Response to SARN

Unfortunately no, it can't be used to your advantage. I assume your husband's name was left on the mortgage on the old property (why????) - if it was, then he is legally "jointly and severally" liable for any (proven) shortfall. He will need to follow the steps detailed on this site to put a damage limitation exercise in place. I would suggest he makes a "full and final settlement" offer to the Lender of a small amount. If they accept this (in writing) they should go after his ex for the rest, but don't be surprised if they don't. They can still come back to him at a future date if the settlement you make is not clearly worded. Make sure it includes a clause which prevents them AND any future holder of the debt from pursuing your husband for any amount in relation to the property.

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