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Joint Mortgage

  • 20-09-2010 1:19pm
    #1
    ssaye
    Closed Accounts Posts: 1,650 ✭✭✭


    Hi

    If you had a Joint Mortgage and both parties agreed that one party can have the House which is in Negative Equity and the other party will take their name off the Deeds, will a bank allow this if the new single owner can repay the debts or will the bank see if the new single owner could have got the house at its original price on their current income?

    Thanks


Comments

  • #2
    andreac
    Registered Users, Registered Users 2 Posts: 8,000 ✭✭✭andreac


    It will be like you are applying for the mortgage on your own again, so they will have to see if you can qualify on your own or not.

    If you dont you will need to get someone to go on the mortgage with you.


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    why would anybody agree to take on extra neg equity ? Even if they could afford to take over the mortgage they would be stupid to do so without getting a cash payment from the other person to cover there half of the neg equity.

    anybody agreeing to do this is frankly idiotic.


  • #4
    OMD
    Registered Users, Registered Users 2 Posts: 2,458 ✭✭✭OMD


    D3PO wrote: »
    why would anybody agree to take on extra neg equity ? Even if they could afford to take over the mortgage they would be stupid to do so without getting a cash payment from the other person to cover there half of the neg equity.

    anybody agreeing to do this is frankly idiotic.

    In fairness there are many reasons. It is a bit unfair to call them idiotic without knowing the details.


  • #5
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    OMD wrote: »
    In fairness there are many reasons. It is a bit unfair to call them idiotic without knowing the details.

    i dont see any valid reason to take on somebody elses debt for free. I dont care less if you bought with a boyfriend or girlfriend and you have now broken up or what ever the circumstance is.

    if somebody wants out for whatever reason they need to take their medicine and accept their losses. if somebody is stupid enough to take on their dept for free then I dont see how it can be anything but idiotic


  • #6
    OMD
    Registered Users, Registered Users 2 Posts: 2,458 ✭✭✭OMD


    D3PO wrote: »
    i dont see any valid reason to take on somebody elses debt for free. I dont care less if you bought with a boyfriend or girlfriend and you have now broken up or what ever the circumstance is.

    if somebody wants out for whatever reason they need to take their medicine and accept their losses. if somebody is stupid enough to take on their dept for free then I dont see how it can be anything but idiotic

    Well first, your assumption is that it is being taken on for free (although initially you didn't even say that).

    The most common reason is that one person leaves the relationship and leaves the other everything. ie all assets and liabilities.


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