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Negative Equity

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  • 24-01-2012 3:48pm
    #1
    guest1980
    Registered Users Posts: 26 ✭


    Hi Everyone

    I am just wondering has anyone had any experience like this...

    I have split from my husband over a yr ago. House has been sold and there is approx 60k negative equity. The bank are offering a loan over 10yrs for the shortfall, however, they will not give it 50/50 it must be a joint loan. I do not want the loan as I have my half, is there any way to force the bank to seperate the loan, obviously I dont want to be attached to my ex for ten yrs!!!

    Id prefer pay my half and let my ex sort his half with the bank which he seems willing to do


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    guest1980 wrote: »
    Hi Everyone

    I am just wondering has anyone had any experience like this...

    I have split from my husband over a yr ago. House has been sold and there is approx 60k negative equity. The bank are offering a loan over 10yrs for the shortfall, however, they will not give it 50/50 it must be a joint loan. I do not want the loan as I have my half, is there any way to force the bank to seperate the loan, obviously I dont want to be attached to my ex for ten yrs!!!

    Id prefer pay my half and let my ex sort his half with the bank which he seems willing to do

    I can see where you are coming from but you don't owe half of it. You jointly owe the full amount. The legal terminology would be jointly and severely liable. This was how the mortgage was taken out and thus you are both jointly and severely liable for the full balance.

    This basically means you both owe the full amount and are both liable for full balance until repaid.

    Hard to get away from as the bank are within their rights to have you both jointly liable for full balance and also its of less risk due to two parties being jointly liable.

    The only real option is that you both get personal loans for €30k elsewhere and pay the mortgage company back in full and then you will both have personal loans for €30k and the mortgage company is paid back and you then have no ties with the ex.


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