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got there
Junior Member
United Kingdom
461 Posts |
 Posted - 08 September 2008 : 16:08:17
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Im having a nightmare, going BR on the 17/10. Husband moved out we are going to get a divorce. our house has been on the market for a good 18months. Just had agent on asking for us to make an incentive, ie pay legal fees or deposits (cant afford to do either). Also we didnt have to have a HIP and from 1 October we do which will be £350 if we want to keep it on the market, could be deferred and paid at the end of 10 months or when house is sold but would need to pay a deposit with a credit card (which I dont have).
Husband is paying mortgage until its sold. I feel like throwing the towel in a letting it be repossessed and tell husband not to pay mortgage and just give me what he thinks is reasonable for the 2 kids.
Any thoughts please.... it just seems by keep paying mortgage interest only its throwing good money away. We are in negative equity house worth £145,000 and mortgage redemption £152,000 + costs of selling if we did , so on the market for £155,000 we haven't got a hope of selling it.
What would happen if mortgage wasnt paid and I go BR, really need to know, thanks in advance. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 16:21:09
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Hi Gettingthere,
In a situation such as yours with reposession on the horizon, any shortfall following the sale of the property would become a new unsecured debt to yourself and could then be included and written off in BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 08 September 2008 : 17:49:52
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Thanks Julian
I realise that my share of the shortfall would fall into the BR, but would they chase husband for just half of the shortfall or the whole amount.
He has actually moved out so I wouldnt feel happy in him having to settle the whole of the shortfall.
thanks in advance |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 17:51:36
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Hi Gettingthere,
If you are both on the mortgage and only one of you goes BR, the other party will be chased for 100% of the shortfall under joint and several liability.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 08 September 2008 : 20:38:41
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Thanks for that Julian, I have since read that you could dispute "their charges" if they put excessive charges on you. The problem we have is that there is a £8500 early redemption fee currently on the mortgage would this have to be included if the house were to be repossessed?
thanks in advance |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 21:35:26
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Hi GT
Im not sure if this helps but on my SoA i included the full mortgage amount with the early charges fees.
I also listed this in the secured and unsecured sections.
Take care
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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what if BI in house isnt purchased??
