Mortgage, Divorce & Bankruptcy HELP!!!!

gibboking

Hi Guy's

My Hubby (soon to be ex) and I have been seperated for more than 2 years now and I am filing for divorce.
Originally I moved out of the house and rented (quickest way for me to get out!!) but recently he soon realised that he could'nt afford a 3 bedroom house on his own so me and the kids moved back in. He has agreed that he will keep his name on the mortgage but does'nt expect anything from it when it is of any value.

Since I have moved back in he has decided that his only option is to go bankrupt.

So the house is in negative equity of around 12k
We have joint debts totalling around 12k
and he has debts in just his name of around 14k

So my questions are:
Am I likely to loose the house?
Will joint debt become my responsibilty.
Should we sort divorce before he goes bankrupt?

Things are reasonably amicable between us, and he does'nt want me and the kids to end up loosing our home.

Any advice is really appreciated

tech2_2

Can you get the motgage put into your name only? maybe because of divorce selttlement... If so do that. Is there any way between you you can pay off the joint debt?

Im in a simular postion. Went BR 3 yrs ago and 1 month after hse wanted out so we stuck it for the length of the BR she moved out im keeping the house she wants her pension and me not to touch it which we have agreed to now for the D I want to get her off the mortgage and proving difficult..... But if we had done it pre BR it would have been a doddle...

alastairq

So my questions are:
Am I likely to loose the house?
Will joint debt become my responsibility.
Should we sort divorce before he goes bankrupt?

The OR would initially seek your ex's interest in the property for the BR.


But only if there is positive equity.

You could, however, purchase the OR's interest yourself...[this apparently could be done immediately....see Mr Mouse for confirmation?]

If you can afford the mortgage payments, then there would not be a need for the house to be sold.


Is the mortgage in his name only, or in joint names?


[If the latter, and the house is disposed of, and in negative equity, then the mortgagor would pursue you personally for the full shortfall.]

Any debts in joint names would fall entirely to you once your ex petitions BR.


Divorce is irrelevant as far as BR is concerned.

To remove a name from a mortgage [in my experience] involves terminating the existing agreement with the mortgagor, and starting afresh.[they are not interested in 'removing names'...there is no incentive for them to do so......since, if shortfall occurs at some point, they will retain two names to pursue]

The problem there, is that they may not think you yourself can afford the mortgage on your own?

If your ex does petition BR, then retaining his name on the mortgage may well be irrelevant?