Hi, I wondered if you could provide me with some information please? A year and a half ago my relationship broke down with a partner whom I owned a house with (on a mortgage). We made a verbal agreement to continue paying 50% of the mortgage each directly to the lender until we decided what to do with the house. After 5 or so months, my ex partner stopped paying his half of the mortgage. I contacted the lender for some advice. After explaining the situation, they advised that if I could not make the full payment myself then the 50% arears would grow each month and the house would eventually be reposessed. They explained that this would happen wether I made my 50% payment or not. I therefore saught advice from my solicitor who could obviously not formally advise me not to pay my half but did agree that the end result of reposession would be the same either way. Anyway, I made the decision to stop my payments too and a few months later the lender was granted a repossession order from the courts (I had explained my situaion to the courts and I was happy with this conclusion to bring things to a head). The property has now been put on the market by the lender and is now under offer for £69,995. I have an outstanding mortgage of £135,000! I realise that once the sale goes through that I and my ex will be jointly liable for the shortfall of monies owed to the lender but as I am on a low income and my ex has disappeared, I am starting to think that bankrupcy may be the only answer due to the large amount of money I will owe. Could you offer any advice at all? I have no assetts. I am living with my parents and do not have much disposable income as I only earn £12,300 per year and do have a few other debts I am currently paying. I would be grateful for any advice you could give on this matter. Many Thanks
Hi,I wondered if you could provide information
Posted - 28 January 2009 : 22:02:26
