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Voluntary second charge on residence

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  • 15-03-2011 10:04pm
    #1
    einsam
    Closed Accounts Posts: 20 ✭


    Just wondering if anyone knows anything about a financial institution looking for a voluntary second charge on your residence.

    I had a business loan, but long story short, the business failed. The loan was over 5 years, and repayments were made for the first three years. I was left with €55k which I was unable to repay. The bank have now asked me to take a voluntary second charge on my family home. I'm not looking for legal advise, just wondering what the long term implications are.

    Also can't afford a solicitor at the moment so if anyone could point me in an affordable direction, that would be much appreciated.

    thanks in advance


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    #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    So whats in it for you??? The bank has a charge on your property but what do you get out of the deal??? If nothing, I tell them to go and swing for it!


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    #3
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    I actually read that differently, I presumed the bank wanted the voluntary charge as opposed to them going to court to get a judgment registered against you which would have the same effect to them but you would end up paying the legal costs as well.


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    #4
    nimus
    Closed Accounts Posts: 16 ✭nimus


    Has this come about through discussions with the bank on restrucutring the debt or is it a request (demand?) from the bank?
    Are you paying anything at all off the loan at the moment?


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    OP, I would presume a restructure is being talked about. If so it seems ok the bank would like the debt secured if its going to be a long term debt. i would imagine the debt is to be restructured long term?

    Or i may be wrong and they are seeking a judgment to be registered against your property.


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