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Loan to Avoid Repossession and Protection

  • Calisto
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18 Sep 12 #356492 by Calisto
Topic started by Calisto
I am seeking advice for a friend on the point of going through a painful divorce.

My friend''s husband has abandoned her and their child. He is capable but will probably not pay the mortgage. My friend wishes to avoid repossession. She might be able to get a loan so she can pay the mortgage prior to selling it.

My question is this: Can the the value of the loan be repaid from the full sale value of the house once it is sold? Lets say the loan comes to 2000 pounds and the house is sold for 100,000. The loan should be repaid from the 100,000 and the respective owners should only receive 49,000 each. What my friend does not want happening is that she is left with the full 2000 pound debt and her ex-husband swans off with a full half-share of the house (50,000) and not have to pay back any of that loan, thus profiting from her.

How can my friend get protection from that happening? Her husband may or may not be willing to sign something.

I hope I''ve explained clearly. Thanks.

  • Elphie
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18 Sep 12 #356516 by Elphie
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I can''t answer your question, but has your friend already changed the mortgage to interest only and applied for mortgage relief? If she is on a low wage or certain benefits, she would be entitled to having her half of the interest of the mortgage paid. They wait a time period before paying it, but for me backdated it to when I was granted income support, so it is worth looking in to. Ring up your local job seeker''s centre for an application form, it''s not a widely advertised benefit.

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18 Sep 12 #356520 by Calisto
Reply from Calisto
I will look into that. Many thanks for the information.

I have a lot of research to do B)

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