wonder if someone could give me some advice. my ex and my partner have split up. we have a joint mortgage on a flat, my partners name went on the mortgage last sept and he signed to say equity in property was 100% mine as i bought the flat 3 years ago. value £87000 last sept Mortgage £73000 plus arrears plus pentaly as 2 yr fixed rate till sept 09. possible sale value now £80,000
i am going bankrupt on 2nd oct as i have debts totalling £26000 aprox (alot of which were taken out in my name as my ex was self employed and could not get credit) we owe £900 arrears on the mortgage aprox 2 pymts and we agreed to let the property go for repossession or was just going to hand keys back to b/s
he has just telephoned me now and said he does not want that as ohe wants to put the property up for sale. he is now living with someone else and i am in a rented house.
a) just complete the forms put the mortage down and under soa put possible shortfall.
what would the or do about the property. would the or take over it and would there be charges and fees to be deducted or would he be happy to for property to go up for sale. and should i just leave it until after bk date 2nd oct and wait until i hve or interview
Hi soscared let your ex put the property on the market, file for BR when you're ready (the property issue has no bearing on when so do so when it suits you). You will have listed the property and your interest in it on the SoA. You will also have listed your ex as having an interest in the property.
Give your ex the examiner's contact details and they can work together on it from there on. If it doesn't sell and the OR eventually makes a forced sale at auction, any shortfall will become your ex's liability as you are BR.
my ex is going to speak to the abbey about the arrears and continuing the mortgage payments, is he betta telling them i am going BK or waiting until after i have done.
Hi he doesn't necessarily need to tell them about your bankruptcy. For so long as one of you is trying to keep or sell the property the Abbey will work with you up to a point. If the arrears are settled they'll be happy regardless of your status and your BR has no effect on secured borrowings anyway.
So to the Abbey your BR makes no difference to them unless the house is repossessed and sold at auction, leaving a shortfall.
home repossesion
Posted - 24 September 2008 : 10:39:37
