Home at risk ?

Umlat
Umlat Forumite Posts: 3
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edited 1 June at 12:26PM in Debt-free wannabe
Hello, and thanks for reading.

 My wife of 8 years and I own our property outright, as Joint tennants.

She has a joint mortgage with her ex husband on another property, which is likely to go into default if it cannot be sold in time/for the amount oustanding on it.

Is our current house at risk for any debt she might have following the sale/surrender of her old property ?

Many thanks.

Comments

  • fatbelly
    fatbelly Forumite Posts: 19,209
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    No. There may well be a shortfall debt on the other property but it is almost impossible that that would impact on your property.

    Have they asked the lender if they have an Assisted Voluntary Sale scheme?
  • enthusiasticsaver
    enthusiasticsaver Forumite, Ambassador Posts: 14,706
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    No your home is not at risk. The other mortgage is secured on a different property for which your wife and her ex are liable. Should there be a shortfall this will be a joint liability for them both but your property held with her is not at risk. 

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  • fatbelly
    fatbelly Forumite Posts: 19,209
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    The key at this stage is to maximise the sale price in order to minimise any shortfall. Selling a repossessed property will result in maybe 10-15% lower value, so to be avoided at all costs.

    Post on the housing board for more ideas
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