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Judgment and judgment mortgages

  • 09-07-2018 3:52pm
    #1
    Annon 1
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi there hoping somebody can help me here. Long story short we had a business and a property attached to that business, the property was a commercial mortgage in our names & rented to the business. Business went bust, mortgage sold to a vulture fund and we were unable to pay - a year later the business property was repossessed and sold for a great deal less then value. Now, the issue is that the vulture fund have now obtained a judgement for the balance owed which is now quite sizeable and they are attempting to register it against our family home. My question is this, if the original mortgage states that the only security on that commercial mortgage was the commercial property itself (the valuation was very high so no other security was required) and the company was a limited company how is it possible for a bank to attempt to get a judgement mortgage over our family home and furthermore can they actually take our family home?

    Just to clarify I will be getting legal advice on this I just need to understand how it works so that I can ask the right questions to solicitor.


Comments

  • #2
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    Annon 1 wrote: »
    Hi there hoping somebody can help me here. Long story short we had a business and a property attached to that business, the property was a commercial mortgage in our names & rented to the business. Business went bust, mortgage sold to a vulture fund and we were unable to pay - a year later the business property was repossessed and sold for a great deal less then value. Now, the issue is that the vulture fund have now obtained a judgement for the balance owed which is now quite sizeable and they are attempting to register it against our family home. My question is this, if the original mortgage states that the only security on that commercial mortgage was the commercial property itself (the valuation was very high so no other security was required) and the company was a limited company how is it possible for a bank to attempt to get a judgement mortgage over our family home and furthermore can they actually take our family home?

    Just to clarify I will be getting legal advice on this I just need to understand how it works so that I can ask the right questions to solicitor.

    You definitely need advice, i would think you may have signed a personal guarantee and that is why they're looking to register the judgement against your PDH.

    Your first step should be to request a data access request, get the account file and then seek professional legal and financial advice.


  • #3
    ACADasltiv
    Registered Users, Registered Users 2 Posts: 79 ✭✭ACADasltiv


    source wrote: »
    You definitely need advice, i would think you may have signed a personal guarantee and that is why they're looking to register the judgement against your PDH.

    Your first step should be to request a data access request, get the account file and then seek professional legal and financial advice.

    No need for a personal guarantee, the property was in their names.

    OP if you haven't already arranged to see a solicitor then skip that and go straight to a personal insolvency practitioner. They'll be able to advise as to how to best protect your family home. Sorry. Mod deletion. recommendations not appropriate to this forum


  • #4
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    ACADasltiv wrote: »
    No need for a personal guarantee, the property was in their names.

    OP if you haven't already arranged to see a solicitor then skip that and go straight to a personal insolvency practitioner. They'll be able to advise as to how to best protect your family home. I work in this area so if you'd like any recommendations feel free to PM your location.

    Ah, i didn't pick up on that part.


  • #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    If the judgement is against you personally, the fact that a limited company operated the business is irrelevant. Unless the loan was a limited or non-recourse loan, you can be pursued for any shortfall after the security is realised. A judgement mortgage is one of the enforcement tools at the disposal of a creditor and can be against any property you own.


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