We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
House
davetheman
Posts: 359 Forumite
Court booked for 3rd March, wondering re house
House is worth around £175K, have a morgage of £179K and a secured loan of £55k, so negative equity. Total monthly payment of £1500, which is all upto date and can afford on my SOA after BR.
Only myself going BR at present, wife is currently out of work but looking, ideally we want to keep the place, but as can rent for around £800 in area concerned OR may sa we have to rent, if this happens, I understand we are given some time to find somewhere, hopefully we can as I will be BR, what happens to the shortfall when property sold, especially has wife not BR, would she be liable.
House is worth around £175K, have a morgage of £179K and a secured loan of £55k, so negative equity. Total monthly payment of £1500, which is all upto date and can afford on my SOA after BR.
Only myself going BR at present, wife is currently out of work but looking, ideally we want to keep the place, but as can rent for around £800 in area concerned OR may sa we have to rent, if this happens, I understand we are given some time to find somewhere, hopefully we can as I will be BR, what happens to the shortfall when property sold, especially has wife not BR, would she be liable.
0
Comments
-
I was told by CCCS ealier that the other party to the mortgage would become liable for any shortfall, (the other party is my ex) dont know if it would be any different seen as though you are married??
They also confirmed what you said above, I may be asked to rent some where if its going to work out cheaper.
Hope everything works out0 -
If my wife became liable for the shortfall, then she would almost certainly have to go BR.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards