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icewolf
Starting Member
4 Posts |
 Posted - 16 February 2012 : 14:32:35
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My question relates to liability of a secured loan in bankruptcy. I have asked something similar before but have been reading on the net and am a bit confused.
My ex is still on the mortgage. When he went bankrupt I was still paying the house. As such the house wasn't repossessed. He did put this into the bankruptcy as a debt and the official receiver sold me the equity (£1 as negative). However I read that secured loans actually cannot form part of a bankruptcy?
He is still on the mortgage papers and the deeds (the receivers never transferred this either) and all this being the case is he still liable for the debt even though he is now a discharged bankrupt?
The house is now in arrears as I cannot see any other option to get him off the mortgage as I cannot sell it, transfer it or do anything and he refuses to pay. I can't even do voluntary repossession as it needs his signature too. Is there any possibility the mortgage company can come to an arrangement to pay off the arrears and still take over the house or is my only option now to let it get repossessed and deal with that? I cannot afford to pay off the negative equity + a deposit to take over the mortgage myself :-(
Or is my only way to force a repossession even though I don't want that? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 16 February 2012 : 20:41:02
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Hi icewolf,
Is this secured loan just in your ex's name or joint names?
If it's secured against the property then it needs to be paid otherwise they can go for repossession.
If the house is repossessed, and the secured loan is not paid from the proceeds of the sale, then it becomes unsecured and your ex is not liable as it falls under his bankruptcy, but if it's joint, then you are liable for the full amount.
If you want to keep the house, then the secured loan needs to be paid, if you want it repossessed, then you can leave the property and the mortgage company will eventually reposses.
Can you post a few more details, can you afford to pay the mortgage and secured loan? Is this what you want to do?
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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Liability of a secured loan in bankruptcy ?
