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House in arrears

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  • 05-12-2023 5:35pm
    #1
    revoke12
    Registered Users Posts: 391 ✭✭


    Hi all,

    My husbands father died last year and the house is in arrears of 130k so total is 233k owed to a crowd that was handed over to by the bank.


    Just wondering what are the next steps could someone legally buy tis property off whoever will reposess it? His brother was left it but doesnt want it and wont be buying it.


    Has anyone bought a house that has been repossed for before? Does the full amount have to be paid to the reposser including the arrears?


    Any info welcome i have no clue when it comes to this.



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    #2
    AlanG
    Registered Users Posts: 1,414 ✭✭✭AlanG


    it is unlikely he got a mortgage without life insurance where the bank have a lean so check that out first to see if it is still valid. If the bank repossess the property form the estate then they can sell it to whoever they want and the debt does not stay with the property. If the house is worth more than the debt then the executor will have to decide what to do with the excess.



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    #3
    Geuze
    Registered Users Posts: 13,086 ✭✭✭✭Geuze


    The executor of the will has to clear the debts first.

    The executor must sell assets or use whatever cash is in the estate to clear the debts of the estate.



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    #4
    Claw Hammer
    Registered Users Posts: 6,163 ✭✭✭Claw Hammer


    What can be done is that the executor should check for a life policy. It may well have lapsed or the time for making a claim has passed. The executor can surrender the property to the lender. If the property is is positive equity, the surplus will go back to the estate. If the property is in negative equity the debt will become a debt of the estate and no assets can be distributed until it is paid off.



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    #5
    Former Former Former
    Registered Users Posts: 5,482 ✭✭✭Former Former Former


    Just a reminder that mortgage protection life insurance decreases the amount payable over time in line with the decreasing principal.

    Based on the OP's description, even if he kept up the payments on his policy, they would not cover the arrears so there is still a sizable hole to be dealt with.

    I'd guess a man who wasn't paying his mortgage wasn't paying his premiums either though so it's probably moot.



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