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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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I have a secured loan on a house I no longer live in. If I

Resolved Question:

I have a secured loan on a house I no longer live in. If I was to default on the loan would the lender chase me and my wife jointly or would they take steps to foreclose on the property. The outstanding balance is £7325.00
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, welcome to the website. My name isXXXXX can assist you with this.

tdlawyer :

The lender will usually give an opportunity to pay the loan back, perhaps by instalment arrangements etc., before looking to repossess the house and sell it.

Customer:

Currently I am paying the loan but it is a joint matrimonial debt and my wife is living in the house. Would the lender approach us both as the loan and house is in joint names.

tdlawyer :

Yes, it would, as you're both liable under the mortgage deed still.

tdlawyer :

Any agreement you might reach between you does not affect the lender - it has the right to look to both of you when you fail to pay sums due.

Customer:

That is really helpful to know as I thought as I was paying it out of my account they would only approach me. For a debt of £7300 are they likely to try and repossess the house?

tdlawyer :

I doubt it - they will give you chance to repay over the remaining terms of the mortgage usually. In fact, if this went to court on a repossession hearing, if you made reasonable proposals to repay the areas over the term, the court is highly likely to decline them obtaining possession.

Customer:

Ok, thank you for the clarity on this. This has been helpful to me no end.

tdlawyer :

Can I check that you're happy with the service received this evening please?

Customer:

Yes I am. I will rate and review accordingly

tdlawyer :

Thank you!

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