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Thread: Can one take over someone's unwanted mortgage?

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    Politics.ie Member RepublicOfLuas's Avatar
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    Default Can one take over someone's unwanted mortgage?

    My _____ is currently in arrears on a mortgage. The house is currently being rented out and my _____ is living in other rental accommodation. My _____ and the family have been offered jobs abroad and are thinking of either a) just giving the keys to the house back to the creditors, or b) letting the people in the house continue to rent, but there'll be no landlord or representative in place to take care of landlord duties.
    Is there anything that the tenants can do to officially "take over" the mortgage, i.e, get the name of the debtor changed and free the landlord of their debt?
    Thank you in advance.

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    Politics.ie Member mickterry's Avatar
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    Quote Originally Posted by RepublicOfLuas View Post
    My _____ is currently in arrears on a mortgage. The house is currently being rented out and my _____ is living in other rental accommodation. My _____ and the family have been offered jobs abroad and are thinking of either a) just giving the keys to the house back to the creditors, or b) letting the people in the house continue to rent, but there'll be no landlord or representative in place to take care of landlord duties. Now bearing in mind, I already know that subletting while paying mortgage arrears, is there anything that the tenants can do to officially "take over" the mortgage, i.e, get the name of the debtor changed and free the landlord of their debt?
    Thank you in advance.
    Talk to citizens advice or a solicitor.

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    Quote Originally Posted by RepublicOfLuas View Post
    My _____ is currently in arrears on a mortgage. The house is currently being rented out and my _____ is living in other rental accommodation. My _____ and the family have been offered jobs abroad and are thinking of either a) just giving the keys to the house back to the creditors, or b) letting the people in the house continue to rent, but there'll be no landlord or representative in place to take care of landlord duties.
    Is there anything that the tenants can do to officially "take over" the mortgage, i.e, get the name of the debtor changed and free the landlord of their debt?
    Thank you in advance.
    Providing the bank is happy that you are in a better financial position than they are I don't see a problem so long as you know you can make the repayments. Please do not construe this as financial advice.
    "If we can but prevent the government from wasting the labours of the people, under the pretence of taking care of them, they must become happy." - Thomas Jefferson

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    Politics.ie Member RepublicOfLuas's Avatar
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    Cheers, not looking for financial advice. It's not me that's looking to take over the mortgage, it's the tenants, who I know personally. Just wanted to know out of interest.

  5. #5
    Ramps
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    Quote Originally Posted by RepublicOfLuas View Post
    My _____ is currently in arrears on a mortgage. The house is currently being rented out and my _____ is living in other rental accommodation. My _____ and the family have been offered jobs abroad and are thinking of either a) just giving the keys to the house back to the creditors, or b) letting the people in the house continue to rent, but there'll be no landlord or representative in place to take care of landlord duties.
    Is there anything that the tenants can do to officially "take over" the mortgage, i.e, get the name of the debtor changed and free the landlord of their debt?
    Thank you in advance.
    No. Sorry to be the bearer of bad news, but the banks won't allow that. Been there; done that; wore the t....

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    Female pro-life activists are volunteering to be impregnated with unwanted frozen embryos so I'm sure they will take care of your unwanted mortgage too.

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    Quote Originally Posted by Ramps View Post
    No. Sorry to be the bearer of bad news, but the banks won't allow that. Been there; done that; wore the t....
    Next question- why wont the banks allow that?
    Why can't a mortgage be transferrable?

    The weakest answer would be 'its not the done thing'

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    Politics.ie Member dizillusioned's Avatar
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    Well Banks can sell a chunk of mortgages to investors at massive discounts.... surprising that they can afford to loose on this but not give relief to the home owner on a slightly lesser scale...?

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    Quote Originally Posted by myrak View Post
    Next question- why wont the banks allow that?
    Why can't a mortgage be transferrable?

    The weakest answer would be 'its not the done thing'

    Beacuse a mortage is a legal contract between one party and another. That contract can be terminated and a new contract started.

    In otehr words there is nothing to stop the current tennants purchacing the house from the curent owner allowing them to clear their mortage and then taking out a mortgage of their own ending the previous contract and starting a new one. Which is essentially what they want to do.


    The only reason I can see why they wouldnt just go down that route is that they (the tenant) would not be eligable for a mortgage.

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    Politics.ie Member Aindriu's Avatar
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    Quote Originally Posted by sparkey321 View Post
    Beacuse a mortage is a legal contract between one party and another. That contract can be terminated and a new contract started.

    In otehr words there is nothing to stop the current tennants purchacing the house from the curent owner allowing them to clear their mortage and then taking out a mortgage of their own ending the previous contract and starting a new one. Which is essentially what they want to do.


    The only reason I can see why they wouldnt just go down that route is that they (the tenant) would not be eligable for a mortgage.
    Agreed. Plus it is a transfer of ownership as well. Not as straight forward as the OP hoped.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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