dump the houses first

cancatsdance

im about to file for BR but have two houses that i rent out and im sole owner on one and joint with my ex wife on the other.

both are in negative equity and have one secure loan with first plus.

i plan to call the mortgage lenders next week and tell them i no longer want the houses.

following that i need to file for BR

is it right that because ive handed them back they will form part of the BR as the secure loan is no longer secure?

regards

longtermplanner

Well you can't literally hand back the keys, because there are tenants. But stop making payments to the mortgages and the secured loan.

is it right that because ive handed them back they will form part of the BR as the secure loan is no longer secure?

From a technical legal point of view, no, the loans are still secured on the houses. But the end result will be what you want - that the loans from your point of view are effectively eliminated by your bankruptcy.

Have you discussed your bankruptcy with your ex?

cancatsdance

after I call them how long should I wait to go Br? I have stopped paying as the rent does not cover the mortgage anyway.

my ex left me and my son and live abroad and has no contact or pay anything towards any debt hence im like this on my own

regards

longtermplanner

cancatsdance wrote: »

after I call them how long should I wait to go Br? I have stopped paying as the rent does not cover the mortgage anyway.

You can go bankrupt straight away. (nb that is just answering your specific question. It isn't advice that you should go bankrupt.)

my ex left me and my son and live abroad and has no contact or pay anything towards any debt hence im like this on my own

I didn't mean ask your ex for help. I meant just tell him, because it will affect him because of the jointly owned house. But if he is abroad then he may not care about that.

cancatsdance

thanks


my only reason for asking when to go BR after telling the banks I no longer want the house or will pay the mortgage is to ensure they are out of my life and also the sure loan

as for my ex she is a right !!!! and deserves everything they get lol. the reason im in this mess is 90% their fault

regards

alastairq

Point to note...your Ex will be pursued for the entire shortfall on the property jointly owned.

Is the Secured loan on that particular property?

Do you currently 'own' the home you & your family live in? [or do you currently rent?}