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Mortgage and Death

  • 16-12-2013 8:08pm
    #1
    danotroy
    Registered Users, Registered Users 2 Posts: 556 ✭✭✭


    I'm sure someone here till be able to help me with a hypothetical situation i've been thinking about of late. A person takes a mortgage out on a home and finds out halfway through the course of the repayments that they have a terminal illness which insurance will not cover due to a preexisting condition. So when they die say in 2 years time they will have approx half of the loan left to repay. Can that person sell the property to a family member for a nominal fee (100euro) and continue to live there. When the person dies the bank seek their money but the person have left behind no assets as the house is now in another persons name.

    What laws are being broken here? I'm pretty sure many but cant find anything online.


Comments

  • #2
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    They can't sell it for a hundred euro without the banks say so as the bank will hold the deeds.


  • #3
    JDxtra
    Registered Users, Registered Users 2 Posts: 6,011 ✭✭✭JDxtra


    The bank won't allow you to sell the house for €1,000. Remember, they have the deeds and at that stage technically still own half the house.


  • #4
    danotroy
    Registered Users, Registered Users 2 Posts: 556 ✭✭✭danotroy


    An answer so simple I forgot about the Deeds. Thanks guys.


  • #5
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    What laws are being broken here? I'm pretty sure many but cant find anything online.

    Do we look like lawyers? You should know better, having been around the site for a while.


This discussion has been closed.
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