Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Defaulted with a gaurantuer??

  • 27-07-2011 7:24pm
    #1
    cdurham20
    Registered Users, Registered Users 2 Posts: 2 ✭


    Long story cut short bought a property 4years ago for 355000 and my dad went gaurantuer. He owns the family home and a country house debt free, however he does own 2 other properties that are in extreme negative equity and are up for sale. I recently moved home as I couldnt afford the repayments of 1475 I only earn 1500 monthly and Im currently trying to rent the property. Ive started to default slightly on the mortgage as im paying as much as i can afford each month. What will happen my dads properties if I am unable to keep this up...I heard there will be new legislation coming into affect next year regards bankruptcy would i be eligible or will the bank take my dads property?? help!!:(:(


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    cdurham20 wrote: »
    Long story cut short bought a property 4years ago for 355000 and my dad went gaurantuer. He owns the family home and a country house debt free, however he does own 2 other properties that are in extreme negative equity and are up for sale. I recently moved home as I couldnt afford the repayments of 1475 I only earn 1500 monthly and Im currently trying to rent the property. Ive started to default slightly on the mortgage as im paying as much as i can afford each month. What will happen my dads properties if I am unable to keep this up...I heard there will be new legislation coming into affect next year regards bankruptcy would i be eligible or will the bank take my dads property?? help!!:(:(

    The whole point of having your father guarantee your debt was to ensure that if you failed to pay up, the bank had a fall back position! Whether you go bankrupt or not is irrelevant - if you don't pay up, he has to make good on it.

    Jim.


Advertisement