getting repossesed please help

stuck1985

Hello,

i'm just looking for a bit of clarity as my situation is very daunting and i haven't got a clue what's going on.

basically i bought a house with my ex 3 years ago, paid 83k for the property and took a secured personal loan for 9k so the mortgage totalled £92k

about 3 months after we bought it the property market crashed, the house is now valued at between 72 - 75K my ex was living init and paying the mortgage for the past 2 years with the intent of one day taking it on herself, she lampooned me by moving out of the property (after running it into the ground) and applying for bankruptcy.

the house has since been voluntarily repossessed as i cant afford the mortgage and don't want to live there. i agreed to this before i knew she had declared bankrupt believing the debt to be joint and severable. is it true that because she has declared BR that the mortgage company will come to me for the ENTIRE shortfall when the sale of the property is complete?

if this is the case i feel like I've been con'd into getting the house repossessed, she walks away scot free after purposefully declaring bankrupt and i get lumped with all the debt...life is not fair :-(

any help or advice will be greatly received

stuck1985

xx

flecker

*Bump*

(I don't have any useful advice, sorry - but I'm sure somebody else will.)

silvercar

Yes you are lumbered with sole responsibility for the debt

BUt, you were joint and severally liable before, so if only you had money, it would be you that would be chased for all the money. So the bankruptcy hasn't made that much difference. In fact selling the property ends the tie with the bankrupt - which was not good for your credit rating.

A bit late to say you wouldn't have agreed to the vol. poss. now, but could you have afforded to do anything else?

She's not got off scot free - she has bankruptcy on her credit record for 6 years and restricitions for a year at least.

dimbo61

Your EX will be renting for a very long time
when you moved out did you continue to pay half the mortgage ?
What happened to the 9K secured personnal loan ?
What have the lender asked for ? How much and will they take less ! You can only ask

poppy10_2

Can't you go bankrupt too?

John424

They will come after whoever has got the deepest pockets and it sounds like you if she is declared bankrupt. Sounds like you are short 20k then if you have not got anything either? I am not sure what happens here, the bank could force you into bankruptcy but what's the point of that, nobody wins? Suggest you talk to them to see what their procedure is now, might be the case they will accept only a proportion of the outstanding debt in the form of a personal loan, I don't really know, best to ask and try to avoid bankruptcy at all costs, it's not nice and your ex has not got off scotfree, surprised she took that line of action on such a small amount of debt, perhaps she was maxed on the credit card front as well though?