Reposession

Glamourista

Hi everyone, a little help needed here if you dont mind? Basically me and my partner have a mortgage together and we have recently seperated. I have moved out and am now renting somewhere. He is still living in the house. We paid £125k for the house (which is mortgaged along with a unsecured loan for 10k for his previous debt) he now wants to sell the house but it will only be worth around 100k leaving us in negative equity.

I cannot afford to pay any money towards the nehgative equity.

So basically my question is- what would happen if we got reposessed? What impact would that have on me etc as i dont really know much about it.

Any help would be grately appreciated.

ILW

They will sell the place below market value and then chase you for any shortfall.
If at all possible sell it yourself as you will end up owing less.

Glamourista

How do they get the money off you though? because io cant afford to pay it thats all. My ex partner earns almost double me and has a 10k car etc. I dont have anything like that.

VIGILANT22

ILW wrote: »

They will sell the place below market value and then chase you for any shortfall. QUOTE]

and your credit rating will be smashed for the next 6 years......

ILW

Glamourista wrote: »

How do they get the money off you though? because io cant afford to pay it thats all. My ex partner earns almost double me and has a 10k car etc. I dont have anything like that.

They will go for you both, and try to get the money from whoever has any.