We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Repossession Help
lucygotit
Posts: 507
Forumite
Hi,
I am looking for help.
I have split up from my partner, mortgage repayments are too high for me to take it on myself and she doesn't want it knowing there is negative equity (30K roughly).
What is the procedure for repossession. Also my partners car loan is secured against the house also, what will happen to the car if house repossessed?
How will they get the money from my partner as the mortgage is in joint names but the bank account where the mortgage payments came out of is now soley in my name, just worried whether I will have it all to pay even though I had a house before we got together then sold that and we bought this one together, I just don't want to have to pay the rest thats still owing once house repossessed?
Any advice will be greatly appreciated at this difficult time.
I am looking for help.
I have split up from my partner, mortgage repayments are too high for me to take it on myself and she doesn't want it knowing there is negative equity (30K roughly).
What is the procedure for repossession. Also my partners car loan is secured against the house also, what will happen to the car if house repossessed?
How will they get the money from my partner as the mortgage is in joint names but the bank account where the mortgage payments came out of is now soley in my name, just worried whether I will have it all to pay even though I had a house before we got together then sold that and we bought this one together, I just don't want to have to pay the rest thats still owing once house repossessed?
Any advice will be greatly appreciated at this difficult time.
If this has helped you please don't forget to click Thanks, thankyou.
0
Comments
-
After the house is repossessed you will both be fully liable for the whole amount owing. I dont know if it is possible in your case but some people coose to continue living together after a seperation as house mates to avoid the large amount they would owe as a shortfallHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards