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T O P I C R E V I E W
jonathanh
Posted - 03 September 2008 : 12:33:17 my ex partner has not paid her half of the mortage and has done a bunk i can,t afford to pay her half i am trying to sell the property but i am having no look i have been informed by northern rock that they will take action against me at the end of the month i have no money what so ever due to my separate what should i do if the property gets repossed and what will happen to me finacial
1 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 03 September 2008 : 12:37:30 Hi Jonathanh and welcome to the forum.
In a reposession situation, the lender has to try and sell it on the open market for a couple of months at least. If it doesn't sell, then it will go to auction where it will typically achieve what they call "red book value" which is normally 75% of the market value. In this case, any shortfall between what is owed and what the property sells for will become a new unsecured debt to yourself and your ex (if she was on the mortgage and deeds) under joint and several liability (that means you are both liable for the full amount).
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
