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Unsecured loans, home equity brought into marriage

  • deve
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22 Oct 07 #5111 by deve
Topic started by deve
Two questions,

Can my ex2b leave his unsecured personal loans and debts while he leaves the country for good, and will these debts eventually be charged on our property which has a joint mortgage?

I worry as my husband has already remortgaged behind my back and the equity left is only £47k, I can prove through my conveyancer that I invested £55k into our marital home from our previous property which was in my sole name and mortgage even though he was living with me at the time. We have been together 12 years, living together for 7, and married for 2.5 with a young baby. Will a court give me 100% of the property equity considering he has drawn £16k behind my back and forged my signatures?

  • OBEs 1 canoodly
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22 Oct 07 #5124 by OBEs 1 canoodly
Reply from OBEs 1 canoodly
Well, lets really start at the beginning here Deve because first and foremost if you have definite proof of him forging your signatures then your ex has committed fraud!!! This could carry a prison sentence especially for the use of financial gain!!!!

Secondly, I am no expert but I am sure that provided the loans are in his sole name then they are his debt however, I am not sure whether marriage affects that as I had a similar problem but wasn't married to my ex -partner of 24 years so his debts remain with him.

Unsecured loans mean exactly that. Unless the loan company has taken out a charge against your property they cannot suddenly do a U turn and put one against it without a court order. For some companies it is much easier for them to write off the debt than persue it through court if it is only a small amount.

However, let me tell you this. The world is a very small place these days and people seem to think they can run away and hide in another corner or it and not be found. Trust me, he will be found and he can still be made to pay his debt. In the meantime they will put a judgement against him and this may still have implications should he try to buy another property or set up another bank account and banks abroad may check into his history here too!!! It may also cause him problems when he tries to go for full residency in the country of his choice!!

Me and OBEs moved into a house where the couple seemed to be in a rush to emigrate. The chap told us he had a job waiting and as the house sale had fallen through for them once before it had caused him a delay and he needed this sale to go through quickly as he needed to get over there. We now realise why they needed to leave so quick. They owed debt everywhere. Credit Cards, Council Tax, Speeding fines, Tax evasion etc etc you name it. We have had to fight off no end of Bailiffs and the such like. They have done this to run away but we are now in the knowledge that a credit card company and the tax man have caught up with them on the other side of the world!!! Interesting eh? With computers you cannot hide!!!

It may be in your interest to check out what I have told you as I said earlier most of this is information from my own experience but if most of what I have told you is correct you may not have to worry too much about gaining your home back into your sole name because if he doesn't get put inside for fraud he will definitely quake in his boots when you tell him the downside of him trying to leave the country!!!! Be careful about prolonging the legal side of this, you don't want to end up with a massive legal bill either!

Hope I have helped,

May the luck always be with you,

OBEs 1

  • LittleMrMike
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22 Oct 07 #5126 by LittleMrMike
Reply from LittleMrMike
My ' take ' on this is , first of all, that if your husband forged your signature on a mortgage, and you can prove that, would not the mortgage be void ? A valid mortgage requires BOTH your signatures ; if you never signed it than the document is a nullity if you can prove forgery. But of course, HE is responsible because he took out the loan.

Secondly, this seems to be to be one of those rare cases where a Court might take conduct into account.

Thirdly, try to think a few moves ahead. What happens if your husband goes bankrupt ? Or a Court makes a criminal bankruptcy order ?

Well, I'll tell you. The bankruptcy order will sever any joint tenancy. The trustee can apply for an order for sale. This is likely to mean that you will lose your home, unless perhaps you can afford to buy out his share.

My advice to you is not equivocal. Get in there before a trustee in bankruptcy can. There is a case which suggests that where a property adjustment order has become effective then it will bind the trustee. But if the trustee gets in first, his share in the property will have vested and there is nothing to transfer.

Sorry, madam, I think you need a bit of legal advice here. And pronto.

Mike 100468

  • deve
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22 Oct 07 #5134 by deve
Reply from deve
Thanks guys,

I know it's abit of a mess. I should correct a little of what I have written. My husband drew down money on a borrowback facility on our mortgage by forging my signature of up to £16k without my knowledge. Now with regards to bankruptcy order that may be placed in the worst case seceario, we have thought about this and have spoken to our solicitor, it may be possible for my parents to put a charge on my property for the amount they gave me in equity towards the purchase of the previous property that was in my name solely. This charge would have to be placed asap I guess to protect the equity from future debtors. The problem I am told with buying him out of his share would be that any debtors could suggest that he has tried to hide his money under the laundering act and they can look back at any assets he has owned in the previous 3 years.

OBEs I hope youb are right and they will find him no matter what!

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