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Ronan
Ronan, Solicitor
Category: Republic of Ireland Law
Satisfied Customers: 2224
Experience:  B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
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Can a private family trust in trust protect my home from the

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Can a private family trust in trust protect my home from the bank ? I am in mortgage arrears due to lack of income im self employed my wife is on disability

Ronan :

It will make life somewhat more difficult for the bank but it ultimately won't prevent them getting an order for possession

Ronan :

While that might sound beneficial to you. What it will ultimately do is saddle you with more legal costs in the long run as they will be entitled to their legal costs from you if they successful obtain an order for possession and sale. This will reduce the amount of equity that you might have in the property

Ronan :

The bank will engage in a process called asset tracing/tracking. If they can establish that their was an attempt to put the asset beyond their reach through whatever mechanism (trust or otherwise) they are entitled to trace and recover the asset

Ronan :

In addition to the above, the asset you propose to put in trust is already burden by the banks interest, as the bank's consent would be required if you wish to do anything with the property.

Ronan :

What you are proposing, is only that something that may work for non burdened assets

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