| T O P I C R E V I E W |
| Becs |
Posted - 07 February 2009 : 18:39:06
Hi there .... big day on Tuesday and so just finishing off the forms, stressing about where I'm going to get two photocopies of 35 pages worth of documents and the cost of it!
But I digress .... just a quick query re Mortgage shortfall.
My ex-partner is still liveing in the property, I know I need to list this mortgage as a secured and unsecured debt, however should my ex stop paying the mortgage immeadiately.
He is aware of my BR and has decided to wait for his creditors to make him bankrupt rather than raise the £495 - he is prepared to move out as soon as required by repossession proceedings.
Its just that I read somewhere that if the mortgage contiued to be paid in any way this could mean that any future shortfall could not be written off as part of my BR.
Another, probably stupid question is if I go BR does the mortgage become my ex's sole liability anyway? Would this mean that I am never again persued by the building society for a shortfall etc?
Sorry for the long question, i'm so confused.
Thanks,
Becs |
| 8 L A T E S T R E P L I E S (Newest First) |
| Becs |
Posted - 13 February 2009 : 00:34:59
Hi John,
Thanks very much for your reply.
I have not paid towards the mortgage since October but my ex-partner still lives at the porperty and arranged to pay half the mortgage payment until March 09, as far as I am aware he has paid this for this month.
What if he contiues to pay the mortgage - or an arranged payment?
Thanks,
Becs |
| John |
Posted - 12 February 2009 : 23:53:35
Hi Becs
if you are planning to, or have already, stopped paying the mortgage, you have entered the details in the secured section and again in the unsecured section for a possible shortfall, this cannot bite you on the bum any time in the future.
If you put those details on the SoA and continue to pay the mortgage then it will.
timendi causa est nescire
|
| Becs |
Posted - 12 February 2009 : 23:23:34
Hi Pix1
Sorry for not replying sooner ... I keep forgetting to subscribe to topics I've posted on!
Thanks so much for that - I have spoken to him and he is still reluctant in many ways, but I have shared my experience to date, and I think he may consider it now, although is trying to time it with a job move in April.
I wonder if you can advise me with regards to shortfall debt and BR I am really confused about this.
I did list it on both secured and unsecured creditors, and neither of us would be interested in BI should that become an issue ... but is there a chance that this will come back to haunt me in years to come, or is it done and dusted?
Sorry if I'm being really ignorant.
Many thanks 
Becs |
| pix1 |
Posted - 08 February 2009 : 13:42:15
Continued..
of course, this may depend on whether he wants to continue owning the property once bankrupt. It sounds like with debts and negative equity it could be a good time for you both to get out, albeit going in diffrerent directions.. |
| pix1 |
Posted - 08 February 2009 : 13:39:07
Becs,
If your ex partner is planning to go bankrupt but is waiting for someone to save him the fee by doing it himself why should he not consider using £495 of mortgage money instead of paying the mortgage when next due? That way, he gets more control over his bankruptcy than waiting for some vague date when a creditor might do it and also he resolves any issue of you being jointly liable ofr any mortgage shortfall in a mortgae he continues to pay whilst you have gone bankrupt. |
| movin on |
Posted - 08 February 2009 : 10:24:59
Hey Becs
I just wanted to add my best wishes for Tuesday - I found the forms harder than the actual court bit 
You will be fine, honest!
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| Becs |
Posted - 08 February 2009 : 10:03:10
Thanks Melanie!
Much appreciated .... I think I might well take you up on that cyber hug!
Becs |
| Melanie.n |
Posted - 07 February 2009 : 18:48:49
My advice here would be to list on the secured creditor page your present mortgage details and then on the unsecured creditor page after your overdraft credit cards etc list you secured debts with account refs etc with £1 in the outstanding balance column - this way your responsibility for any shortfall which will arise on repossession and sale will be in the Bankruptcy.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780
melanienicholas@jonesgiles.co.uk |
