Repossession after BR

Dibs88

Sorry if it has been repeated else where on here, but nothing found to match my circumstances.
Went BR last month, and now the mortgage lender is looking at repossession, have had a letter from their solicitor saying that they need something in writing outlining if we are going to pay the arrears, currently standing at £3,500.92. If nothing received then they will make an appointment to the courts. Now, as I am a undischarged BR, and my ex-OH is not and has her name on the mortgage, who is liable for the debt? As speaking with the lender they said even though I'm BR I am still liable for half of it, is this correct? I thought not. The ex-OH is not in a position to pay the arrears, and is now looking at BR, what would happen if they went BR as well, who would the lender go to for the arrears?

Any information and comments will be much appreciated

peachyprice

Hi Dibs,

You are not liable for ANY of the shortfall.
Your ex will be liable for ALL of the shortfall.

If your ex goes BR too the bank can whistle for their money and join the queue with the rest of your and ex's creditors.

HTH

stintond

I would be careful about sighning anything the mortgage company give you , it could be a deed of acknowledgement" , by signing this you will end up liable for the shortfall

Dibs88

Thanks for the replies, and I will be making sure I do not sign anything at all, even if its for the lender to give me £100,000 for free!:rotfl:

Anyway, quick update, but the ex is now wanting to surrender and hand the keys back to the lender to stop any court fees building up, question is..... if doing it voluntary, does that move the goal posts, and will that have an effect on me?, not bothered about the credit rating as I no longer have one.

stintond

I was given two choices with my biemingham midshires , they said I could do vol repossesion , which is quicker , cheaper , BUT , that involved signing their forms.
Or I could go down the lenghy , more expensive route of a court repossession , I chose the court repossesion.
By letting the house get repossessed you go on this list called the repossesion register for six years , I think , then your name is removed

Dibs88

Exactly, its the ex that is wanting to do voluntary repo, im happy to let it take its course. The ex wants vol repo, so the shortfall is not that great, and keeps the costs down. I have seen the letter the ex has produced, but not yet sent it to the lender, it is even stating the ex is liable for any shortfall, and Im not as BR.
Would it make any difference though to me if it was vol repo, or standard?

Dibs88

Right, things have moved on, be it very slowly...the ex has sent off the letter stating the wish to voluntary repossess the property, for which a copy has been sent to my OR. Anyway the mortgage lender spoke to the ex and have said that they will not accept the letter, but need to sign a form that they will send. The ex has said she will sign the form and then send it to me, for which I have told her that I will not sign anything. What would be the outcome if she signs and I dont? or should I just pass it to the OR?

peachyprice

If you don't sign it they will have to take the court route.

As long as you don't sign anything it won't make any difference to you how it's repo'ed.

fermi

If you don't sign and the lender doesn't accept then they will need to go to court to repossess.

But that is not your problem.

fermi

peachyprice wrote: »

If you don't sign it they will have to take the court route.

As long as you don't sign anything it won't make any difference to you how it's repo'ed.

Echo..........................?



Hands peachy BG badge........

sieve

DO NOT UNDER ANY CIRCUMSTANCES SIGN ANYTHING THE LENDER SENDS YOU. It sounds like they are trying to make either of you sign the DOA form which, if you do, could end up with either you or your ex becoming wholly liable for the shortfall.

So tell her not to sign it too unless she wants a future of misery - it's the lender's problem now, not yours.