Mortgage after repo

Weebella33

Oh do you think? Its just honestly hand on heart an awful situation.

What is the process of a CCj? So the default would essentially just chnage to a CCj?

Exodi

Weebella33 wrote: »

Oh do you think? Its just honestly hand on heart an awful situation.

What is the process of a CCj? So the default would essentially just chnage to a CCj?

Well you'd typically receive a Letter Before Action stating that you have a certain time period (typically 7-14 days) to come to an agreement or they'll proceed with legal action.

AFAIK defaults and CCJ's are stored on different sections of each credit report so one wouldn't 'replace the other' but a CCJ would appear in your credit history for 6 years from the date of the judgement.

The creditor would then have the option of transferring the CCJ to the High Court for enforcement by HCEO's who can exercise various enforcement methods.

This is the worse case scenario and typically the concept of 'trying to get blood out of a stone' is considered - if you are open about the fact you don't have £35,000 or the means to pay it, they will likely not waste their money trying to escalate it.

Also note you and your ex will be severally liable - ie, I'd expect them to be pursuing both of you for it (but likely the person of whom they're most likely to retrieve the money from).

Weebella33

Ah i see what you mean.

Actually CAB are acting on my behalf at the moment and they have asked for it to be written off due to me not having the funds to pay back she says it is very unlikely but it is worth a try. She said she has never seen this happen before - usually when a relationship breaks down one has the buy the other out or the house is sold.

The thing about us both being liable - is he has ignored the whole thing now and not admitted responsibility for it at all.

Weebella33

Tarambor wrote: »

Because after the recession of 2008 people were playing holy hell up about banks repossessing properties so the government told lenders to exercise leniency and only go for repossession as an absolute last resort.


I bet if you were still together with your daughter, both ended up out of work for whatever reason and the bank turned round and forced a sale within a couple of months making you homeless you'd be complaining about how unfair that it was that you lost your home just because you lost your job not through any fault of your own.


Yes you can however be aware that the judge is only really interested in the financial side of it. They'll let you stand there and have a good old rant but at the end of the day the only thing they're interested is the facts surrounding the financial agreement, that being that you both signed for a mortgage and were both jointly liable. You leaving doesn't alter your liability. My brother's wife cheated on him and he ended up moving out and as I know is still paying the mortgage several years later on a house his ex and her boyfriend live in.

Oh my goodness, thats me just seeing this. This is why i went to my MP as thata just wrong he took it inro parlimen,t i watched him speak. How is it fair for your brother. Its just wrong. The bank seem to have these set terms for taking out the mortgage in the first place how can they not include something so this cannot happen.

BoGoF

You really need to take the emotion out of this, as hard as that may be. It was a business transaction for the bank...end of. The law of joint and several liabilty is enshrined in UK law. Whats the alternative....banks not lending to joint customers?

Weebella33

Yeah you are so righ, its not so much the bank at fault though - its my ex. Its just very hard to move on when he could have just agreed to sell and that would have been it.

It looks like i will be renting forever more

Weebella33

And no not at all, just in the contract it should be agreed if there is a relationship breakdown and either of them cannot afford the house then it would be sold/ if there was no proof income should be a cooling off period to give them time to get a job. Would be better for the morrgage holder and the lender. Then no shortfalls could happen.