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Question
Posted by: TB | 2010-07-16

Been Handed Over

My STBX and I purchased a house a few years ago and after the separation, I can no longer pay the monthly bond repayments so the arrears are just adding up. Finally after numerous of calls from the bank, I have been sent a letter stating that this matter has been handed over to their legal department.

I tried to sell the house by most estate agents told me that I will get approx 100k less than the settlement so there will be a short fall and to make matters worst my ex refuses to contribute anything or even sign the mandate to appoint an estate agent.

Since this is handed over to the banks legal department , I think that the house will be going on auction soon. Although I dont want to go this route, I really cannot afford the bond.

What happens when a house gets auctioned.

This is a joint bond

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Our expert says:
Expert ImageFamily law expert

The bank will most probably put a reserve price on the house to auction, which means that the house may not be sold on auction for less than the price that the bank has set. If the house is sold at auction for less than the outstanding bond the bank may claim the the differance from you and the other party, the bank can do this jointly of severably against one or both of you.

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Our users say:
Posted by: family law expert | 2010-07-18

The bank will most probably put a reserve price on the house to auction, which means that the house may not be sold on auction for less than the price that the bank has set. If the house is sold at auction for less than the outstanding bond the bank may claim the the differance from you and the other party, the bank can do this jointly of severably against one or both of you.

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