Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
soscared
Posted - 24 August 2008 : 12:34:16 just another senario.....the property me and my ex own is in joint names....if for example after i move into rented accomodation next wk and my ex moved back in and carried on paying the mortgage (any equity in the property was in my name 100% when we took out joint mortgage last sept)
if he continues paying mort would the or give him 12 month to find other accomodation and then the or would take over the property, if he doesnt pay the mortgage and it is repossessed with the year then the building society deal with it...
am i still best putting possible shortfall on the soa
sorry this is so complicated
3 L A T E S T R E P L I E S (Newest First)
John
Posted - 24 August 2008 : 19:27:32 Hi if you're going BR and your ex isn't then there's no need to put the shortfall on your SoA as the debt will legally fall to him upon the declaration of your BR.
should i still put shortfall in the soa when i fill it in..
John
Posted - 24 August 2008 : 13:27:45 Hi the house is in joint names so your ex is perfectly at liberty to reside there in your absence.
When you go BR the whole motgage / secured's become his problem so you're fine and your liability ceases. If he then defaults on the mortgage or the OR forces sale he will have to pay all of the mortgage + secured's in full or face bankruptcy himself.
