I inherited a property from my Dad a few years ago.
My dad so wanted to make sure i got the house before he died so that I could sell it and have some money.
This property was in joint names with his ex who had moved out several years before. A large enough sum was paid to her to sign over her interest in property to me upon his death.
The deeds are now in my name and I have just about managed to pay the mortgage the last 3 years.
With my husband just been made redundant and the last year has just been so tight we can no longer make the repayments.
We were never able to sell the house and even if we could it may or may not even cover the mortgage (there was no life cover on this mortgage, stupid I know!). Its still on market for sale.
My question is - Who down the road will the bank come after if I stop paying the mortgage?
The loan with the bank remains in my late fathers name and his ex.
I have never signed anything with the bank.
The bank will not discuss directly with me any details in decreasing term - they advised I must ask ex to put in writing what I want- This makes me think that his ex would still be liable.
The bank do send me letters but my name is not on mortgage,its c/o of me as I am paying it and need too know if and when it increases.
I hate to have to go this route but I don't have a choice now and would really appreciate advice on who is legally bound to pay especially as i agreed to inherit property.
Thank you for your time
My dad so wanted to make sure i got the house before he died so that I could sell it and have some money.
This property was in joint names with his ex who had moved out several years before. A large enough sum was paid to her to sign over her interest in property to me upon his death.
The deeds are now in my name and I have just about managed to pay the mortgage the last 3 years.
With my husband just been made redundant and the last year has just been so tight we can no longer make the repayments.
We were never able to sell the house and even if we could it may or may not even cover the mortgage (there was no life cover on this mortgage, stupid I know!). Its still on market for sale.
My question is - Who down the road will the bank come after if I stop paying the mortgage?
The loan with the bank remains in my late fathers name and his ex.
I have never signed anything with the bank.
The bank will not discuss directly with me any details in decreasing term - they advised I must ask ex to put in writing what I want- This makes me think that his ex would still be liable.
The bank do send me letters but my name is not on mortgage,its c/o of me as I am paying it and need too know if and when it increases.
I hate to have to go this route but I don't have a choice now and would really appreciate advice on who is legally bound to pay especially as i agreed to inherit property.
Thank you for your time