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Does a bankruptcy eliminate a mortgage?

  • 19-06-2013 2:27pm
    #1
    The_Minister
    Registered Users, Registered Users 2 Posts: 10,255 ✭✭✭✭


    Not a judgment mortgage - I know that survives a bankruptcy (against the property of course) but I was just wondering about a general home mortgage.

    I assume it does but it just occured to me that it might not.


Comments

  • #2
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,753 Admin ✭✭✭✭✭hullaballoo


    Akaik, a secured creditor can seek to enforce the security outside of the bankruptcy, but once the Official Assignee takes control, that option may be lost. Certainly any secured creditor should be seeking to crystalise (if necessary) and then realise the security once the petition is filed because it is difficult to take steps after adjudication. Whether the property in question is a family home is also relevant as it will often be transferred totally to the non-arranging spouse.

    Obviously, Sanfey & Holohan is your first port of call for this. Not boards.ie like. :pac:


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