Reposession

deepintrouble

Hi all,

I'm currently considering BR and repossession of the house, I've spoken to CCCS and they say tht may be one option for me, but i'm still unsure about what to do with my house.

I own my house 50/50 with my ex wife, neither of us live there and its been for sale for ages. It wont sell as its in massive negative equity and the price is way too high to even get people to view.

One thing i've been thinking about is to stop paying the mortgage at the same time as going BR. I assume that the bank will put me in default and go after my ex wife for the money.

Before you all, decide I'm some sort of callous b'stard please dont judge, you don't know the full situaton and i'm not about to write it all down here. What I want to know is how is this process done, when would i be removed from the mortgage, would the house have to be reposessed for this to happen, what would happen if she just carried on paying the full value of the mortgage? A lot of questions i know, but i'm relying on your combined wisdom for some sane and sensible answers.

flowergirlgush

Ill try and help, i got dumped with a few mortgages by my ex but a little different as they were all in my name.

1. If the full mortgage was being paid then the mortgage company i doubt would do anything as mortgage being paid so they happy.

2. If you go bankrupt they will go after your wife for the money as it is joint names, on the other hand if she went bankrupt they would come after you if you were not bankrupt.

3. It takes a few months, sometimes maybe a year or so for them to repo the house so you could stop paying mortgage before you go bankrupt and use money to move out and rent somewhere before you declare bankruptcy, and you will also need fees for court.

4. You could move out and rent and let them repo the house, then see if you get left with a debt once they have sold it, but that could take years. At least you would get a fresh start with bankruptcy.

I advise you to seek professional advice, not sure if ive been of any help. good luck.

deepintrouble

Thanks Flowergirl. I just want an end to it all, especially with my job in the construction indusstry looking decidedly dodgy at present. My thoughts were that if i was going to to BR then i may as well deal with all my problems at once.

Any more advice out there?

flowergirlgush

i have to admit, im doing the same. One foul swoop! Things are going from bad to worse so ive decided a fresh start is best. I think i will be a lot better off for doing it. It takes a while to get the courage to do it but i think once youve made your mind up its the way forward