a third party, but I am not sure if they can appoint one of their own staff as a Receiver. I have never heard it being done.

Brendan

 

[Ramblers2010]

Hi, If the property purchased was the family home of the previous owner, and it included a bar, plus a shop, when bought, could this then qualify as a family home of the new owner.

 

[Palerider]

You have a commercial element to that question and it is more likely to be a commercial loan rather than a traditional mortgage on say a family home.

Your home cannot be a bar or shop, it can be the private accommodation overhead.