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mortgage

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  • 03-07-2010 12:39pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    my dad owned a house with a partner for a few years, they split up and it wasn't amicable. an offer for the house has been made but the bank wont let the sale go through because the offer is short of the outstanding mortgage (less than 40k) and the partner won't agree to split the loan. he wants to take on the loan for the shortfall but bank won't accept this without her agreeing and they're trying to repossess and give him a black mark on his credit history (i think??) will this stop him ever buying again? he has the means to pay it back so why wouldnt a bank not being able to chase down loans not accept the money ??

    please help does anyone have any advice
    thanks


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    #2
    Victor
    Registered Users Posts: 78,349 ✭✭✭✭Victor


    The banks are, rightly, paranoid at the moment. This means they aren't letting anyone out of their responsibilities, including you father's partner.

    Are there other assets that could be sold or a loan obtained against, e.g. cars, other properties, investments.


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    #3
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    Your fathers partner is jointly responsible for the shortfall of 40k.
    But she wants nothing to do with it and this worries the bank

    The bank are correct to be worried, they reckon best they'll get your fathers 20k and lose the the partners 20k.
    If your father wants to take on that responsibility has he can any assets for collateral or to use as a guarantee?
    And why exactly is he paying back his ex partners liability?

    The black mark on credit history lasts 5 years and it will certainly cause issues in the future


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