Missing joint property owner
What happens when one of the joint owners of a property goes missing leaving the other owner in debt and the mortgage in debt?
This has happened to me recently.
My estranged wife has vanished and I want to sign the house back to the bank to escape the debt, but apparently without her cooperation I am stuck?
Yes, unfortunately you are stuck if there is no way that your ex-wife can be located to sign the property over to you. If you are unable to keep up the payments and finally go into arrears the bank will finally repossess the property and chase both owners´ assets ( present or future, anywhere in the world ) to recover their debt.
I recommend you to make all the efforts to find her and solve the situation if you wish to keep the house, as she could hand it over to you, and even help you renegotiate new mortgage conditions or even handing the property back to the bank in exchange of the debt if you complied worth the bank's requirements. Her signature is required for any of those actions.
Hi and thanks for the information.
The problem is that she has vanished just as we were to sign the property back to the bank.
They want that to happen but she has deliberately gone into hiding.
I think this is to cause me further upset.
The bank knows its down to her and that I have complied with and done everything they asked.
Is there no legal answer to this? it was her that caused the break up of the realshionship and the debt on the mortgage.
I stand ready to put the past behind me and yet she does this now
She is still in Span somewhere but nobody, not even her solicitor can get hold of her.
In that case, I recommend you to hire the services of a detective to find her so you can let her know that it is in both your interests´ to sign the Dacion en Pago, as otherwsie the bank can go against any your assets, present and future you both may have. It will benefit you both to solve the situation, so once she is found this has to be made very clear to her, so she does not vanish again.