ex has gone bankrupt and we have joint mortgage!

copier_guy

I thought the OR could only take 50% of the profits?

peachyprice

raquel39 wrote: »

I think the house may make a small profit, but that will go the receiver, and i could be chased for the rest, he told me to go bankrupt myself, i wont even be able to use my bank account. My ex has a post office account at the moment as noone would let him have a current account

No, if it makes a profit only your ex's half will go to the OR, you get to keep yours.

raquel39

i dont owe any money, but when i was with my exhusband and he was out of work we had to reduce the monthly payments, of which i have paid back. My credit rating is very poor due to the bankruptcy being based on the house name. Unable to remortgage as credit rating will be based on my income alone, and i would not be able to afford. I suppose i need a good solicitor!

peachyprice

You also have the option of paying the OR your ex's share of the equity and keeping the house.

How much equity do you think there might be?

raquel39

not much only bout 5000, have to pay an early redemption of 10000 on mortgage, i am sorry its very complicated, really wish i had the answers. i am in a bit of a pickle. The receiver says i am liable for any shortfall, but wont tell me how much the debt is, thanks for your comments by the way

raquel39

does anyone know if the receiver says i am liable for shortfall, does he mean if i cant pay off all the mortgage, or if it doesnt cover the debts

raquel39

peachyprice wrote: »

You also have the option of paying the OR your ex's share of the equity and keeping the house.

How much equity do you think there might be?

Will the receiver give me a figure to pay back the debt? if i contact him

peachyprice

They mean if you sell it at a loss or let it get repossessed you will be entirely liable for the difference between the mortgage and what it sells for.

If you sell the house yourself and break even there will be no shortfall or debt to be liable for.

If you sell it yourself at a profit you get to keep your half and give the other half to the OR.

peachyprice

raquel39 wrote: »

Will the receiver give me a figure to pay back the debt? if i contact him

The amount you would have to pay the OR is your OH's share of the equity, not his debts. So if you think there is £5k equity the most you would have to give the OR is £2.5k, but they would probably take less.

skylight

He cannot tell you how much the debt is, because he doesn't know at this point!

You would ONLY be liable for the shortfall in the property IF you were to give the place up for repossession and the re-sale does not cover the mortgage and anything secured on it.

Recievers are not good at explaining, it's not in their interests when they want money!


Basically, all the reciever can take is 50% of any equity (profit) in the property. If there isn't any then he cannot have what isn't there. £5k is not a lot and you can certainly get valuers to value the place less that £5k. If not, everything is negotiable (regardless of what the reciever may tell you).

What is very important for you to do, is to purchase your ex-OHs beneficial interest in the property - that will cost £211 costs plus whatever his share of the equity is OR £1 nominal fee if there is no equity. This will prevent your EX ever being able to come back and ask for money should you ever sell as all profit will then be yours. Ensure that this is done correctly at land registry. Now, his name will still be on the property as an owner (with no legal liability to it!) but will not be entitled to his share any longer as you will own it.


And your credit file - you are not linked because of the address, you are linked because of a finacial association; in this case the mortgage.

If you are able to continue paying the mortgage etc, and you have no debt, then you would be daft in giving up the property.