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Family Home Protection from banks?

  • 02-12-2010 7:26pm
    #1
    blahblahbla
    Registered Users, Registered Users 2 Posts: 88 ✭✭


    I don’t have any legal training or anything but I’m wondering can banks take you family home if you couldn’t pay you debts or does the Family Home Protection Act 1976 protect you.
    Would you be protected if you didn’t give your home as a guarantee to another loan?
    I would have thought this is the case but im hearing of a lot of homes been reposed by banks.


Comments

  • #2
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    The FHPA is really there to protect spouses from having their home mortgaged against their wishes by the other spouse.


  • #3
    blahblahbla
    Registered Users, Registered Users 2 Posts: 88 ✭✭blahblahbla


    So there is no limit to what the bank can take, if they want?


  • #4
    Lawstudent21
    Registered Users, Registered Users 2 Posts: 28 ✭Lawstudent21


    As far as I know, the Act is there to protect non-owning spouses in the family home eg if the wife's name does not appear on the ownership documents. It does not allow any mortgage or loan to be taken out using the home as security or any conveyance of the family home to take place without the consent of the non-owning spouse. So, if both spouses consented to the loan taken over the property then it would be of no real use. The consent must be written and the non-owning spouse must know exactly what they are consenting to when giving the consent otherwise the consent would be void and therefore the bank would not be able to repossess to pay the debt.

    In current times, the courts are very reluctant to allow reposession especially of the family home.

    Hope this is some help.


  • #5
    keithogixer
    Registered Users, Registered Users 2 Posts: 9 ✭keithogixer


    As far as I know the family protection act is only to protect spouses. If the home has nothing to do with the loan the bank will try to put a judgement mortgage on the home until the debt is paid off including interest. The interest will depend on the finer details of the loan. The banks will affectively have a hold (equitable) over the property so the asset won't be able to be disposed off without paying off the debt.

    keitho.


  • #6
    hession.law
    Registered Users, Registered Users 2 Posts: 108 ✭✭hession.law


    not sure what section of the FHPA it is but it does not cover judgment mortgages so if a bank gets judgment against the defaulter yes the family home can be taken as a judgment mortgage is not a mortgage or a conveyance of any type


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  • #7
    maximoose
    Registered Users, Registered Users 2 Posts: 9,209 ✭✭✭maximoose


    Lawstudent21 wrote: »
    In current times, the courts are very reluctant to allow reposession especially of the family home.

    And believe it or not, Banks are also very reluctant to try and do this


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