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darren_b
Junior Member
213 Posts |
 Posted - 28 July 2008 : 13:18:04
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Hi,
Another query.
If my wife and I have a secured loan and mortgage, and we move, and the house gets repossesed, and I go BR, what happens with respect to my wife - there will be a shortfall to what is owed from the sale of the property - if Im BR, then my part gets wiped off, but what about my wifes commitment?
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Delboy
Junior Member
United Kingdom
189 Posts |
Posted - 28 July 2008 : 18:03:26
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Hi darren_b,
Well I am no expert, but if your mortgage and secured loans are in both names, they will chase your wife for the whole of the debts if she doesn't go BK as well.
Thats the position as I understand it, but I could be wrong.
All the Best
Regards
Delboy |
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John
New Member
United Kingdom
73 Posts |
Posted - 28 July 2008 : 19:05:49
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Hi Darren
I'm afraid Delboy is spot on.
The joint mortgage and joint secured loan are "joint and several liability" and therefore the full amount is owed by your wife if you go BR on your own.
Assisting where I can. |
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Delboy
Junior Member
United Kingdom
189 Posts |
Posted - 28 July 2008 : 19:27:38
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Hi Darren,
It's Delboy again, I don't know if this will give you a glimmer of hope, but I went BR in June this year, and my wife and I have a joint mortgage and secured loan, which in total gives us negative equity of about 20k, we are in the fortunate position of just about being able to afford the repayments on both as I will not be paying the other debts which are all in my name and will be written off during the course of the BR, I will probably have to transfer my Beneficial Interest to my wife at some point soon, but this will enable us to keep the house. Could it be possible for you to do the same?
Regards
Delboy |
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darren_b
Junior Member
213 Posts |
Posted - 28 July 2008 : 20:40:36
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HI Delboy,
The strange thing is, we are actually wanting to lose the house - so the repossesion is not the problem. I just wondered if half the debt owed would be chased (knew it probably wouldnt be!). We have both come to terms with the fact we are both going BR, this was just a stab in the dark! |
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Delboy
Junior Member
United Kingdom
189 Posts |
Posted - 28 July 2008 : 21:01:52
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Hi Darren,
OK mate, I know everyone's circumstances are different, it was a shot in the dark, I really do hope that things work out for you both, take care.
Regards
Delboy |
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Topic |
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Repossesion on Joint Mortgage
