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Joint Mortgage

  • Hanna2009
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22 Jun 12 #338462 by Hanna2009
Topic started by Hanna2009
Hi all, I need some input regarding joint mortgage.

I left my partner nearly 2 years ago out of DV, just starting the divorce process. Ex partner just recently decided not to pay the mortgage at all. He can fully afford it, i know how much he get paid etc. I think its out of spite. For the 2 years he doesn''t pay anything toward child maintenance. I havent claim CSA as I thought its a reasonable thing to do. I left with nothing, just few clothes as I couldnt go back out of safety reason.
I havent contacted the mortgage lenders about the situation as I am not sure how to go about this. I have my own place now so if its reposes, its not really my problem. I am just wondering what the implications for me, apart from bad credit rating. How long before the mortgage lender take action and what do they normally do?

Thanks for any advice.
Hanna

  • LittleMrMike
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23 Jun 12 #338546 by LittleMrMike
Reply from LittleMrMike
Hanna,

You talk about a joint mortgage. That implies that you are a joint owner. Is this correct ?

If the house is re-possessed, then what normally happens is that the lender will sell the property, discharge its debt from the proceeds of sale, and pay the balance, if there is any, to the borrower.

However, I will warn you, and your husband too, that repossession should be avoided if at all possible. You will find that they add legal costs, admin '' fees '', penalties and Lord knows what else. If there is a shortfall the borrower remains liable, and if you were a party to the mortgage they could sue you too.

I do not want to alarm you but I have seen this before. The lender will sell the property for the best offer but what they are mainly concerned about is getting their money back.

I am sorry to have to alarm you but this problem could perhaps backfire on you and you need to take action to prevent a repossession if possible.

LMM

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