Splitting with husband and I cant afford Mortgage

riversidejayjay

Hi

Sorry if something similar has allready been posted before just wanted some advice.
My husband is leaving me and I cant afford the Mortgage on my own, we are in arrears with the Mortgage allready.

He is going to move out and live with a friend until he gets himself sorted and has left everything for me to sort (just like him)
the Mortgage is in both our names but he has been the one paying it while i paid for other bills, due to him loosing his job we fell behind with the payments and now he is leaving we will never get back on top of it all as I only work part time as we have a 18 month old son.

what i want to know is do i see if the bank will have the house back or do i wait for it to be repossessed ??, I dont have the option of keeping the house on myself as its a shared ownership one and the rent is nearly £300 a month and the mortgage is £400 - i have asked if they could do an interest only mortgage for a few months in the past so we could get back on our feet but the bank say they dont do an interest only one.

Due to bailing him out 24/7 as he has lost his job 3 times within the past year and a half i am in debt quite badly so although i far from think declaring myself bankrupt is the best option it is something i am considering.???

Just would like some advice on what is the best thing to do allround

Thanks in advance.

ACG

How much is the house worth and how much is the mortgage?

If there is any equity in it then bankruptcy should really be a last option.

riversidejayjay

Hi, our Mortgage is 65,000 house is worth about about 130 but we only own 50% as its a shared ownership (other half is owned by housing association) , my worry is if i give the house back to bank there gonna sell it for allot less so im gonna owe them a small fortune- id rather not go down the bankrupt route,

ACG

The only way to avoid owing a small fortune and face it being undersold is to sell it yourself. The lender might give you a bit of breathing space if they can see your looking to sell it but it might be worth speaking to the lender.

Thrugelmir

Suggest you make an appointment with your local CAB. As ideally you need someone with a clear head to overview your entire situation in detail.

riversidejayjay

Thanks I'm phoning the CAB on Monday to make an appointment

Thrugelmir

There is a sub forum on MSE for the CAB. Though best to talk through matters like this in person.

holly_hobby

Hi,

Sorry only just spotted this ......

Ok, things need to be dealt with as priority, and from what I understand and hear CAB aren't much good in these circs (although its always wise to use all free assistance available) .

You need to primarily speak to your lender, see what they will agree to, and then contact SHELTER - here's a direct link -http://england.shelter.org.uk/get_advice .

SHELTER are extremely helpful and procative in dealing with repo orders and lenders, ensuring that they lawfully administer any order - they will also help with regards to housing requirements.

Hope this helps and good luck

Holly