There was a show on national television in my country that had a bunch of cases like this after the 2008 crash. The typical scenario was a couple buying a house pre-crash to start a family, then breaking up after the crash and having to deal with that and a house that neither of them could afford on their own, and with the prospect of ending up with a high-interest mutual consumer loan if they sell to cover the rest of the loan.
I remember reading a forum post from a dude who was being forced by the bank to start paying his ex-wife's share of that consumer loan because the bank had given up on her.
Now, there are some theoretical ways out. They could haved stayed together for perhaps 10 years more, even if not romantically. Perhaps easier said than done. They could try renting out - but not all people have what it takes to do that on top of a full-time job. And it requires coordination between two people who may be fighting. They could try to make the bank write off some of the debt, or lower the interest. Actually, that solution sort of worked in some cases, not that they managed to do it on their own, but the show had a financial expert who negotiated on behalf of them.
There was a show on national television in my country that had a bunch of cases like this after the 2008 crash. The typical scenario was a couple buying a house pre-crash to start a family, then breaking up after the crash and having to deal with that and a house that neither of them could afford on their own, and with the prospect of ending up with a high-interest mutual consumer loan if they sell to cover the rest of the loan.
I remember reading a forum post from a dude who was being forced by the bank to start paying his ex-wife's share of that consumer loan because the bank had given up on her.
Now, there are some theoretical ways out. They could haved stayed together for perhaps 10 years more, even if not romantically. Perhaps easier said than done. They could try renting out - but not all people have what it takes to do that on top of a full-time job. And it requires coordination between two people who may be fighting. They could try to make the bank write off some of the debt, or lower the interest. Actually, that solution sort of worked in some cases, not that they managed to do it on their own, but the show had a financial expert who negotiated on behalf of them.