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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Secured Loan
helbod
Posts: 2 Newbie
Hi, could anyone please give me some information on what happens to a loan secured on a house then the house gets repossessed.
I had a joint mortgage with my now ex husband and took out a secured loan on it also in joint names, I left my husband in August 2008 and walked out on the home leaving him there. While he was there he never paid the mortgage or secured loan and the house got repoessed. I have been checking my credit file and the mortgage now says settled but the secured loan says default for each month since and to date. I believe that the house was sold for less than what was left to pay on the mortgage let alone the secured loan.
Any help on this matter would be gratefully received
Thanks
I had a joint mortgage with my now ex husband and took out a secured loan on it also in joint names, I left my husband in August 2008 and walked out on the home leaving him there. While he was there he never paid the mortgage or secured loan and the house got repoessed. I have been checking my credit file and the mortgage now says settled but the secured loan says default for each month since and to date. I believe that the house was sold for less than what was left to pay on the mortgage let alone the secured loan.
Any help on this matter would be gratefully received
Thanks
0
Comments
-
I'm afraid you will both be jointly responsible for repaying the loan (and indeed the shortfall on the mortgage ).0
-
Jointly -> jointly and severally.I'm afraid you will both be jointly responsible for repaying the loan (and indeed the shortfall on the mortgage ).
Make no mistake, they will go after the easiest target for the whole lot.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Thanks for the quick replies.
How long is it likely to be before they contact me, it is 9 months since the house was repossessed.
I would have thought they would have found me, other company's have managed to0 -
Statute of Limitations for Land and Property debt is twelve years in England and Wales. Think it might be fifteen for Scotland.
.0 -
And the thing to watch for is that out of the last housing downturn, they left it a good few years for people to get back on their feet before coming after them for the money. I am sorry to say they could be out there watching and waiting.Trollfever wrote: »Statute of Limitations for Land and Property debt is twelve years in England and Wales. Think it might be fifteen for Scotland..Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
DVardysShadow wrote: »And the thing to watch for is that out of the last housing downturn, they left it a good few years for people to get back on their feet before coming after them for the money. I am sorry to say they could be out there watching and waiting.
I know of folks who are still paying for their 1990's repo who are now facing repo again.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards