would i still have to make mortgage payments

[vanilla]

I have a joint mortgage and a loan secured on my house which leaves me with negative equity I have a few things that i would like to clear up as i have been made bankrupt.
If i do not wish to persu my interest in the property would i still have to make mortgage payments as it is in a joint name but neither of us can afford to continue repayments.Thankyou.

[pbeck]

If you stop making the mortgage payments, then the mortgage company could pursue your non-bankrupt partner for any shortfall on sale of the property. You yourself, being bankrupt, cannot be pursued for payment.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

[mikebdomain]

pbeck is right, all joint mortgage contracts have Joint and Several Liability. ... Yes, as you are both joint owners you are equally liable to repay any outstanding amount.



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[MelanieGiles]

I assume that you have no intention of continuing to live in the property? As if you do not pay the secured loans, once three payments are outstaning the lenders have the right to commence possession and ultimately eviction proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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