Joint & Several liabilty on repossession shortfall

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Abbey National (via Eversheds of Cardiff) looking to me for shortfall in excess 8000 followin g repo on a joint mortgage. Offer to halve my liability, but the figure they quote is merely half of the total shortfall. In essence therefore they are offering me no real reduction. How do I know what they are trying to wring out of the co-mortgagee? I am no longer in contact with her. Do they have to tell me what they are claiming, or manage to get from her? At the moment it looks as though they could claim double the shortfall, that is the same amount from both of us! Anyone got a view or experience here?

-- (mike@aig-an-tigh.fsnet.co.uk), August 01, 2001

Answers

Mike you must check to see if you were joint tenants or tenants in common.It is more than likeley that you were joint tenants in which case they will chase you for your liability although I beleive that they can make you joint and severl liability,you would have to check this though.If you were tenants in common then there is no joint liability.I hope that this helps but read all of the q/s relating to shortfalls before you do any thing do not be threatened to make an income /expenditure .Do not do anything until you have asked them for all the sale details.There is so much good info here even as a professional problem mortgage intermediary I can't do without this page.And a s Churchill said;never,ever give in!

-- roger watts (rwatts.homeloans@virgin.net), August 01, 2001.

I've had this experience from a joint mortgage, also with friends at Eversheds. I settled my liability some time ago (for an amount) only to find they were pursuing my exwife for the full amount still (ie not subtracting my payment off). Their excuse? Well, they hadn't updated the file, and frankly, as someone who also works in the industry I believe them. Eversheds et al look to send standard letters out to you at low cost to them to frighten you into paying up. Any time they spent on the file is a cost to their client, hence our strategy of demanding proof, crossing every t and dotting every i.

Re your ex. They will undoubtably be trying to get the full amount from her as well, although they will - as they will with you - settle for less if they think they cannot get anymore. Strictly speaking they cannot tell you how much she has paid or agreed to pay, but obviously, the amount they claim from you should be the full total minus her payment. Write and ask them for an updated figure showing all payments off the account, and don't forget the SARN route.

Finally, I know things are normally very nasty after a relationship breakdown - same thing happened to me - but please do think about contacting your ex and discussing the situation with her. Eversheds would like you both to be at each others throats, grassing each others income up etc etc. Don't let them win.

-- (bluemoon@mcfc.co.uk), August 02, 2001.


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