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TAZ
Starting Member
15 Posts |
 Posted - 24 March 2010 : 16:35:43
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| If the morgage is joint what happens with the morgage payments after being made B/R.Does my wife pay half of the morgage?? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 March 2010 : 16:59:03
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Hi Taz
it depends on your final desired outcome for the property.
no longer want the property, neither of you pay but this may have knock on effect for your wife as it is a joint debt.
you intend to stay together in the property limited or No equity, then between you you still have to cover the full mortgage
lots of equity, get advice
regards Richard
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 March 2010 : 17:19:39
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Hi Taz,
Richard is right and has made a few points that are valid.
Why not give a pen picture about your property and its position viz a viz equity.
For example:
Are there any arrears against the first charge?
Is there a second charge against the property and, if so, any arrears?
is it in equity or negative equity?
Is it a repayment or interest only?
Come back and I will be pleased to comment for you, Richard
"There are no problems - only solutions" |
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TAZ
Starting Member
15 Posts |
Posted - 24 March 2010 : 19:17:35
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| I would say there is about £20000 equity in the property which is a repayment morgage.I will be 2 months in arrers on the morgage |
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Jane.l
Average Member
511 Posts |
Posted - 25 March 2010 : 08:09:33
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Your wife is responsible for the FULL amount of mortgage as are you if this is a joint debt
ETA: meant to say that if you go bankrupt and want to keep the house you will have to pay the full mortgage payments, if you want to give the house up, then your wife will be chased for the mortgage and any shortfall costs unless she goes bankrupt too
If there is equity in the house, the OR will want to realise your share of this for the creditors |
Edited by - Jane.l on 25 March 2010 08:14:07 |
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Joint morgage
