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Defaulted with a gaurantuer??

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  • 27-07-2011 8:24pm
    #1
    cdurham20
    Registered Users Posts: 2 ✭


    Long story cut short bought a property 4years ago for 355000 and my dad went gaurantuer. He owns the family home and a country house debt free, however he does own 2 other properties that are in extreme negative equity and are up for sale. I recently moved home as I couldnt afford the repayments of 1475 I only earn 1500 monthly and Im currently trying to rent the property. Ive started to default slightly on the mortgage as im paying as much as i can afford each month. What will happen my dads properties if I am unable to keep this up...I heard there will be new legislation coming into affect next year regards bankruptcy would i be eligible or will the bank take my dads property?? help!!:(:(


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,281 Mod ✭✭✭✭Jim2007


    cdurham20 wrote: »
    Long story cut short bought a property 4years ago for 355000 and my dad went gaurantuer. He owns the family home and a country house debt free, however he does own 2 other properties that are in extreme negative equity and are up for sale. I recently moved home as I couldnt afford the repayments of 1475 I only earn 1500 monthly and Im currently trying to rent the property. Ive started to default slightly on the mortgage as im paying as much as i can afford each month. What will happen my dads properties if I am unable to keep this up...I heard there will be new legislation coming into affect next year regards bankruptcy would i be eligible or will the bank take my dads property?? help!!:(:(

    The whole point of having your father guarantee your debt was to ensure that if you failed to pay up, the bank had a fall back position! Whether you go bankrupt or not is irrelevant - if you don't pay up, he has to make good on it.

    Jim.


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