ive just had a judgement mortage on my house

mrxireland

Like the title says i have just had a judgement mortage on my house and want to know where i stand. My house is up for sale but i'd like to know will i have any problems if i were to get a sale . I bought 1.25 acre 8 years ago and built my house on theand and now theres a judgement attatched to my folio.


I've also another question about retention of a boundry. On the same land which i mentioned above i got permession from teh council to retain my boundry . I was looking to keep half an acre of my land after i sell my house but i want to know will this have any outcome on my retention.

I got granted this retention about 8 months agao but i'd also like to know do i need to contact my solicester to draw up new boundrys for theand regiestry.

westies4ever

cant help you on the boundaries but with regards the judgement mortgage - is it a first charge? what it means is that the debt will have to be paid with proceeds of the sale - but as i said it depends on its a first charge. if you have a mortgage, thats usually the first charge and gets satisfied first, if its a second charge it'll depend on whats left over from the first charge and so on.

mrxireland

westies4ever wrote: »

cant help you on the boundaries but with regards the judgement mortgage - is it a first charge? what it means is that the debt will have to be paid with proceeds of the sale - but as i said it depends on its a first charge. if you have a mortgage, thats usually the first charge and gets satisfied first, if its a second charge it'll depend on whats left over from the first charge and so on.

Let me explain what it was for .I owed the bank 13g from a loan of 20g plus interest but i failed to pay them and we came to an argreement that i had to pay 50euro a month untill i got some work and they would hold off attaching the judgement, but i missed a payment of just 1 month and recieved a letter a few weeks later telling me that they have attached the judement. I knew i was going to miss the payment that month so i made sure i payed double teh month before but they still went ahead and done this. This is teh 1st time ive ever had a judgement on me.

I was just worried that if a buyer comes along then they would be put off because of this attached to my deeds/land.

I dont have no mortage on the house as i own it out right, i built it with money from my family and also from working in the building trade were i was making great money at the time. Does anyone know would there be interest on this judgement or will i just have to pay what i owe

westies4ever

sounds a bit harsh alright!

once there is a judgement against you interest is charged at 8%. If they're really mean they will also pass on the legal fees incurred to you.

It shouldnt put off any potential buyers as the charge will be taken off once satisfied. What they've really done is secure heir position - they probably ran a property check and once they saw that you owned it outright thought 'bingo'!

What I would advise is that oce you sell the property and pay them, make sure they register the judgement as satisified so that if you apply for credit it'll show up as being cleared.

best of luck.

westies4ever

i missed a payment of just 1 month and recieved a letter a few weeks later telling me that they have attached the judement.


Just a quick one - they would have had to have a normal judgement against you prior to applying for a judgement mortgage - all of which takes time. did they write to you themselves or did it come from their solicitor? perhaps they are using scare tactics?

mrxireland

westies4ever wrote: »

i missed a payment of just 1 month and recieved a letter a few weeks later telling me that they have attached the judement.


Just a quick one - they would have had to have a normal judgement against you prior to applying for a judgement mortgage - all of which takes time. did they write to you themselves or did it come from their solicitor? perhaps they are using scare tactics?

Yeah they had a normal judgement before the actual judement but i honestlty didnt expct them to enfoce it for one missed payment. My payments were for 50euro a month but i was actuly giving more than 50 each month but as soon as i missed one then thats when they enforced it. I actuly thought that because i was paying more each month then they would be ok with missing one but i was wrong and its came back to bite me. I phoned they solicester a few times but they never got back to me.

westies4ever

ah am sorry to hear that - they're being very harsh i must say especially given the amount of the debt.

the only comfort is that even in the current climate, you'll make make enough on the sale of your property to get rid of the debt and then some. I would keep making the €50 payments in the meantime. If you need to miss a payment going forward, ring them in advance.

hope all works out for you - tough times

mrxireland

westies4ever wrote: »

ah am sorry to hear that - they're being very harsh i must say especially given the amount of the debt.

the only comfort is that even in the current climate, you'll make make enough on the sale of your property to get rid of the debt and then some. I would keep making the €50 payments in the meantime. If you need to miss a payment going forward, ring them in advance.

hope all works out for you - tough times

Thats what i was going to ask as well. I was thinking theres no point in making the payments because theyve already attached teh judgement onto teh property and my credit is bad . Is there any other negative effect it can have on me if i fail to pay them teh 50 euro a month?

listermint

My advice would be not to pay over the amount agreed, and put the excess aside to pay for montsh you think you might miss. That makes more sense than missing scheduled payments surely ?

westies4ever

the judgement mortgage is really their safety net - they'll know they'll get paid eventually.

if you stop the monthly payments they could get impatient and apply for a forced sale - highly unusual for a family home but expensive and if it did go through, the properties are usually sold at auction for buttons.

keep making the payments as far as you can - i like listermints point about saving any extra to cover for a missed month.

mrxireland

westies4ever wrote: »

the judgement mortgage is really their safety net - they'll know they'll get paid eventually.

if you stop the monthly payments they could get impatient and apply for a forced sale - highly unusual for a family home but expensive and if it did go through, the properties are usually sold at auction for buttons.

keep making the payments as far as you can - i like listermints point about saving any extra to cover for a missed month.

In hindsight i should have been doing this but i actuly thought that if i were paying more than usual then it would look good for me but tthen i couldnt afford it one month and i thought they would let that slide for at least one month.

mrxireland

Im curious to know about where i would go on this board to find out about autions as i would be interested in selling my hose at auction at a reduced rate. I remember seeing on rte that there was an auction house in dublin that done well selling over 80 houses on the day . Anyone have any details of any more auctions coming up

westies4ever

mrxireland wrote: »

In hindsight i should have been doing this but i actuly thought that if i were paying more than usual then it would look good for me but tthen i couldnt afford it one month and i thought they would let that slide for at least one month.

i would have thought one month wouldnt be such a big deal either but at least now you know.

Our man in Havana

The JM is only good for 12 years. So if the house was never sold in 12 years it would simply lapse.

MagicSean

mrxireland wrote: »

In hindsight i should have been doing this but i actuly thought that if i were paying more than usual then it would look good for me but tthen i couldnt afford it one month and i thought they would let that slide for at least one month.

You were working under the assumption that banks operate logically, fairly or with common sense. They no longer see people as customers, only debtors and creditors.

Zambia

Just as an aside why are you selling the house is it because of this debt ?

Because 50 Euros A month is not bad rent?

JoeyJJ

mrxireland wrote: »

Im curious to know about where i would go on this board to find out about autions as i would be interested in selling my hose at auction at a reduced rate. I remember seeing on rte that there was an auction house in dublin that done well selling over 80 houses on the day . Anyone have any details of any more auctions coming up

There is another allsop one in July, however you might want to be quick, I think the brouchure is out soon.

http://www.allsop.co.uk/283/irish-auctions

mrxireland

Zambia wrote: »

Just as an aside why are you selling the house is it because of this debt ?

Because 50 Euros A month is not bad rent?

The house was build as an investment and to sell on to make a profit even thou i am living in it. I owe family members and the bank money and want all this cleared. If i get even 150k for the house then i can clear my debts and start all over again with the money i still have left over from the sale and also it will keep me busy for 6 months to a year finding a site and doing the whole self build again.

westies4ever

Our man in Havana wrote: »

The JM is only good for 12 years. So if the house was never sold in 12 years it would simply lapse.

true - but most times the bank etc will re-register it.

mrxireland

westies4ever wrote: »

true - but most times the bank etc will re-register it.

Are you sure they can do this. !2 years is a long time anyway, i will have it well paid of by then.

Our man in Havana

No, they cannot re-register it. The judgement is only enforceable for 12 years from the date of judgement in any event. Any instalment order is also limited to 12 years also.

If they can't collect in 12 years then hard cheese.

mrxireland

JoeyJJ wrote: »

There is another allsop one in July, however you might want to be quick, I think the brouchure is out soon.

http://www.allsop.co.uk/283/irish-auctions

Ive been onto them but they cant fit me in till oct , would like it sold before then