Hi
are property is owned by two couples, one couple had to take out a mortgage for their half. what happens when the couple with the mortgage defaults, will the bank re repossess the whole property or the half which is motgaged
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Hi
are property is owned by two couples, one couple had to take out a mortgage for their half. what happens when the couple with the mortgage defaults, will the bank re repossess the whole property or the half which is motgaged
Hello,
The bank would seize the full property, and if the responsibility was joint ( which normally is ), the bank would go after any of the property holders´ assets to recover their debt. Those who had not a mortgage would hold a credit against those who defulted on the mortgage. In that case, the banks uusally warn the owners of the property that the property is getting in arrears, so they can maybe negotiate before going ahead with repossession.
Getting a solicitor involved that can negotiate with the bank new mortgage conditions is usually a good aid to avoid final repossession.
Best Regards,