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Not paying mortgage after deeds

  • 18-09-2016 7:55am
    #1
    Deer
    Registered Users, Registered Users 2 Posts: 592 ✭✭✭


    Hi, is this the done thing? To stop paying the mortgage when you are selling the house and have requested the deeds from the bank?

    Someone I know has done this and said their solicitor advised them not to pay but there is something not right about this especially because the sale fell through and the mortgage wasn't paid through the process of having the house sold again.

    I'm just curious because I feel that is not something a solicitor would advise.


Comments

  • #2
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    We paid till the day of closing which meant we over paid and had to be refunded which was fine. No idea why you would stop.


  • #3
    whatnext
    Registered Users, Registered Users 2 Posts: 916 ✭✭✭whatnext


    The bank hold the deeds until the mortgage is repaid in full. You continue to pay a mortgage until the debt is repaid in full.
    If someone is buying the property from you the bank will transfer the deeds to them or their lender once they receive the money they are owed from the proceeds of the sale.


  • #4
    Deer
    Registered Users, Registered Users 2 Posts: 592 ✭✭✭Deer


    Thanks for replies. Person I'm talking about has now racked up a few grand in interest and is blaming solicitor for telling him not to pay. Seriously silly carry on.


  • #5
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    Deer wrote: »
    Thanks for replies. Person I'm talking about has now racked up a few grand in interest and is blaming solicitor for telling him not to pay. Seriously silly carry on.

    Few grand in interest, must have not paid for many months.

    Also, credit history will now be in tatters.


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