Handing back the keys to the lender?

silvercar

The lender won't make you bankrupt as it makes no sense for them to do so.

Agree. The lender will more than likely give you time to get back on your feet then chase you both to repay the shortfall + interest. Whoever is the easiest target to chase ie whoever appears to be more able to repay, will be chased for the debt.

dimbo61

Pay your half of the mortgage each month and it will take the lender at least 6 months to even start repossesion.
get a lodger if you cant rent out the whole property.
dont go out, cancel the SKY,GYM and any other things that cost money.
walk,bike, get a lift, to work
Rent a room can get you £450 a month tax free !
Take sandwiches and shame your EX into paying her half of the mortgage.
They can chase you for years

ema_o

If your ex is planning to emigrate I would imagine being bankrupt will make this difficult.
Some good advice from dimbo - do what you can to keep making the payments even if you can't make the full payment.
From your first post it sounds as if you have moved out of the house - I hope you're not paying to live somewhere else?!

nicks5359

The mortgage company will not allow anything other than full payment without her say so, which she wont do.

I have now extended the joint account to the maximum allowed, and withdrawn it all. this money will be used to sevice the mortgage for a few months or force her to play ball.

She has also, sent me the relevant form from the bank to have her removed from the joint account. She really doesnt get it.

Ember999

nicks5359 wrote: »

the problem is now my ex has lost her job she is in no position to contribute to the mortgage, refuses to sign anything to get the payments reduced, and i cant change anything without two signatures. on top of that i am in no position to service the whole mortgage even for 1 month.
even if we reducedit by 10k leaving a shortfall of 5 k + fees i doubt it would sell, nothing is moving at all.

renting it is an option but again finding a tennant before the mortgage payment is easier said than done.

the mortgage company have offered to take half payment with the other going on arreas, but like i said she just wont do anything. My hands are tied.

For *your* future (never mind her, it's you you're asking about) it would be better for you to pay half the mortgage (which you admit you can do) and have half going on arrears. Why you seem to think handing the keys back is an easy answer is beyond me, the info you have collated regarding this is so wrong.

Think about your future, a few years down the line - your credit rating (in an already disastrous financial climate) will be RUINED for 6 years....how do you know what the future holds in say 3 years? you may meet someone, want to get married and to be able to buy a house again (when they are cheaper!) and will you be able to because of rash 'I want out' decisions now? No, you will not. Stop and think about the long term consequences, there are always consequences for every decision or road you choose to travel down.

I would advise you to pay your half of the mortgage in the immediate term and rent out your property until a time comes when you can sell it and rent a home for yourself in the meantime. Mortgage providers have long memories regarding people who have let them down, don't let this wreck your future!

Ember999

nicks5359 wrote: »

It seems my fate is sealed:

My ex refuses to agree to any agreement I can make with the mortgage company to allow me to fund it on my own until it is sold, I can not afford to pay the payment in full but without her agreeing to change the payments my hands are tied. The house will be in arrears from next month, will then be re-possessed 3 months after. Probably sold at a huge shortfall, my ex will then declare herself bankrupt. Leaving me with a huge debt, so that I intern have to go bankrupt. And I can’t do a thing about it. I have exhausted every option: CAB, solicitors but if she wont allow me to take the half payment the mortgage people have offered there is nothing I can do about it.

It seems silly that this could all be averted if she would just agree, just to clarify I am not asking her to find money she doesn’t have, just allow me to make the changes needed to stop this happening.

The length to which some people will go to for revenge is staggering….

Yes, the lengths people will go to in order to get revenge is surprising to say the least. So many will 'cut their noses off to spite their faces' but you can fight back and not let someone who 'maybe' is trying to cripple you!

Revenge her back mate. Pay your half of the mortgage, get it up for rental pretty damn quick or else live there and rent a room out (that should cover her half of the mortgage) - in time GET HER OFF the mortgage and make it YOUR HOUSE and she ends up with nothing, you end up with your own property, she is gone and your life can only get better.

If someone was being vengeful to me, if I felt I didn't deserve it, I would get my thinking cap on and fight fire with fire....ensuring I came out the winner in the end. You can do this if you stop and think and turn things around.

Good Luck

milliemonster

Can you not go on an interest only mortgage for a while aswell until you get back on your feet? can you give us more detail about your income and expenditure, the mortgage amount etc to see if we can help you cope with this better?

I don't understand why she won't agree to you paying half payments, what is she expecting to happen instead?

Ember999

milliemonster wrote: »

Can you not go on an interest only mortgage for a while aswell until you get back on your feet? can you give us more detail about your income and expenditure, the mortgage amount etc to see if we can help you cope with this better?

I don't understand why she won't agree to you paying half payments, what is she expecting to happen instead?

It is not her business in any way whatsoever if he wants to pay half the mortgage. He is in a contractual agreement with his mortgage provider, who the hell is she to tell him he cannot pay what he wants to pay? No-one, that is who. He can contact them and arrange how to pay, easy. She can only pull his strings if he lets her. If he is wise, he won't

Ember999

nicks5359 wrote: »

Thank you for your replies, it does seem ive been strung a yarn.

One of my primary objectives is to not have to deal with my ex partner any more, if we were to have the house repossessed and subsequently go bankrupt. Would the debt be split between the two of us for IVA and other purposes or would it still be a ‘joint debt’. I will have to investigate bankruptcy further but, she has in the past expressed a desire to emigrate if she was to do this would I then be liable for her half of the debt after bankruptcy?

I am surprised you are prepared to go bankrupt (devastating, life-long consequences - you are always an ex-bankrupt, even when discharged) just because of a relationship breakdown and subsequent problems offloading a house bought on a joint mortgage. This would be lunacy, truly. Don't mean to sound harsh but you are talking from a point of panic. :eek:

Radiantsoul

Ember999 wrote: »

Yes, the lengths people will go to in order to get revenge is surprising to say the least. So many will 'cut their noses off to spite their faces' but you can fight back and not let someone who 'maybe' is trying to cripple you!

Revenge her back mate. Pay your half of the mortgage, get it up for rental pretty damn quick or else live there and rent a room out (that should cover her half of the mortgage) - in time GET HER OFF the mortgage and make it YOUR HOUSE and she ends up with nothing, you end up with your own property, she is gone and your life can only get better.

If someone was being vengeful to me, if I felt I didn't deserve it, I would get my thinking cap on and fight fire with fire....ensuring I came out the winner in the end. You can do this if you stop and think and turn things around.

Good Luck

This won't work.

The house is jointly owned and so both parties need to agree to a sale(and sign the agreement). In addition the mortgage is joint and so both parties are liable for the whole mortgage. The mortgage company will not remove one person from the mortgage deed without a substantial capital repayment(why should they?) Even if they did it would remove the interest in the debt but not the property.

Paying the mortgage will not give any greater legal interest in the house. It might increase the equitable interest, but only to the extent of capital repayments and not interest. Besides only a court could decide that. Additionally the equity is so marginal it will not be confer much benefit.