What Do I Do If I Get This Job?
Jobs & Education0 min ago
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For more on marking an answer as the "Best Answer", please visit our FAQ.They are both responsible for the outstanding amount. If the house fails to repay what is owed when it is sold they will pursue both (depending on who has what, not in equal measure) until they have recovered their money. As they have started proceedings, ie the payments have been missed then both have a bad credit record already. Repossessions have to be sold for a fair market price so unless there is no equity there is a good chance the lender will recover thier money, any balance will be refunded. If all the debt is indeed cleared then the credit records can be repaired.
The name on the land registry is irrelevant as far as the lenders are concerned they have a first charge and will do what they can to recover their money.
I am saddenned by the fact they where 'enticed' to borrow so much when they clearly where almost mortgage free.
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