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groovy
Starting Member
1 Posts |
 Posted - 15 June 2009 : 22:06:34
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| I am separated from my husband. We split up in Oct last year. He refused to move out of the matrimonial home so I left with our two children and moved into rented property. I have found out he is going bankrupt and worried about my position with regards to the house he is in as it is in joint names. The house is worth approx 180,000 and our joint mortgage and joint secured loan on the property means there is very little if any equity in the house. If he goes bankrupt how will this affect me? I could not afford the payments by myself so will I have to go bankrupt too or can the house just be repossessed. I have checked and he has been paying the main mortgage payments (interest only) but not the secured loan payments (two months behind). Could he be trying to wipe off the secured loan in this way and still keep the house? What should I do? |
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Jane.l
Average Member
511 Posts |
Posted - 16 June 2009 : 12:05:06
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As harsh as this sounds, if you have a joint mortgage and joint secured loan, both of you are responsible for the whole amounts of each. If the payments on either are not being made, the companies have the right to repossess the house and sell it. I don't see the point of him just paying something to the mortgage and nothing to the secured loan company, he will lose the house this way, he should be paying both or none. If this happens and if you are in negative equity, there will be a shortfall debt (also they will add on arrears, selling costs,and interest) They then have 12 years to pursue both of you for this debt. If your husband goes bankrupt, this debt will be written off and you will be pursued for it.
I think you need advice from CAB or suchlike. Do you have any other debts? |
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I am separated from my husband.
