Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

BySammyh
#472761 This is the first time I've ever done this, please don't judge me. In 2006 I forged my ex partners signature on a secured loan against our joint mortgaged property with picture this has been through the courts and ombudsman and his name has been removed so the loan is in my name now. The property is in severe negative equity and my ex partner is living there paying the mortgage with his children. The secured loan hasn't been paid since 2010 and its with idem now. Ive no money to pay them. I told picture I was going for an Iva and they still have me the money .. I'm so sorry for everything I have done but just need to know can they repossess the joint mortgaged home?
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ByJaneClack
#472762 No-one is here to judge you.

The secured lender can apply for an order for sale rather than repossession (although in effect that is what it is) I am afraid, to take the secured loan amount from any joint equity. You say there is no equity so they are unlikely to do this until there is some - at the moment the main mortgage lender would have to be told and they can overreach and block any sale if they are not going to get their money back. However, if their money would be paid back then they are not going to do this.

The loan is still there, it still needs paying and is secured on the house. It would not be included in any IVA but if you can prove that you were entering into an IVA at the time you applied for the secured loan - you will need proof that you told them - then you may have grounds for mis-selling.

I am sorry we can be of no further help.

You need some face to face advice I think here. I am sorry
BySammyh
#472763 Thank you for replying to me. Can they repossess a house in joint names even though the secured loan is in my name? Oh what a mess ... my ex partner is paying interest only on the mortgage too ..
BySammyh
#472764 Sorry to keep asking, so the house basically will be in negative equity for a very long time, given my ex is paying interest only and I need to sort out paying the loan but not enough to cover the outstanding arrears, does this mean they literally wait for the equity to be available? Sorry just think they will be waiting a long time!
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ByJaneClack
#472765 No-one can say. They will go for further action shortly I would think if you have paid nothing since 2010 as they will want to ensure they are paid.

Basically if nothing has been paid on a loan for 6 years and it has not been acknowledged in writing and they have not gone for further action, the debt would be statute barred if it were unsecured. This would not mean it had been written off just they could not go to court to enforce it. However, this loan is secured on the property and they have 12 years in which to enforce the action.

I really do need you need some face to face help with this - I am extremely surprised they have not chased you for this beforehand and it is unusual for a lender to turn a joint loan into a single one unless of course it was proved you had applied for it unbeknownst to your partner.

The loan is secured so there is property involved. Please contact your local money advice centre or CAB as we really cannot give any further advice on this as it is secured. We are set up to look at unsecured debt.
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