Joint and Several Liability
Where two or more borrowers take out a mortgage, it is important to realise that all parties are under joint and several obligations to adhere to the mortgage covenants when they commit to the loan.
For example, if two people take out a joint mortgage and one person refuses, for whatever reason, to contribute to the mortgage payments (due to separation, divorce, etc), the remaining person is liable to pay the whole of the ongoing mortgage payments until the mortgage is repaid in full.
The lender deems that each party to the loan is 'jointly and severally' liable to make the required payments.
This joint and several liability is not affected by the manner in which the property is held, either as joint tenants or tenants in common.
