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Blair
Starting Member
27 Posts |
 Posted - 11 May 2009 : 11:37:39
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| Hi, hope someone can help. I need to go bankrupt as I have nothing left over at end of month. My circumstances have now changed as I have just split from my partner. We have a joint mortgage. I have moved out and can't afford the mortgage, he can afford it all at the moment, but what if this changes after I am bankrupt? House is in negative equity. If he stops paying in the future and I am still on mortgage, will I have to go bankrupt again? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 11 May 2009 : 17:11:59
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Hi there and welcome to the forum - when you complete the forms for bankruptcy make sure you list your mortgage information on the requested 'secured creeditor page' with name address account number outstanding balance etc then on the 'unsecured page (where you list credit card debts etc) list again the mortgage company for £1 - that way any resultant shortafll or debt from the property, now or in the futur would be included in the bankruptcy, and you can move forward with a fresh start, knowing your debt problems are behind you!
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Blair
Starting Member
27 Posts |
Posted - 11 May 2009 : 17:23:09
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| Thanks for reply. Much appreciated. So if I go bankrupt now and he says he is going to pay the full monthly mortgage payment and then changes his mind in future, but I am still on mortgage and deeds, then I won't be chased for the money if he ups and leaves? Did I understand that correctly? |
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Blair
Starting Member
27 Posts |
Posted - 14 October 2009 : 09:37:26
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Hi, need some more advice please.
I have not gone bankrupt yet. My partner is keeping up with the mortgage payments and wants to keep house. It's in negative equity at the moment, quite a lot. Can he buy the house back from the court and keep it? Will the court allow this? I don't think the mortgage company will take my name off, but my ex says he will go to a solicitor to take my name off the house.
Any advice at all will be appreciated, thankyou |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 14 October 2009 : 11:37:37
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| If the house in is negative equity then your ex could buy the Beneficial Interest (BI) from the OR for £1 + £211 but would need to keep the mortgage repayments up to date. |
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RHB
Senior Member
1159 Posts |
Posted - 14 October 2009 : 15:08:21
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| The mortgage company will take your name off if your ex can afford the mortgage on his own salary. You simply have to sign that you agree to this. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 14 October 2009 : 16:37:30
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The mortgage company will only remove your name if he has the income to sustain the mortgage on his own (ie would be able to obtain the mortgage on his sole salary)
Just make sure you list the mortgage on the forms as a secured creditor and as an unsecured creditor (where you list your credit cards etc) for £1 - then it does not matter whether or not he maintains the payments or not, if he does default on the mortgage at a later date thay can only claim in the bankruptcy, and not come after you.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Mortgage when only one of us going BR
