Ex is going bankrupt while my name still on mortgage

kegsmythe

Hi all, firstly sorry if I am posting in wrong area I have no idea where to start. Right so me and my husband split 7 months ago, we still have a joint mortgage, I dont live there I live in rented accomodation. He has told me he is going bankrupt, so I know that if house is repossessed the lenders will come to me for the shortfall (if there is any) I do not have the money or means to take on the mortgage. Does anyone know anything about quick cash for properties? The house either needs to be sold very quickly as in 4 weeks quickly or need to use one of these companys, I just want rid of the house, I have no other debt. And dont want any. Dont have time to mess about or think about making money on the property, just want that tie broken before he goes bankrupt and potentially leaves me with the debts.

Thanks for any info
Keg x

sizzler

Any idea on values and on equity?

Any joint debt if partner went BR would fall to you.:)

Have you taken legal advice?

kegsmythe

Hi thanks for your reply, The house is being valued tomorrow, its worth around 115k the mortgage is 85k, but need to sell quickly, or it will be repossessed.

sizzler

Sounds like you just want rid and to pay of morgage and walk away.

Is ex willing to sign and sell.

Some companys will do this in seven days if that is what you want.

I have done this before and can pass on a number if intrested they were ok with me.

sizzler

kegsmythe

I have nothing, I dont live in the house my soon to be ex husband is still there, the mortgage is still being paid but he has come to a point where he can no longer afford to as his outgoings are more than incomings and is starting bankruptcy procedures. I think my ownly option is to probably go bankrupt with him, which I dont really want to do. Thanks for ur reply x

kegsmythe

sizzler wrote: »

Sounds like you just want rid and to pay of morgage and walk away.

Is ex willing to sign and sell.

Some companys will do this in seven days if that is what you want.

I have done this before and can pass on a number if intrested they were ok with me.

sizzler

Thanks for that, yes he is willing to do this. And I would be grateful of any information

sizzler

kegsmythe wrote: »

Hi all, firstly sorry if I am posting in wrong area I have no idea where to start. Right so me and my husband split 7 months ago, we still have a joint mortgage, I dont live there I live in rented accomodation. He has told me he is going bankrupt, so I know that if house is repossessed the lenders will come to me for the shortfall (if there is any) I do not have the money or means to take on the mortgage. Does anyone know anything about quick cash for properties? The house either needs to be sold very quickly as in 4 weeks quickly or need to use one of these companys, I just want rid of the house, I have no other debt. And dont want any. Dont have time to mess about or think about making money on the property, just want that tie broken before he goes bankrupt and potentially leaves me with the debts.

Thanks for any info
Keg x

Sorry a little confused if you have no other debts and want to cut ties with him and sell house quickly why do you say probably go BR with him?

sizzler

thanks for coming back to me, must of mist each other typing:)

kegsmythe

No probs Sizzler, its because I dont have any other debts and if I am left with shortfall to pay it might not be enough to warrant going bankrupt? I dont really know much about bankruptcy. But if went bankrupt with him then I would not be left with any shortfall. I suppose its just a case of wait and see but I would rather go through all the options first, and my gut instinct is to get house sold but I dont have the money to pay for hips etc, I have a solicitor through legal aid who is dealing with the divorce at the moment, and am waiting on her to get back to me too. Its all very blinking stressful! lol.

sizzler

Main thing to say have you taken any advice from CAB or CCCS, if not please do so before making any decisions. We can try and help you.

Also I would strongly suggest seeing a solicitor to guide you through whichever process you decide.

Best of luck any more questions I will trya and help

regards sizzler:)

sizzler

Looking from info you have given hopefully no reason for you to go BR.

Take some advice as i said above and let us know how you get on:)