Joint mortgage with ex and house repossession

Totally_fedup_2

I'm just seeking opinions on the following as I'm finding it hard to make a decision!

I was made bankrupt a few weeks back and everything was going fine until a friend of mine made me an offer that is hard to refuse!

I currently have a joint mortgage with the ex. He moved out over a year ago, left me in so much debt I had to go bankrupt as well as a mortgage that is more than I can afford. I am paying the mortgage with no help from the ex, and am just under 3 months in arrears.

I have tried to sell the house with no luck, and have tried to rent somewhere else, again with no luck.

A friend of mine has now offered me her house to rent. She knows of my circumstances and has no problem with me being bankrupt. The rent is less than my mortgage and the house is beautiful. So what is my problem? The house is the other side of town, so I will have to travel to work (30 mins compared to the current 5 mins). I "may" have to relocate the kids school, but since I actually travel this way to work, I thought I could keep them at the school anyway. The house is als on a main road. I have two young children and a cat that likes to go out. Right now I live in a cul de sac, with a green in front of my house that is safe for the kids n cats.

This will be my chance to finally get rid of a house that I'm struggling to maintain. And I know I shouldn't really say this, but it will also be nice to finally get the ex to pay for something that he just walked away from, with no care in the world.

So, my dillema is .. do I take the opportunity being offered of renting my friends house and letting the house be repossessed. Or do I stay put, with the hope that the ex will one day, take his name off the mortgage (he's refusing point blank right now). Im only paying interest only as I don't see why I should pay to reduce the mortgage for the ex to take half of it.

I'm assuming that since I am already bankrupt that I can inform my OR that I'm letting the house get repossessed? What happens to the mortgage payment if I stop paying it...does the OR get it?

Sorry for the essay, but if anything, it is good to get this down in writing!!

debtinfo

If you want it to be repossessed then you just stop paying the mortgage and tell the council that you have moved out. The OR will not take the money as you will be paying the rent on the new property

Totally_fedup_2

Thanks for your reply. However, I won't be moving into the other property until middle of June. So, in theory that is two months of mortgage payments that I won't be paying.

Also, why do I need to tell the Council I have moved out?

debtinfo

You tell the council so that they give you the corect exemption and so that they do not charge you council tax on the old property until it is repossessed.

You can still keep the money and for instance use it for moving costs.

beentheredonethatstilhere

They will exempt the empty house for 6 months and then most councils will charge 50% of the CT.

debtinfo

the 6 months if for an empty house exemption. If you exempt it under class Q (property under the control of a trustee in bankruptcy) that does not have a time limit