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Can my 2nd mortgage/ property be used as collateral for my 1st mortgage?
CPRITT
Posts: 1 Newbie
Hello,
I have a joint fixed mortgage (1st mortgage) with an ex partner, I moved out of the property in 2006 when he was sent to prison and have not lived there, contributed or had contact with him since. I am in the process of removing my name by taking him to court but it's very pricey, any way, the question...
I am currently buying a property (2nd mortgage) which is to be in both mine & my husbands name. I'm worried if my ex partner defaults on the payments, can my 2nd mortgage be used as collateral for monies owed on the other property?
Thank you!
I have a joint fixed mortgage (1st mortgage) with an ex partner, I moved out of the property in 2006 when he was sent to prison and have not lived there, contributed or had contact with him since. I am in the process of removing my name by taking him to court but it's very pricey, any way, the question...
I am currently buying a property (2nd mortgage) which is to be in both mine & my husbands name. I'm worried if my ex partner defaults on the payments, can my 2nd mortgage be used as collateral for monies owed on the other property?
Thank you!
0
Comments
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You are jointly and severally liable for the existing mortgage debt. Any liability you have can be recovered from any assets that you own.
In addition the mortgage liability will be taken into account when assessing affordability for the new mortgage.0
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