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Heather.hd
Starting Member
1 Posts |
 Posted - 19 February 2011 : 04:20:30
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| Me and my husband are separated but not divorced. we have a joint mortgage but i have always paid it. we are not in arrears with mortgage and have never missed a payment. we also have a secured loan on the property which is in joint names that i have always paid. my husband has accumulated debt in his own name only and cant afford to pay it back. he says he is going to go bankrupt. There is currently no equity in house. outstanding mortgage is £114,000 and secured loan £25,000. House is worth about £125,000. If he went bankrupt what would happen to house? would I lose it? Could I keep his name still on mortgage because if I had to take it off I would never be able to get a mortgage for that amount on my own. If his name can stay on mortgage I can still afford to continue paying it and secured loan. Would I have to tell mortgage provider he has gone bankrupt? I still live in house. My husband has told that when we do get a divorce he will not make a claim on house as he has never paid mortgage and i was one that paid deposit on house. He has also said he would let me leave his name on mortgage so that i could keep the mortgage. Im just so scared that if he does go bankrupt I will lose everything ive worked for because of him running up debts. Please help |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 February 2011 : 07:51:48
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Hi Heather,
As the house is in a lot of negative equity, although the Official Receiver, who deals with his bankruptcy, will have an interest in the property, it's unlikely it will be taken from you.
I suggest you give one of the experts on here a call to chat through the situation.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 19 February 2011 : 08:41:58
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Good morning Heather.hd,
Welcome to the Forum.
As Vicki.w has said, the liklehood is that due to the negative equity in the property, you will not necessarily lose the house.
I suggest that you now seek advice before starting any actions to deal with your debt. BR is not for everyone, BUT can be a wonderful option for others to bring you back to sanity and a life that is there to be enjoyed.
You can get some help form the experts on the site of which I am one. You can also speak to the local CAB or contact another debt agency called CCCS - both offer a way forward and the experts will also give you a direction to travel
Post back with some more detail and take advice now
Do not start to think everythng will be lost - in most cases there is a real solution for the individuals.
Richard (Housing)
"There are no problems - only solutions" |
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RHB
Senior Member
1159 Posts |
Posted - 19 February 2011 : 13:31:15
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| I would suggest seeing a divorce lawyer asap so you know what options are available to you. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2011 : 14:02:07
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You can usually get a free initial consultation with a solicitor so that may be a starting point.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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So scared I will lose everything
