DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Wed Apr 29, 2009 2:56 pm Post subject: Negative equity growing |
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Recent research conducted by James Tatch, senior statistician at the Council of Mortgage Lenders (CML), suggests that as many as 900,000 UK homeowners could already be facing negative equity.
Tatch goes on to explain that the majority of these homeowners may well have low levels of negative equity at less than 10%, and also points out that there is very little difference between low levels of negative equity and low levels of positive equity, as either way borrowers will find it very difficult to obtain credit.
On a slightly brighter note, it seems far less homeowners are experiencing negative equity this time round compared to the recession of the 1990's. |
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konnor aiden
Joined: 14 Sep 2009
Posts: 18
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| Posted: Tue Sep 15, 2009 4:06 am Post subject: |
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I think it depends on where you live. If you signed the document which purchased the property and you were both single at the time, you currently have half ownership unless it was specified otherwise. The mortgage, it is my understanding, is a debt free standing of the property.
If you are currently on the mortgage then you have some liability. If the mortgage is defaulted on the bank can foreclose on the property (presumably the property was the collateral for the loan) and it would seriously impact your credit rating, but your ex would also be left with a poor credit rating and no house. |
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