Ex wife goes bankrupt!! Joint mortgage, please help

RAS

Perhaps it would be wise to contact one of the following debt charities ASAP, since this is a joint mortgage. I suspect that you are going to find your own credit rating affected anyway, but if the house is repossessed, then that will not help you either.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

Zofo1000

Debt_Free_Chick wrote: »

It's up to you to make an offer for your ex-wife's beneficial interest, if you are able to and want to. The IP won't contact you about it. Of course, your ex could ask someone else to buy it.

I asked about the mortgage in view of your earlier comment ...



as it sounded as though you might have been paying the mortgage.

If she's still working, perhaps she is able to pay the mortgage anyway

What are your commitments under the divorce? Do you pay anything to her/children?

I pay maintenance each week.

Debt_Free_Chick

Zofo1000 wrote: »

I have no idea who is paying if at all the mortgage, although the children have told me that until they have an eviction notice, the council cannot re-house them

True - but it sounds as though that's some way off. The IP won't be evicting them. They'll only get evicted if the mortgage isn't paid and the lender repossesses.

But the IP might insist that the property is sold and a smaller one bought, so your ex's beneficial interest can be realised. Or they may have to rent if the equity in the current property will not buy a suitable property outright

I'm not sure whether you should get involved or not Are you still on speaking terms with your ex?

It's difficult to know what to suggest - you need to give some numbers to go on. You say it's a joint mortgage, but you don't know who's paying it .... surely you're responsible for half of it?

Indeed, you're actually responsible for all of it if she doesn't pay it! :eek:

Zofo1000

Debt_Free_Chick wrote: »

True - but it sounds as though that's some way off. The IP won't be evicting them. They'll only get evicted if the mortgage isn't paid and the lender repossesses.

But the IP might insist that the property is sold and a smaller one bought, so your ex's beneficial interest can be realised. Or they may have to rent if the equity in the current property will not buy a suitable property outright

I'm not sure whether you should get involved or not Are you still on speaking terms with your ex?

It's difficult to know what to suggest - you need to give some numbers to go on. You say it's a joint mortgage, but you don't know who's paying it .... surely you're responsible for half of it?

Indeed, you're actually responsible for all of it if she doesn't pay it! :eek:

Im afraid that it has been a bloody battle for eight years now, speaking terms are non existant!!

The ex was adamant that she was going to keep everything and i would get nothing, i did all i could to keep the peace for the childrens sake although if i payed no maintenance then i was not allowed to see the kids. So for eight years i got nothing and I expected nothing, so long as those children could stay in there lovely home.

It was best to stay away from the whole situation until this happened!!

What a mess!

Zofo

Debt_Free_Chick

Zofo1000 wrote: »

She runs a shop and has done for many many years now and the car was obtained only months before she went bankrupt, even though only a couple of weeks previous to that a court order was made with her to agree to buying me out at a low amount so that she and the kids could keep the house.

What a mess

Zofo

OK, I see now.

I assume she's not bought you out - in which case "all bets are off" as she can't raise new credit to do that now.

In addition, if she can't meet the mortgage repayments, then responsibility for this falls to you.

Would your maintenance cover the mortgage?

Could you sell and then buy a smaller property for them?

Debt_Free_Chick

Is the divorce settlement finalised in a Court Order yet?

If not, then I strongly suggest you go back to your solicitor as this really changes things - especially long term housing for the kids.

Zofo1000

blind-as-a-bat wrote: »

BI Iin BR is a pain in the bum normaly but as you say in your situation its now a mess

Im not sure if the court order will change the normal run of things but your ex,s OR should cantact you regarding the house if you still have a BI in it after that court ruling This is assuming your EX,s OR is aware you have a BI in the property so i think the best thing you can do is contact the OR,s office in question to see what there intentions are with the property.

One other thing was there any loans secured on the property as this will effect its actuall equity as far as the OR,s concerned?

There was a small charge against the property which i had no knowledge of until it went to court last year and it was agreed with the court that it would be paid from my settlement, the one letter from my solicitor regarding the OR of my ex, confirmed acknowledgment of this.

Zofo1000

Debt_Free_Chick wrote: »

Is the divorce settlement finalised in a Court Order yet?

If not, then I strongly suggest you go back to your solicitor as this really changes things - especially long term housing for the kids.

The divorce settlement was finalised with the ex agreeing to settle an amount for me, then weeks later she went bankrupt!

Life's ups n downs

charmed-imsure

(I'm still a bit confused over how she's allowed to keep running the business???)

Debt_Free_Chick

blind-as-a-bat wrote: »

well that clouds the issue even further can i take it the settlemant agreed by the court order was never paid? And have you ever signed anything saying you no longer have any BI in the house (i hope not if you havnt recieved any money)

Agreed - but if the Court Order which requires her to pay Zofo has not been carried out, then he can go back to Court. Perhaps time to come to a different agreement e.g. sell the property?

I'm really thinking this is a case for personal, professional advice and not the mumblings, but lacking in the fine detail, of well-meaning folk like me!!!