Voluntary Sale with shortfall - not speaking to ex

clareG

Registered User
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My daughter has her own house in her name and she is engaged to a man who was previously engaged, and he had a mortgage €300000 with his ex fiance. The bank have now sent the letter for him to sign and he is considering whether he should try and sell privately to get more money. The ex and him do not speak so it is very awkward. He is nervous that the remaining debt wil have to be paid immediately and as he and my daughter are paying her mortgage together and saving and paying all the usual bills he wont be in a position to make payments. They are so stressed if anyone has any advice it would be appreciated.
 
The bank have now sent the letter for him to sign and he is considering whether he should try and sell privately to get more money.
What letter? Are they looking for a voluntary sale or repossession of the property? As Brendan B said, it is not possible to give advice on the small amount of information provided.
 
Apologies but I am waiting to meet up with them but I am almost sure that it is voluntary sale.
 
From what you say it sounds like the bank are repossessing his house.
They cannot force him to pay all the shortfall in one go. They can't make him do that, he will work out a repayment plan with them for the shortfall.
In terms of a private sale, while it might be better it would require the consent of the ex. If him and the ex aren't speaking, that could be difficult. At least if he signs it away he's getting a chance to get out of this joint mortgage and get on with the rest of his life, especially before he gets married.
 
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