I am asking this on behalf of someone else. They have their name on their daughters mortgage but do not contribute to the repayments, they put their name on it solely to enable daughter to get mortgage. The property is in neg equity. Now in financial difficulties and considering bankruptcy. Would the daughter just be able to continue to pay the mortgage as she has always done if this person were to go bankrupt? Hope that makes sense!
Hi Emm and welcome to the forum, I take when you say that they are on their daughters mortgage, that they are also shown as joint owners on the Land Registry/title deeds?
She would be able to continue to pay the mortgage, but if her parents are joint owners, then their beneficial interest(BI)would vest with the OR as trustee, and remain so for 3 years especially as it is in negative equity but without knowing the specifics it would be better with the original info being fleshed out a bit more.
Big Al Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
question about joint mortgage
Posted - 15 April 2011 : 14:15:43
