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nama advice

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  • 08-02-2011 8:44pm
    #1
    jennybgood
    Closed Accounts Posts: 8 ✭


    Would welcome any advice on the following. I and 2 others took out a mortgage with Bof Ire for an investment property (c £120K) in the UK back in 2002. 2 of us at least have only dabbled in small investments.
    The rental income well covers the loan and payments are up to date. At this point the property value is almost double the balance on the mortgage. One of the 3 ( who we dont have any day to day contact with) has ran in to difficulties on property in Ire and I received a call from Bof I saying that the property is being transferred in to Nama as an ''associated account'' and the bank wants to value the property and have future payments lodged to a nama account . As 2 of us own 2/3 of the property and have no issues with any loans, where does this leave us? How can Nama take over this loan when it is firstly performing and secondly only one of the 3 partners has any involvement with Nama? Seems like they are just trying it on. Any views appreciated.


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    #2
    alexmcred
    Closed Accounts Posts: 2,487 ✭✭✭alexmcred


    Speak to your solicitor time I'm afraid. I'd say your right that BOI are trying it on but better to be safe than sorry


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    #3
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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