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Taking over repayments on property bank is about to repossess?

  • 02-09-2022 6:00pm
    Registered Users Posts: 418 ✭✭


    Is it possible at all to take over mortgage repayments on a property the bank wants to repossess at all? The owner of the property passed away, the person it went to, can't make the mortgage repayments and seems to believe it's out of their hands and that the bank will repossess it leaving them with nothing.

    Another party has just been approved for a mortgage and is wondering if it's possible to strike a deal with the person the house was left to, where they take over the ownership and mortgage repayments of the house and make a payment to the person for accommodating this, that would leave them much better off than if the bank were to repossess the house. So it would be a win for both parties.

    Is this possible at all?



  • Registered Users Posts: 77,980 ✭✭✭✭Atlantic Dawn

    Whole thing seems odd, in a normal residential setting you have to have in place life assurance to cover the outstanding mortgage as a condition of the bank giving you the mortgage. In this case the property should be mortgage free after the death and then passed on to whoever as per the will.

  • Registered Users Posts: 3,074 ✭✭✭phormium

    Property is not necessarily mortgage free after death, only if life cover in place and if the owner was on the way to repossession then fairly certain life cover payments probably not being met either if they existed.

    OP why does the person who got the house not just sell it to the person who has mortgage approval? Or is it in negative equity or some other issue.

    You can't just take over the payments and gain ownership without bank being involved in issuing new mortgage and paying off existing one, in other words seller/buyer.

  • Registered Users Posts: 12,292 ✭✭✭✭Geuze

    The executor of the will of the deceased must deal with any debts.

    A mortgage debt can't be transferred to another person.