ex wife looking to give house back voluntary reposession

dannyhoy

Hi all i hope someone can help or give advice

me and my wife split last may 2012 we agreed i would move out get my own place and she would stay in the house. upto know she has been covering all house costs ive been paying money for our little girl and renting my own place.

my ex has now been saying she cant pay for the house anymore and want to sell, she hasnt managed to sell and as there isnt really any equity has now got the bright idea of giving it back voluntary reposession........i have read that this is not a good option as its most likely the mortgage company will sell it for a lot less and we then own the excess!!!! she wont listen to me now at all and says she will go ahead. of course she needs my signature and i want advice before i make a decision.......are there better options we have other debts and i am struggling to pay them as it is i cant afford to pay more

any help is appreciated

darren_clarke

they will sell if for what ever they can get, cant she rent it out, or you pay part of payment

dannyhoy

thanks for the reply i did think about movingback but the house also has a secured loan on it which if i did i would be soley responsible for it...i couldnt afford it. my ex asked them to switch it to int only to manage better but NRAM would not do that. i just dont want them to sell the house at a big loss and we would be left with loads more debts.... balance of mortg is 87000 house was valued between 95 to 100 2 months ago...my ex wants rid i think no links between us apart from our daughter

alastairq

hi................This really isn't a question for the Bankruptcy board...but for one of the others.


Two options really.


Can you afford to move back in and take over the mortgage and secured loan?

Exactly how much is owed, including the secured loan?

Are you sure the property is in negative equity?

If the property is re-possessed, then any shortfall will fall to you both, which you know.

If, to resolve your own debt situation, you decide to petition BR, then the whole shortfall will fall to your ex-OH.

dannyhoy

hi thanks for replys

i couldnt cover mortgage and secured loan myself

including mortgage and secured loan about £102000

valued at 95-100k

thats the thing if she walks away gives the keys back i dont want to sign for vol repo end up with more debt when im trying to get back on my feet as it is.

if they sell for less and add fees i could be worse of and i dont even live there havent for the last year...

if more debt got added i would probably have to apply for BR as i couldnt possibly pay more....i wouldnt want to but would have no choice. i have a DMP with stepchange at the moment and that is already straining how much cash i have spare

joolsybools

Sounds like you/your ex need to try a bit harder to sell it, is it in good condition? Why can't she afford to pay for the house any more? Whose name is on the mortgage and the deeds?

EmmaHerts

Why don't you take it to auction with a reserve price? You know how much you need to pay off the mortgage (less than the value of the house) so it could work out very well.

dannyhoy

yes i think she can scrape the payments but she insists she cannot....its needs a paint and a new boiler but other than that its a good house. how can i take it to auction?? should i call the mortgage company and have a chat as i havent really spoke to them due to me not acutally living there for last year.

duchy

If you own it jointly then regardless of whether you live there or not surely maintenance is a joint responsibility (even more so if you are not contributing to the mortgage) so why not sort out the painting and the boiler and get the best possible price for it on the open market rather than the lowest with an auction ?

If your wife's income is low (as is likely if she's struggling) then she may qualify for assistance with the boiler under the warm front scheme.

EDIT I've just re-read -your little girl is in a house in mid-winter with no working boiler ? Really ?

spacey2012

Selling it 20 grand under rate for a fast sale would still see you better off than if it is VPR.
They love voluntary surrender, the cash register rings, the less they sell it for the more they make.
This is why you need a plan up your sleeve.
bankruptcy may not be your choice but it may be your only options.
Time to start talking to the Ex and finding out if this is a punishment or a desperation measure that you could put the house on the market priced to go and cut losses.

dannyhoy

thanks for all the replies

also boiler only recently broke they have moved out till it gets fixed plus my house has a working boiler for when she stays with me....would never leave her cold

cheers again