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Property repossession

  • 08-07-2011 12:20PM
    #1
    page1
    Registered Users, Registered Users 2 Posts: 219 ✭✭


    I am looking for information on what the actual process and implications are for a property repossession - I can only find some of the information on line.

    Without going into too much detail, my husband owns an apartment which he bought before we met which has a standard variable mortgage on it.
    After a few years he put it on the market as we wanted to buy as house as we were getting married and starting a family.
    The was at the peak of the boom as we were told there would be no problem selling the apt quickly and we were given a joint mortgage on the house.

    Fastforward 4 years, the apt is still not sold and we have been paying 2 mortgages for this period. We have been very unsuccessful renting it out, last year for eg the total cost of the apt incl mortgage,insurance and management fees came to €12,000 and the total rent received was €3,500. The balance is coming out of our income and savings.

    In the last 2 months the bank have increased the interest rate adding another €100 a month to repayments and the ECB increase and future expected increases will obviously add more.

    I was made redundant 3 years ago, I have had some part time work since but nothing regular. I am currently receiving maternity benefit, due to end in Sept after that we are back down to only my husbands wage.

    When that happens our outgoings will be more than our income.

    In the awful, but probable event that we cannot pay the mortgage on the apt I am wondering what would happen if the bank tried to repossess it.

    My understanding is that they get a court order (is it necessary if we dont oppose it?). The sell it at aution and we are liable for the balance remaining including costs and interest.
    Do they then send out a sheriff to our family house?
    Would the bank apply to the court for an installment order?
    Can they register a judgement on our family home? Not that I can see that would be worthwhile.
    Can they take my assets, like my car?
    How long can they chase him for payment?

    We are reluctant to go to the bank as we are worried if they find out its not our PPR they will move us to a higher interest rate - a landlord one.

    We do still have some savings but my husbands job is not secure at all and im worried about continuing to plough this into paying the mortgage on the apt when we may need it to pay the mortgage on our family home which is more of a priority.

    I do intent on going into MABS for advice also.
    Many thanks for any information.


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