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Joint mortgage paid - losing house
BOBWAG
Posts: 2 Newbie
Hi,
Hoping for some advice. To cut a longgg story short, my brother-in law is getting “sued” through his business and his insurance will not cover it. My sister and him have paid their mortgage in full and are both on the deeds. Ultimately I think he is going to go bankrupted. If/ when the house gets repossessed Will she be able to keep her half of the sale ? Is there anything she can do now to prevent this even from even happening?. Their oldest son lives with them and he could buy the property if necessary
Hoping for some advice. To cut a longgg story short, my brother-in law is getting “sued” through his business and his insurance will not cover it. My sister and him have paid their mortgage in full and are both on the deeds. Ultimately I think he is going to go bankrupted. If/ when the house gets repossessed Will she be able to keep her half of the sale ? Is there anything she can do now to prevent this even from even happening?. Their oldest son lives with them and he could buy the property if necessary
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Comments
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*bump* anyone? x0
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Hi,
It would depend how the business is structured as to whether he would personally become liable. Is he a sole trader, a limited company or PLC?
If things are that serious then I would suggest a lawyer is more appropriate than MSE?
I would not recommend he sells his house to family as if he is personally liable then any half decent lawyer would chase the assets...0
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