House, bankrupcy and IVA

vodka_needed

I'm really sorry but I have another question

I moved out of the house I shared with my ex husband a few years ago.
I can't get my name off the mortgage as he has an IVA and can't buy me out and I can't afford anymore solicitors fees.
I'm considering going bankrupt (99% certain), can anybody tell me what will happen in regards to the house?

It is worth approx £150k, the outstanding mortgage is approx £110k and there is a (joint) secured loan on the property with an outstanding balance of £30k. I haven't paid towards either the loan or mortgage since moving out.

Many thanks

IF

Bumping up the board x

Ineedaname

Been thinking about this for a bit. You may need to take some legal advice as you moved out some time ago, might be possible to remove yourself from any legal responsibility. Really not sure though, hence suggesting taking advice.

mel12

Ok, so the house has about 10K of equity. The OR will have an interest in your share of the equity (not the whole lot).

Where I'm a bit stuck is working out how much your share will be - if you were living in the house and paying mortgage it would be 50%, I'm not sure if this can be reduced as you haven't been paying towards the mortgage for a while. Also may be affected by any agreement made about it as part of the divorce. You might want to take legal advice about this bit.

So the OR has an interest in your share of the equity - they'll give your ex the option to buy back the interest, which then means he owns all the equity in the property. If he can't or won't do that I think its unlikely they'd force a sale for that amount of money, more likely they'd put a charge on the property meaning that when the house is sold they'd have to be paid then.

I'm hoping someone can confirm this though as not 100% sure.

vodka_needed

Thanks guys

I just really want my name off the mortgage. I can't afford anymore solicitors costs I'm afraid. (I paid for the whole divorce... but got nothing out of it). I was supposed to get a large lump sum, but he kept it. (This is all in the consent order which I guess is about as useful as a chocolate teapot)

IF

It may be worth giving Community legal advice a call to see where you stand too.

Community legal advice - Click here