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2 mortgages on 2 homes, 1 may be reposessed |
Submitted on: 21st Oct 2011 by Non-Member | Total Answers: 4
I am unemployed at the moment and may have to sell or give back my house to the lender. My name is on another mortgage with another person, I pay nothing towards this mortgage, it is my elderly mothers home we borrowed some money on it and she was also worried that when she dies the property would not come to me. If my home does not meet the market value and I am left with a shortfall can the lender demand the shortfall from the other property.
I am also a discharged bankrupt, so could we changed the name on the other mortgage to that of my son, who is working.
Re: 2 mortgages on 2 homes, 1 may be reposessed
The lender should not be able to realise any shortfall from the second property. However you will still be liable for it and the lender could seek remedy through the courts.
If you were to sign the second property over to your son and the lender were to force bankruptcy the Official Receiver would look at any assets you had disposed off in the 5 years prior to the bankruptcy. Please seek the advice of an Independent Financial Adviser or Solicitor.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
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