Help required! Shortfall from Reposession

EmmBee1037 · 7 June 2012 at 1:05PM

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?

brummiebabe · 7 June 2012 at 1:59PM

I have no idea.....but surely your solicitor sorted these issues as part of the divorce??? Might be worth contacting them to check your legal position. Sorry I can't be of any more help. Good luck!