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Scottish Trust Deed Forum
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Topic starter
11/07/2011 2:26 pm
Hi,
I am halfway through my trust deed. I have have been seperated for a while now from my wife and i am going through a divorce. She has now left the marital home and i have found out she has not made the payments on the mortgage for six months. It is more than likely the house will be re-possessed. Will this affect my trust deed in anyway??
11/07/2011 2:44 pm
Hi stevie0398.
When the property is sold do you expect that there will be a surplus after the mortgage has been fully repaid? Alternatively, would you expect the property to be sold for less than the value of the mortgage creating a shortfall?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/07/2011 2:51 pm
Hi,
Due to the many missed payments i did not know about and the costs there is no way i am going to be able to sell it myself so it will be repossessed. There would be a shortfall of around £5000 to £6000 anyway if it was sold.
11/07/2011 2:57 pm
Your share of any shortfall following a sale should be covered by your trust deed stevie0398. You'll need to make your Trustee aware of the situation as it develops.
Assuming that your wife isn't in a trust deed the mortgage lender is likely to pursue her for the full shortfall.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
11/07/2011 3:13 pm
Hi Stevie0398
As TDA says, let your Trustee know and this shouldn't cause you any problems. The shortfall just becomes a creditor in your Trust Deed.
Shona is not currently posting in the Trust-Deed.co.uk forum.
