Joint names - joint responsibility??greenspun.com : LUSENET : Repossession : One Thread
My bofriend & ex-wife have had their former matrimonial home, mortgaged in both their names for last 10 years, repossessed by the Nationwide. She left him 2 yrs ago and despite trying to maintain repayments he fell into arrears - she wouldn't contribute saying she was no longer liable for the mortgage as she no longer lived there!!
The house is now for sale with local estate agent (at ridiculously low price obviously) and my question is - if/when it is sold and the inevitable shortfall calculated, is the debt shared between the two or can the NW (or their agent) come after them individually for the whole amount? This scenario is worrying; as the ex-wife & her partner don't work, preferring to claim benefits, and my boyfriend is employed (albeit on a low wage)it is not difficult to guess who they would come after for the money...
It's my opinion that this would actually be the case, but that they couldn't force him to pay it all. He would like to pay off his share of the debt and draw a line under the experience but I doubt it's that simple. He is living in a rented house currently - it would be more practical/cheaper for him to move in to my house, but we are reluctant to take this step in case my address is blacklisted because of his situation.
Any advice or information would be very welcome!!
-- Jan Beaumont (email@example.com), May 08, 2002
He and his ex-wife are both jointly and severally liable
-- mario (firstname.lastname@example.org), May 08, 2002.
Mario is right, but your boyfriend can offer to make a one-off settlement to "draw a line under the experience". Make sure it is couched in "full and final" terms...letters are on this site to help him. Try around 5% of the shortfall, if that is the route you want to go. They *can* make him pay it all by the way - Attachment of Earnings orders are easily obtained by them, if it gets that far. They will come after the easiest target, and it sounds like your boyfriend probably is just that.
-- Too scared to say (email@example.com), May 08, 2002.
Jan, You state that your boyfriend's house is is up for sale at a 'ridiculously low price'. Is it under-valued and if so what is he doing about that? Is he content to let the lender intend to under- sell thereby creating a false shortfall (i.e. larger than it need be - or even one at all !!).
-- Joy (firstname.lastname@example.org), May 08, 2002.