Help-mortgage dumped on me!

silvercar

If you really can't get the other owner to agree to a sale or they cannot be found, you would have to go to court to get a judge to rule that the sale can proceed without their consent.

SMEIGALS1

That's a real help. Many thanks. If I sold the house and there is a shortfall and I decide not to use my own capital, will the debt to B.Socitey be split? And how will they get it from me? If I paid back say £200k of loan and £30k was outstanding, wll they try and get £15k from each of us? Or all from me? which seems outrageous as I have sunk so much money in so far? Could I fight this in court too? Then pay my half owing back over time if my capital has gone elsewhere - so to speak?

silvercar

If you can't repay the mortgage fully, the sale can't proceed. The lender only releases their charge on the property when the loan is repaid; without doing this the new owner can't register their ownership, so the sale is blocked. You have to raise enough to clear the mortgage, either through the sale proceeds or borrowing elsewhere.

In repossession the property could be sold by the lender for the best price they can get in a short time. If this leaves a shortfall both parties would be chased. The lender will use most energy in chasing whoever they can find and is most likely to repay. The debt is held jointly so both parties are liable for all the debt.

Nothing to stop you going to court to order your OH to repay you money that you believe you are owed. Though this means (a) finding him (b) court costs (c) him having money that makes it worth the effort.

SMEIGALS1

That is ace info, I didn't know about B.S not releasing the house to new owner till they had all money, so would have to use my capital if I lower price again. Re court - no use chasing him for money as he hasn't any. As alleycat said may try and go for 'transfer of property order' as I can prove I have been paying for 2 years. Re reposs. how long does it stay on credit report? Any chance B.Society will help me? Possibly reduce my monthly payment for a few years? Or get his name off? Sorry to keep asking but this is all v.good advice am getting.

JimmyTheWig

SMEIGALS1 wrote: »

That's a real help. Many thanks. If I sold the house and there is a shortfall and I decide not to use my own capital, will the debt to B.Socitey be split? And how will they get it from me? If I paid back say £200k of loan and £30k was outstanding, wll they try and get £15k from each of us? Or all from me? which seems outrageous as I have sunk so much money in so far? Could I fight this in court too? Then pay my half owing back over time if my capital has gone elsewhere - so to speak?

I believe you would be jointly liable for it. You couldn't just pay your half and be done with it. They would be able to come after either of you for the money.
The cynic in me thinks they would come after whoever they thought would be easier to get the money from...

SMEIGALS1

Thanks for that...guessed it was me would have to stump up....Re reposs. how long does it stay on credit report? Any chance B.Society will help me? Possibly reduce my monthly payment for a few years? Or get his name off? Any help on these queries?