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Removing a name from a mortgage
brownie_scuffed
Posts: 10 Forumite
Hi this thread has probably circulated many times before but here it goes again!
I am wanting to declare myself bankrupt due to my debts and my lack of a job at current. How would i go about removing my name from the mortgage deeds?
My girlfriend can afford to pay the monthly payments on her own as she has been doing now for a number of months so this isn't/shouldn't be a problem with our mortgage provider. Just need more advise on costs, how easy/hard etc etc.
Thanks
I am wanting to declare myself bankrupt due to my debts and my lack of a job at current. How would i go about removing my name from the mortgage deeds?
My girlfriend can afford to pay the monthly payments on her own as she has been doing now for a number of months so this isn't/shouldn't be a problem with our mortgage provider. Just need more advise on costs, how easy/hard etc etc.
Thanks
0
Comments
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Short answer is you wouldn't remove your name. secured debts like mortgages aren't included in bankruptcy. You remain liable for the mortgage after bankruptcy and the official receiver now has an interest in any equity in the property.
If you do become bankrupt you probably gain y having a mortgage, the OR will allow your share of the mortgage payment as a legitimate expense, leaving you with greater income once you find work.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I thought if you went bankrupt the provider would then take back my house??0
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brownie_scuffed wrote: »I thought if you went bankrupt the provider would then take back my house??
NO. Head over to the bankruptcy board, where all this is explained.
Basically, only unsecured debts are written off in bankruptcy. Secured debts remain. Also if you have any equity in the property (ie its worth more than the mortgage) then the Official Receiver is entitled to that money to pay off your creditors. Obviously that doesn't happen overnight and you can buy it back through your girlfriend, but being a home owner does complicate the bankruptcy.
Don't confuse bankruptcy with repossession. Different beasts.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks for the help but i really don't know what i'm looking for or how any of this works!0
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brownie_scuffed wrote: »Thanks for the help but i really don't know what i'm looking for or how any of this works!
The Bankruptcy Board has folks who have been there and got the T shirt.
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I have now moved onto the bankruptcy board!
Thanks again0 -
See you there then!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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