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Mortgage Shortfall
rickatron89
Posts: 6 Forumite
I posted a few days ago with a question regarding my partners mortgage shortfall she has with her ex partner.
The total amount owed is over £30,000. She has approached the company with a settlement figure. It is currently under review. If this was accepted (the figure is substantially lower that the £30,000, however her situation is rather bleak and she is considering bankruptcy, however we hold little hope) would this remove her from the debt, or would it be settled on her partners behalf as well?
Can the company accept a figure on behalf of one person, on a joint mortgage shortfall?
As always any help is appreciated.
The total amount owed is over £30,000. She has approached the company with a settlement figure. It is currently under review. If this was accepted (the figure is substantially lower that the £30,000, however her situation is rather bleak and she is considering bankruptcy, however we hold little hope) would this remove her from the debt, or would it be settled on her partners behalf as well?
Can the company accept a figure on behalf of one person, on a joint mortgage shortfall?
As always any help is appreciated.
0
Comments
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rickatron89 wrote: »I posted a few days ago with a question regarding my partners mortgage shortfall she has with her ex partner.
The total amount owed is over £30,000. She has approached the company with a settlement figure. It is currently under review. If this was accepted (the figure is substantially lower that the £30,000, however her situation is rather bleak and she is considering bankruptcy, however we hold little hope) would this remove her from the debt, or would it be settled on her partners behalf as well?
Can the company accept a figure on behalf of one person, on a joint mortgage shortfall?
As always any help is appreciated.
If it is a joint mortgage, they will both be jointly and separately liable for the debt. This means that there is no “his half and her half”, therefore the settlement figure will be for the whole debt.
HOWEVER, if she were to be made bankrupt, I believe that this would remove her from the debt, and her ex-partner would be totally liable.0
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