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Mortgage arrears in separation

  • 12-04-2018 09:14PM
    #1
    Tiger12
    Registered Users, Registered Users 2 Posts: 26 ✭


    Can anyone tell me if a house is repossessed, banks sells it and there is a shortfall of let's say 60k due to arrears and bank selling house off cheaply are both parties on the mortgage jointly liable for the 60k or does it be spilt 50/50? Thanks


Comments

  • #2
    howamidifferent
    Registered Users, Registered Users 2 Posts: 1,819 ✭✭✭howamidifferent


    Mortgages are sold on the basis that all parties are both jointly and severally liable for the full amount.


  • #3
    Tiger12
    Registered Users, Registered Users 2 Posts: 26 ✭Tiger12


    So my friends ex is wrong in her thinking that once the house is taken back by the bank, whatever debt is not cleared can be halved. She thinks the 60k will be spilt between them and she'll only have to pay back 30k and can walk away. She won't listen and says she's been told the remaining debt will be spilt 50/50. We've tried telling her that she'll still be liable for the other 30k, but we are wrong apparently.


  • #4
    howamidifferent
    Registered Users, Registered Users 2 Posts: 1,819 ✭✭✭howamidifferent


    Bank can chase both for the full amount outstanding. They won't care which one coughs up first.


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