Mortgage/Bankruptcy Options Following Seperation

Kimaster1976

Hi,

I currently have a joint mortgage with my ex wife (we seperated and she moved out coming up to 3 years ago). She has not paid anything to the mortgage since and I have been paying on my own.

I wish to leave the property as it is a financial burdon to me but the house has a valuation of around £120,000 yet over £140,000 is needed to pay off the joint mortgage.

Obviously neither myself or my ex wife has the 20,000 odd thousand needed between us to pay off the shortfall to the mortgage provider should i sell the house for its market value.

What options does this give me....am I trapped here for the next 20+ years, or is bankruptcy the only option by stopping paying the mortgage and having the house repossessed?

Any help or advice would be appreciated thanks.

kingstreet

Establish if the lender will allow a sale for less than the outstanding mortgage amount.

They may do so, subject to some kind of arrangement to clear the shortfall post-completion.

Voluntary repossession and bankruptcy should be absolutely final options for consideration.