ex being made bankrupt, will they take my home??

cookie30

Hi, I'm new to the forum, but would be so grateful if someone, anyone can help me.
My ex husband has informed me he has defaulted on his IVA so is facing bankruptcy. Unfortunately he is still named on my mortgage as the mortgage company won't give me the mortgage on my own. My ex moved out 5 years ago and I have been paying the mortgage on my own for all that time. He's always said he doesn't want anything to do with the property and doesn't want any equity if i were to sell. Sounds great, I know, but we have a mortgage for £172k and it's interest only, I doubt there's much equity in the property at all, probably none after fees etc if I had to sell. I live in the house with my two children. Their dad - my ex, really doesn't care if we all have to move. The debt he owes is £25k, I think at the very most we'd get a grand each if I had to sell. I financially disassociated myself from him last year as all his credit requests were coming up on my credit report.
Sorry for waffling on, just wanted to give the full picture.
Pleeease can anyone help to let me know where I stand??
I am really worried I'll lose mine and my children's home.

fermi

You are not going to lose your home for a potential max £1,000 worth of equity. Please don't worry about that.

His official receiver will look into what interest he has in the property. In this case if you have been paying the mortgage on your own for 5 years than that may be less than 1/2 the available equity.

They could well offer you the chance to buy out his share of any equity now, or they may wait for just over 2 years to see if house prices go up.

cookie30

Thank you so much Fermi for replying so quickly. That is useful to know and helps put my mind at rest a bit. My ex is trying to lower the child support payment he makes, saying this will allow him to pay off his debt. He says if I don't agree then I risk losing the house. I don't know if he is just saying it to put the frighteners on me and to save himself some money, but it's a big risk to take if I call his bluff.
Thank you again for your help, I really am grateful.

Pee

And bankruptcy doesn't wipe of CSA debts, either.

cookie30

Thank you Pee, that's good to know too, as it would have been my next worry!!