9/10 years post bankruptcy house repossession

minicooper1961

Hi all
I'm back again nine years post bankruptcy:sad::question:

I won't go in to the saga again, well just briefly.
My ex husband went B/R in 2009 leaving me with a little over 1 million pounds in debt (two houses one in spain the other the FMH in the uk)
The OR basically messed up as my ex was renting out the FMH and pocketing the proceeds which ran up even more debt. He did pay the mortgage but not the secured loan that was taken out (fraudulently - he forged my sig etc - anyway that is another story)

He carried on doing this for approx 7 years paying the mortgage and a token amount to the secured loan co. Then two years ago the tenants moved out and at the time myself and the children were given notice to leave our rented property as they landlord was selling)

I took the opportunity to move back in and carried on paying the mortgage and the secured loan to basically keep a roof over our heads.
I managed for two years and then because the bills were far to high decided after taking advice to stop paying the mortgage and secured loan. I have never signed a deed of acknowledgement.

We moved out and my ex has found out he wants the keys as i suspect he wishes to move tenants back in again. This would be my worst nightmare as the mortgage is due to run for another ten years.

I'm sorry I have rambled but my question is will any shortfall be included in the B/R and what do I do return the keys/speak to the mortgage/sec loan co or just leave them to so their thing ?

Many apologies for the long post........

silvercar

Have you a financial settlement from the divorce? You want to sever all financial links with your ex ASAP and getting rid of any property in joint names will help deliver that.

If the mortgage is in joint names then my understanding is that any shortfall falls into his bankruptcy. In fact it may be that the Insolvency service has a charge on the property for any equity in the property that is his, unless he arranged for someone to buy back the beneficial interest.

If the only debt you have is the mortgage and secured loan, bankruptcy may not be the right solution for you.

If you want rid then voluntary repossession is the start, just hand the keys back to the lender, without signing any undertaking. Then again if you want any equity in the property selling for a realistic price through an estate agent may be better.

minicooper1961

Hi Silvercar,

Thank you for your reply,

Ironically the financial settlement gave me the 1st £20,000 of any equity but there is no equity
The beneficial interest was returned to us both.
Both the Mortgage company and secured loan are chasing me now, I've missed four payments and considering they know all about the situation I really thought they would have repo'd it by now.
I don't want it to drag on, I just want done, it has been far too long.
Can I return the keys without his knowledge ? will they accept that ?