vulture fund claims mortgages are cross-charged?

I have mortgages that the additional security was crossed out on letter of offer special conditions and witnessed by the bank the original lender for 20 years

Now a new bank takes over loans and says that does not mean anything and say they are ""cross charged"" in favour of each other """ALL SUMS DUE""

have an email with it stated the mortgages are stand alone from the original lender but New lender is very aggressive and dismissed this stating letter of offer is worthless not legal , its the legal charge on title that the new lender is looking at to enforce . Yet at the draw down on my loan it was the special conditions of letter of offer I was compelled to do before the release of the loan cheque .

I offered to redeem loan on a house but was refused the release of the single security deeds . New Lender would hold all securities/deeds until such time all money on all loans is paid across on all loans

When you bought the properties, you must have used a solicitor.

So you need to talk to that solicitor now or a new solicitor.

They will tell you whether the cross-charges are valid or not.

Brendan

How does it affect you if they are cross charged?

You can't sell?

Say I have two properties

A worth €500k and mortgage of €400k
B worth €400k and mortgage of €700k

If they are not cross charged, I can sell A and I have €100k cash which I am free to do with as I please.
If they are cross charged, the lender will insist that the €100k be set against the mortgage on B.

Thanks Brendan and Money makeover , Brendan your last comment is my understanding until this refusal as they were with AIB Bank for over 20 years and I have memos from AIB stating that all loans are on a stand alone basis .

The vulture fund are using the phrase "" present and future liabilities """" to the bank . No Additional security written on any of the special conditions .

I am not selling but offered to redeem , requested the balance from them to find they would take the money but refused a deed of discharge

There is one property CPO BY COUNTY COUNCIL and the folio was vested in the council and registered in council name "" 1 year"""" before the vulture took on loans with AIB knowing this but yet transferred over in global deed all loans under my name .

County council gave me compensation for some loss of rental income and return of money I gave them to carry out works , works that was carried out . This money was NOT a Property SALE it was given under a non disclosure agreement for me to get anything at all . AIB Bank were fully aware of all this . AIB Bank never approached me in this time even though the folio was closed only at the time to notify me of sale to vulture fund service agents after a year . Council agreed and signed they would not pass this information on to anybody not even under freedom of information but they told the vulture fund now in writing they paid compensation and now the vulture funds want to know an amount paid to me . The vulture fund have """No legal""" charge registered to the title and cannot as it was cancelled closed folio and new title folio was registered to council before AIB Bank ever entered into sale to the vulture fund folio was closed even though the vultures state this does not matter they can make a claim on me . letter of offer Conditions and On the draw down document to release the loan cheque it is clearly written NO ADDITIONAL SECURITY and in the special conditions page of letter of offer no phrase of """present and future liabilities to the bank """

Way too complicated for you to get much help from people on askaboutmoney.

You must consult a solicitor.

If you are offering to redeem one mortgage while the other is in arrears, I can see why the bank would play hardball.

Brendan