Partners walks out leaving me with £1000 mortgage!!repossession or bankrupcy??

Yorkie1

pinkshoes wrote: »

Why is it fraud? If he's not going bankrupt, then surely they'd chase the person with the most assets, so if he had nothing, they'd chase the ex instead?

Hiding assets offshore or elsewhere in order to appear as though you have no assets is fraud.

charly007

I honestly think that my mortgage lender probably wont let me rent the place out as i am in serious NEG equity! Is this the case for all mortgage lenders? u have to be in equity? The situation I am in does not give me alot of choice if this is the case, so unless by some miracle the ex contributes half then i will be forced into bankrupcy. I will be paying my current partner money to live at hers too so still wont be able to afford it even if ex does pay half come to think of it. The best thing to do if cannot let it, is get in to mortgage arrears to start to build up my debt and then when they ask me for the money I will need to declare to go bankrupt. GOD I HATE THE RECESSION!!!

propertyman

charly007 wrote: »

I honestly think that my mortgage lender probably wont let me rent the place out as i am in serious NEG equity! Is this the case for all mortgage lenders? u have to be in equity? The situation I am in does not give me alot of choice if this is the case, so unless by some miracle the ex contributes half then i will be forced into bankrupcy. I will be paying my current partner money to live at hers too so still wont be able to afford it even if ex does pay half come to think of it. The best thing to do if cannot let it, is get in to mortgage arrears to start to build up my debt and then when they ask me for the money I will need to declare to go bankrupt. GOD I HATE THE RECESSION!!!

But then you are in a no win position at the moment. Perhaps the OH does not realise that allowing repossession will affect both of you, however if she is remarried and housed, then it may be of less a concern.

You can do it legitimately or take in lodgers if you are in an area where there is a demand for professional or other respectable types.

I would try and get enough cash together for some professional advice on bankruptcy and renting out and how those factor into the settlement that you reached with her.

I might rent it out to lodgers and live there to keep it under control. It is not perfect but is a short term solution, although your visiting daughter might give the game away.

charly007

Would the mortgage lender think kindly of me if i was to contribute half of the mortgage or am i better not to pay it at all? This is assuming i am not allowed to rent it and assuming the ex contribues nothing to the mortgage.

anselld

charly007 wrote: »

Would the mortgage lender think kindly of me if i was to contribute half of the mortgage or am i better not to pay it at all? This is assuming i am not allowed to rent it and assuming the ex contribues nothing to the mortgage.

Arrears are arrears. They do not care who has paid what. They will come after both parties for the arrears and take it from whoever can afford to pay.

As has been said several times already you are EACH individually liable for the WHOLE debt.

There is absolutely no point paying half.

dancingfairy

charley - You are both jointly liable for the whole debt. You need to get proper advice from someone like National Debtline or CCCS or your local CAB. You also need to ask all the bankruptcy questions to people on the bankruptcy board who have been there and done it and will know all about how long to pay the mortgage for, whether to repossess first and then go bankrupt or vice versa, how much you are allowed to live on in bankruptcy etc. You do not appear to be making a lot of progress on this thread - it seems to be going around in circles.
Best of Luck getting things sorted
df

geoffky

As above, you need to contact CCCS and start making decisions.....good luck and report back..

Cissi

Charly, what a horrible situation, I really feel for you. I have no useful advice but want to ask you to please do keep us updated. I'd love to know how this pans out and am sure that it could help a lot of people in similar situations.

Good luck with it all - I hope that one way or another you manage to wipe the slate clean without hurting your daughter (or your relationship with her).

Yorkie1

dancingfairy wrote: »

charley - You are both jointly liable for the whole debt. You need to get proper advice from someone like National Debtline or CCCS or your local CAB. You also need to ask all the bankruptcy questions to people on the bankruptcy board who have been there and done it and will know all about how long to pay the mortgage for, whether to repossess first and then go bankrupt or vice versa, how much you are allowed to live on in bankruptcy etc. You do not appear to be making a lot of progress on this thread - it seems to be going around in circles.
Best of Luck getting things sorted
df

Completely agree.

charly007

Thank you for all your great advice, i will let you know how it all goes. Ill let you all know every step of the way.