Bankruptcy and the ex??

jonni999

Hi everyone, i am new to this and need some help!!

I am currently about to start BR proceedings and have a question?

I bought a house with my Ex girlfriend a year a go for £136500. I put a deposit down so mortgage balance to date is £130,000. I have a 5 year fixed mortgage in both our names. There is a £6500 early redemption fee but in the current climate the house is in negative equity and only worth £123,000.

She wants me off the mortgage but is struggling for mortage company to agree because her income is not enough. Yet she thinks she can afford it if mortgage company lowers the monthly agreement. If i go BR before they agree will the OR go after the house and will they still go after the house if I am off the mortage. She wants to live there and I want nothing more to do with the house, I am still paying half the mortage at present.

Mortage company want to speak to the OR when bankruptcy goes through.

Could she lose the house even if i am off the mortgage but was on the mortgage when BR goes through, for instance if house prices boom in next 3 years (which I doubt!) I have no assets, just a car worth £500.

Anybody been in same situation?? Thanks.....

anniecave

there are several different issues here... I think

the fact that you and her are on the mortgage at the moment and she wants to continue it on her own
the fact that she probably can't afford it on her own anyway
the fact that the property/mortgage is in negative equity

has she found out for definate whether she'd be able to take on either £123,000 on her own or £130,000 on on her own? If neither then you both need to sell the property (or hand the keys back to the mortgage provider or whatever). I would get her finding this out first...

Are you definately going bankrupt or are there other options for you? How much are you including in (provisional) your bankruptcy figures for the mortgage?

Was the mortgage deposit paid by you solely? Because I guess she would need to "buy" you out of that if she was taking over the house? Not sure how much it was?