Yes, that's correct.The husband no longer owes the mortgage or any money to the bank (as its been written off in his bankruptcy)
Again correct. He can move in to it. Renting it out opens other obligations, tax returns, PRTB registration and so on. Renting out might not be the best thing to do. Also, the OA may look for half the rent. And the bank may surface looking for the other half.But the husbands name is still on the house (until the bank repossess )and therefore he can live and/or rent it out.
Great question. As far as I know, the OA has 3 years in which to realise the husband's beneficial interest. So if the house is repossessed and sold within 3 years then the husband's share of the positive equity goes to the OA. After 3 years the husband could theoretically end up keeping his half of any positive equity. The ex keeps her half of any positive equity regardless of when the house is sold. With no payments being made on the mortgage it will probably be a very long time, if ever, that the house in question will move into positive equity.In years to come , if the house goes into positive equity and eventually repossessed , that positive equity may go to the EX and OA but not the husband ?
Thank you.Glad to hear its worked out for you,,,, good luck going forward.
I was under the impression that a bank cannot by law put a family home under receivership, but they must be able to if no-one is living there anymore.
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