our home was repossessed in Sept last year, the shortfall for the mortgage after reselling is £32,000 which the building society are now asking for. It is a joint mortgage and my wife has a property in Asia. Can this property be seized. I only put her on the UK mortgage for her piece of mind and now worried she risks losing her inherited land. We both have other unsecured debts in addition totalling about 6K for her and £45K for me. We are now on benefits and cannot afford to go bankrupt, but constantly pestered by theses debts
If it's a joint mortgage then your wife is liable for the full £32,000 shortfall.
If you are both made bankrupt by the building society, then the property in Asia is at risk as it is an asset.
The building society are more likely to pass the debt to debt collectors and carry on chasing you. I suggest you speak to a debt advisor to discuss your situation and see what options may be available.
How much equity is in the Asia property? Can this be sold to pay off your debts?
Building Society asking for shortfall. Worried that my wife risks losing inherited land.
Posted - 18 July 2013 : 13:44:14
