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mortgage ins and outs

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  • 02-02-2011 7:00pm
    #1
    vertico
    Registered Users Posts: 133 ✭✭


    hi all, my mortgage is in my name only but the house deeds are in both mine and my partners names, what happens if i cant keep up repayments on the loan, can they take the house seeing that its in 2 names on the deeds??? struggling at the moment to keep up, and my soliciter rang me saying that the bank are putting him under pressure to get either my partners name on the mortgage or getting it off the deeds. i think someone made a boo boo on the forms and are worried about it, anyone came across this before??
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    #2
    ball ox
    Registered Users Posts: 699 ✭✭✭ball ox


    The mortgage is in your name. The security held by the bank is in 2 names. The security can not be approved unless you solicitor gets the deeds sorted.

    Sounds like your solicitor gave the bank an undertaking yonks ago and the deeds are only coming in now which have been spotted by the bank.

    Anyway, my guess is.... even if the security can not be approved by your bank you still owe them the money you have borrowed.

    If you take an unsecured personal loan from a bank, like a car loan, you cant just default on it because they have no security. It will be difficult for them to get the money back from you but you can bet that they will do everything in their power to do so.

    So in short, let your solicitor deal with the messy side of this, recalling the deeds etc..
    You still have the same obligation to pay off your mortgage though.


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    #3
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Could stand corrected on this, but if you were to default on the loan the bank would not be able to repo your home as your partner is not mentioned on the mortgage. It would appear that either the bank or your solicitor has made a mistake and i would not let either of them add your partner to the title deeds or mortgage as a result of their mistake. All that said you still owe the money on your home and your will have to pay your mortgage.


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    #4
    vertico
    Registered Users Posts: 133 ✭✭vertico


    yea i think the same about them not being able to reposses if i default. i think i will have to get legal advice


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    #5
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    vertico wrote: »
    yea i think the same about them not being able to reposses if i default. i think i will have to get legal advice
    May i suggest a different one than the one that done the conveyance:)


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    #6
    vertico
    Registered Users Posts: 133 ✭✭vertico


    lol, yea i think i better talk to a new guy


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    #7
    freedom front
    Closed Accounts Posts: 5 ✭freedom front


    Hi

    Any update on your Mortgage & Title/Deeds issues? I am in a similar situation


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