Help required! Shortfall from Reposession

EmmBee1037

I would be grateful for any assistance. I have just found out that the house I owned with my ex has been re-possessed and sold in March, and there is a significant shortfall.

I left the property 5 years ago, and my divorce agreement advised that the property would go to my ex. I have not contributed to any costs over the 5 years, and despite chasing him to remove my name from the mortgage, he has kept me named.

I discovered last year that there had been payment issues, and that he had negotiated a payment plan to cover arrears. I managed to get hold of him, and he confirmed he had been made redundant and that he had witheld this information from me. I found grants and benefits to help him and he assured me all would be sorted.

A letter from the banks solicitors came through at the weekend advising of the house sale. It confirmed that the mortgage had been paid, and any suplus funds would be paid to a secured loan we had. I spoke to the banks solicitors who confirmed it had been repossessed 1 March and sold 30 March at quite a low amount that covered the mortgage amount, with minimal left over to reduce the secured loan shortfall.

My ex has kept me in the dark over the whole process, and I have been unable to advise or intervene before the payment issues arose last year, and the recent reposession.

Where do I stand over the shortfall? It's approx £50K and I cannot take on any further financial responsibility. I am single, rent and my income covers my bills and living costs, but I do not have any surplus funds that could cover additional borrowing. My name is on the loan, so I appreciate I am legally liable, but is there any way I could argue this or for a seperate reduced amount of the shortfall?

MichMoor

EmmBee,
I was in a similar situation and the shortfall was 36k, except in my case my ex did a moonlight flit and left me with it. I handed the house to the bank as I had no way to make the payments, when the shortfall arrive I had no way to pay anything like the 36k. Although I had managed to scrape up 8k and said to the bank I had no assets and already a pile of debt my other half left me with but can off er 8k as full and final, to my amazement they accepted it. Possibly at least offer what you can? They cannot get blood from a stone!
Good luck

tigerfeet2006

Unfortunately you are both jointly and severally responsible for the loan in full. You may, as Mich did, be able to negotiate a reduction. Your best bet would be to have a chat with National Debtline or CCCS. Their info and numbers are in the first post of the sticky marked LOOK HERE FIRST: Bankruptcy Help.