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Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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Does an AIB personal guarantee give right to the Bank to force

Resolved Question:

Does an AIB personal guarantee give right to the Bank to force sale of your PDH when only one party was on the Guarantee and two are on the title deed?
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 2 years ago.
Buachaill :

1. An AIB personal guarantee does not give the bank the right to force a sale of your private residential dwelling, where this is in joint ownership. However, be aware that what the bank will do is seek to get judgment of the guarantee. then the bank will seek to enforce this judgment against the one half share in the house which is owned by the person who gave the guarantee. It is only potentially enforceable against that person's half share interest, not against the other person's interest. Be aware that the best judgment proof method is for one half share owner to buy the other person out for valuable consideration. Don't gift the half share. In this way, the house can be protected against the bank seeking to enforce a judgment against it.

Customer:

Thank You for your reply.

Customer:

Does this mean the valuable consideration would be half the mortgage amount outstanding or the market value of the property? AIB holds the mortgage on the PDH, but the Guarantee was for 'work' related loans.

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