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
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.
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.
mortgage prob
Posted - 24 August 2008 : 12:34:16
