Can I get my name off mortgage?

ej_blondie

Hi, not lived in the house I bought with ex for over 3years. Mortgage company would not take him on his own as he has gambling debts and now he hasn't been able to keep up with mortgage payments. Is there any way I can get my name removed as the house is being repossessed now and The house will probably not make what we need to cover the mortgage. Is there any loophole in order for my name not to be taken down with this big mess? I've brought none of this on myself so I'm desperate to sort this out.
Please help!

Thrugelmir

Too late now to take action. You are jointly and severally liable for the mortgage debt.

Appreciate this doesn't help you but its the reality of the situation.

beecher2

You're jointly and severally responsible for the mortgage so no loophole to get out of it I'm afraid.

See if there's any help here http://england.shelter.org.uk/get_advice/repossession

SouthCoast

Sorry to be the bearer of bad news, but:

Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends. However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall. This also includes the monthly instalments and interest that has been added on to the debt until the house is sold, plus legal and estate agents' costs.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

ItMightBeUsefulOneDay

ej_blondie wrote: »

The house will probably not make what we need to cover the mortgage.

Taking into account fees, backdated interest and the fact that the bank will sell cheap just to get something back, how far short is it going to be?

ej_blondie wrote: »

Is there any loophole in order for my name not to be taken down with this big mess?

No, sorry. What financial assets do you currently have - the bank are going to start coming after these to make up the shortfall.

ej_blondie wrote: »

I've brought none of this on myself so I'm desperate to sort this out.
Please help!

The banks aren't your friend and they don't play fair. You need to get a full picture of just how bad the debt is going to be because the banks don't care who pays and they will pick on the one most likely to be able to pay. From the sounds of it, this will be you.

somethingcorporate

ItMightBeUsefulOneDay wrote: »

The banks aren't your friend and they don't play fair.

Not sure how it would be the banks not playing fair, they'd be following the default processes outlined in the mortgage document that the OP signed when they took it on.

It was the OP that didn't play fair by honouring their side of the contract.