Hello...
I had a joint mortgage on a properly that was repossessed a couple of years after I moved out. Pretty standard relationship breakdown that got violent so had little choice. We initially agreed to sell it and put it on the market but she withdrew it shortly after and refused to move.
I moved out around April 2008, mortgage payments stopped mid 2009 after I could no longer pay them and rent. The house was repossessed November 2011 so my ex continued to live there for a further 18 months paying nothing.
The house was sold at action in April 2012 for around 70k, the 105k mortgage and fees left us with a 41k shortfall.
The lender wrote to me in mid 2012 with a 50% settlement offer of 20k which I ignored and have not heard from them since. The debt was showing on my credit record but has now dropped off.
Now I understand the lender has 12 years to recover the 41k, but that's on the capital and not charges or interest.
The mortgage was interest only, does that mean time runs out for the entire shortfall in the next few weeks?
I check my credit report for any sign of ccjs, have moved house since they sent me the offer. I've also read that some lenders agree to only chase mortgage shortfalls for 6 years anyway?
Thanks for reading if you got this far!
I had a joint mortgage on a properly that was repossessed a couple of years after I moved out. Pretty standard relationship breakdown that got violent so had little choice. We initially agreed to sell it and put it on the market but she withdrew it shortly after and refused to move.
I moved out around April 2008, mortgage payments stopped mid 2009 after I could no longer pay them and rent. The house was repossessed November 2011 so my ex continued to live there for a further 18 months paying nothing.
The house was sold at action in April 2012 for around 70k, the 105k mortgage and fees left us with a 41k shortfall.
The lender wrote to me in mid 2012 with a 50% settlement offer of 20k which I ignored and have not heard from them since. The debt was showing on my credit record but has now dropped off.
Now I understand the lender has 12 years to recover the 41k, but that's on the capital and not charges or interest.
The mortgage was interest only, does that mean time runs out for the entire shortfall in the next few weeks?
I check my credit report for any sign of ccjs, have moved house since they sent me the offer. I've also read that some lenders agree to only chase mortgage shortfalls for 6 years anyway?
Thanks for reading if you got this far!
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