Embargo on our house info please

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02 Apr 2013 1:51 PM by elbannerman Star rating. 1 posts Send private message

Hi. I wonder if anybody can guide us? our daughter purchased a house with her husband, to help them get the mortgage we had to stand guarantor, now the marriage has split up, they have both gone back to different parts of England and do not want anything to do with the house,  the bank in now teling us we must pay the mortgage, we have since retired and do not have an income, we do have property and the bank says they will sell our daughters house and any shortfall will come to us, will they put an embargo on our house? and if so do we have to sell our house to pay the embargo immeadiately or will the embargo just stay there until we eventually sell up. any help/advise would be much appreciated

John





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03 Apr 2013 9:52 AM by mariadecastro Star rating in Algeciras (Cadiz). 9363 posts Send private message

Legal Questions? Speak to Maria Direct

 Elbannerman:

Have you tried to negotiate the debt with the Bank with the help of a proffessional?



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Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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03 Apr 2013 8:24 PM by Mungry Star rating. 329 posts Send private message

may i just ask please?

when you were signing up as a guarantor did you look into all this?

did you ask the questions and delve deeply into what you were signing?

or did you just hit the dotted line sign?

as a gurantor you have guaranteed that the bank will be repaid in the case of a default.
they have now defaulted so of course you need to make up the shortfull.

the confusing bit to me is always people asking if they need to `do this` and `do that`

yet its exaclty what they signed up for and it really has me scratching my head

 

its mainly this "the bank in now teling us we must pay the mortgage,"

this is victim language to try and make it look like the bank is doing something underhand or forceful

when in reality it should be "of course because we were the gurantor we will honor our legal commitment and pay exactly what we were contracted to`

am i right?

 


This message was last edited by Mungry on 03/04/2013.

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i coldnt stay away from you miserable whining whingers for some reason




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03 Apr 2013 8:58 PM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
Mungry doesn't mince his words, and can appear harsh, but the same questions occurred to me too I'm afraid. Was it wise to stand as guarantors shortly before retirement and the inevitable loss of income that entails? But the problem is of course your daughter and her husband .... When you say "They have moved to other parts of the country and don't want anything to do with the house ...", surely they understand that THEY can't just walk away from their responsibilities and dump the problem on you? Surely they need (between them) to make the payments while they sell the house at a realistic (and possibly loss-making) price, in order to close this chapter on the legal mortgage THEY entered into. Each of them must be paying rent somewhere now, doesn't it make sense for one of them to live in the house until it is sold and at least pay half of the mortgage? The two of them need to be your first recourse - you did them a huge favour (perhaps unwisely, but out of the goodness of your heart) and they surely don't think they can just walk away and leave you with their problem? You need to talk to them and make sure it goes on the market as soon as possible and that in the meantime they make what payments they can. However if all that fails, the bank has every right to come to you, unfortunately, which you must have realised when you entered into the contract as guarantors. Sorry. Hopefully that was a bit more polite than Mungry, but sadly the message is the same.

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03 Apr 2013 9:09 PM by Mungry Star rating. 329 posts Send private message

she said they have moved back to different parts of england

i think you mistook it as different parts of spain.



_______________________

i coldnt stay away from you miserable whining whingers for some reason




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03 Apr 2013 9:22 PM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
No, I didn't mistake the two countries! The point is that it's the younger couple that actually BOUGHT the house, so they have some responsibilities to sort out their mess. It's hugely irresponsible to buy something and then simply stop paying and assume that her parent will sort out their mess. Instead of paying two lots of rent in England, surely whichever one is less tied to a job needs to live in the house they bought, sort out the sale to avoid too great a loss, and then work out how the two younger people are going to repay her parents for any shortfall they end up responsible for.

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 Blog about settling into a village house in the Axarquía. http://www.eyeonspain.com/blogs/tamara.aspx




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03 Apr 2013 9:56 PM by eggcup Star rating. 567 posts Send private message

The original poster doesn't say where the mortgaged house is located - it sounds like it's in England, but I'm only guessing. There is not much the poster can do, as they will have to foot the bill for any shortfall after the sale of the house. But I think the next step would be to take the daughter and her ex-partner to court. They're willing to land the girl's parents in it, so I would land them in it. That would be a reality check for them. If either or both of them have a job they can then be made to pay an attachment of earnings.

I don't know if the poster will be forced to sell their house, but I would assume so... maybe someone here knows more about that aspect.



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03 Apr 2013 10:10 PM by baz1946 Star rating. 2266 posts Send private message

Why would the poster say "They have both gone back to different parts of England"....If they were already in England?

Cut and dried really, you signed a form to say if the Daughter and Son in Law didnt pay, you would.

Loverly Daughter you have if they wont help you out..





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03 Apr 2013 10:44 PM by gaula Star rating in marbella and the u.k. 64 posts Send private message

 The views of fellow posters on the character of the daughter and son in law are hardly helpful to the couple who posed the question .

What was requested was assistance not character assasination . Firstly a professional is needed to assess the guarantor paperwork and then attempt a sensible payment program or reduction for immediate settlement . all this can be done either in U.K or Spain and should resolve the situation .





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04 Apr 2013 9:59 AM by baz1946 Star rating. 2266 posts Send private message

The views of fellow posters on the character of the daughter and son in law are hardly helpful to the couple who posed the question .

What was requested was assistance not character assasination . Firstly a professional is needed to assess the guarantor paperwork and then attempt a sensible payment program or reduction for immediate settlement . all this can be done either in U.K or Spain and should resolve the situation .

Well it was the poster themselves who first stated that the Daughter had let them down and didn't want anything more to do with the house even after accepting the help of Mother, so the character assasination had already started.

When you stand guarantor for a purchase of any kind it means just that, no more no less, if the buyer dont / wont pay, you do, you guaranteed the loan. Dont like the arrangment, dont sign the paper, just because it was a Daughter dont mean a thing.

All this had to have been done somewhere legal, by legal people, the guarantor papers "Should" have been explained in full as to what the meaning of going guarantor meant, sound smart enough in the first place to do this.... then they ask a forum for advice.

 





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04 Apr 2013 10:14 AM by I_Love_javea Star rating in Gibraltar / Morocco .... 125 posts Send private message

I see someone below blatantly touting for business again. What's the betting it will be fees upfront?

What do we all think?

Who really cares?

A guarantor was required as the loan provider assesed the loan to be too risky to be granted without one!

If the guarantors had been as diligent as the grantor rather than being ignorant as to what they were signing then there would be no problem now.

 



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04 Apr 2013 10:40 AM by baz1946 Star rating. 2266 posts Send private message

I see someone below blatantly touting for business again. What's the betting it will be fees upfront?

What do we all think?

Who really cares?

A guarantor was required as the loan provider assesed the loan to be too risky to be granted without one!

If the guarantors had been as diligent as the grantor rather than being ignorant as to what they were signing then there would be no problem now.

 

Who is touting for business?


 


This message was last edited by baz1946 on 04/04/2013.



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