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| Wheretoturn |
Posted - 11 August 2009 : 14:00:16
Hi to everyone on the Forum.
i am seriously considering bankruptcy, but wondered if anyone could answer a couple of my question:
1. If my joint mortgage shortfall is included in my BR can the lender still pursue my husband for this shortfall (hubby will not be BR)?
2. Can the lender obtain charging orders etc on a property that hubby owns jointy with his mum fort hsi shortfall ?
Thanks in advance
Where To Turn |
| 3 L A T E S T R E P L I E S (Newest First) |
| Jane.l |
Posted - 12 August 2009 : 10:35:28
yes, if none of you keep up with the payments of all these secured debts, the house would be repossessed and the 1st charge, the mortgage company, (they don't need to get permission from the others) will get first priority out of any sale money, don't forget about repo costs, legal fees, selling costs, interest and arrears, they will add all these fees on top.
In this event, the secured loan and charges become unsecured debts.
If you go bankrupt, your debts are gone, but for the debts in joint names, your hubby will be pursused for the whole amount. Mortgage shortfall debts can be pursued for 12 years
This is the situation we found ourselves in and for that reason, we both had to go bankrupt |
| Wheretoturn |
Posted - 12 August 2009 : 09:43:52
Thanks Jane.l
Have been checking the deeds on the Land Registry. Would the same apply if the following were the case:
1. Took out original mortgage with lender
2. Had additonal borrowings with same lender
3. Had a joint secured loan with another lender who placed a charge on the property
4. Have other charges on property from creditors - one in my name the other in hubby's naame
Could the orginal mortgage comapny sell the house to make sure it got it's money back without the consent of the other companies that have charging orders ? If "yes" then would the others revert to being unsecured creditors and could the joint secured loan and the charging order in my name be included in my BR ? or would my husbad still be chased for the whole of the secured loan ?
Thanks
Where To Turn |
| Jane.l |
Posted - 11 August 2009 : 14:33:41
if you go bankrupt and not hubby, then yes he will be pursued for the whole shortfall and yes, they can obtain charging order on his part of the equity on the other property that he is named on, not good news, I am afraid |
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