Question re secured loan

f1owers

Hi

My friend is in a serious amount of bother with her ex partner. She informs me that the mortgage on their house (un married couple) is in his sole name.

Is it possible that they could have taken out a secured loan on the property in joint names - without her being on the morgage? She may have a registered interest in the property from a deposit put down when the house was purchased.

If a secured loan in joint names cannot be taken out on a property which is held in a sole name - can she get her name removed from the loan?

Any ideas?

Flower

Xbigman

Yes she could be named on a secured loan but not on the mortgage. Can she get her name off? Her ex plus the creditor would have to agree, which is doubtfull.

What is she trying to achieve? If they were together a long time and she wants to claim part of the house then that secured loan in both names strenghens her case.

Is she simply trying to clear her own credit file up? That would be greatly affected by how well she and the ex get on. If she is trying to get out of paying any of it, well its secured so she could simply stop and dump it in the ex's lap (although it would harm her credit rating if he defaulted).

A bit more background might be helpfull.
Regards



X

f1owers

Hi and thanks for the reply

Its a bit of a nasty break up. House was purchased 3 years ago in his name as she had bad credit refernce due to a past fiance. Her father provided a £10k deposit and they had some sort of trust declaration drawn up preventing the boyfriend from selling the house without her permission. Do not know if this is a registered interest. During relationship she was entireley responsible for all payments (everything came from her bank account). Boyfriend was too much in debt to deal with anything else. They had a child 3 years ago.

During relationship boyfriend cleared his credit card debt with a 25K secured loan. He has since maxed his cards out again and left her. He is now wanting to force a sale on the house which would leave her and baby nowhere to live. She desperately wants to keep house. Her father has indicated he may purchase the house from boyfriend for the outstanding mortgage but refuses to touch the 25K loan.

Boyfriend states that 25K loan is in join names so it is her problem too. She says all of monies were spent on him. If she could get out of it then I think it would be a big plus. I don't understand how they can give a secured loan on a property in joint names when it is only owned by one person? The security for the loan is being made solely on the house therefore sureley it rests solely with the homeowner?

Hope the new info helps!