Repossession query

Nattylou74

Me and ex husband have been divorced since June 2020. A financial order was put in place last September.

I purchased a property in October, outright. 

Ex still lived in the marital house with our son (16).

My name is still on the marital home mortgage but I haven't had anything to do with the property at all since July 2019.

Ex told me on Monday that the house is getting repossessed and they are moving on Saturday. 

My question is can the bank come after MY property?

Like I said it's owned outright by me, and only me, and we do have a financial order in place that was done after our divorce but before I bought the property.

My ex doesn't know that I own my house. 

I'm so scared right now, he's such a d**k. 

Nattylou74

Me and ex husband have been divorced since June 2020. A financial order was put in place last September.

I purchased a property in October, outright. 

Ex still lived in the marital house with our son (16).

My name is still on the marital home mortgage but I haven't had anything to do with the property at all since July 2019.

Ex told me on Monday that the house is getting repossessed and they are moving on Saturday. 

My question is can the bank come after MY property?

Like I said it's owned outright by me, and only me, and we do have a financial order in place that was done after our divorce but before I bought the property.

My ex doesn't know that I own my house. 

I'm so scared right now, he's such a d**k.

user1977

They can't repossess your house in the same fashion, because they don't already have a charge over it. But if there's a shortfall following the repossession then in theory they could pursue you for that debt, which could eventually mean getting at any of your assets.

elsien

Is there a reason that your ownership of the house wasn’t sorted out When you did the financial order? What does the financial order say about the plan to get you off the mortgage?

Nattylou74

He didn't tell me about the 8k of mortgage arrears from Covid-19. I can't get my name of the mortgage til they're paid off. I really hate him right now. 

CKhalvashi

Nattylou74 said:

Me and ex husband have been divorced since June 2020. A financial order was put in place last September.

I purchased a property in October, outright. 

Ex still lived in the marital house with our son (16).

My name is still on the marital home mortgage but I haven't had anything to do with the property at all since July 2019.

Ex told me on Monday that the house is getting repossessed and they are moving on Saturday. 

My question is can the bank come after MY property?

Like I said it's owned outright by me, and only me, and we do have a financial order in place that was done after our divorce but before I bought the property.

My ex doesn't know that I own my house. 

I'm so scared right now, he's such a d**k.

If you're named on the mortgage agreement and there's debt outstanding then yes you are liable to pay this alongside your ex.

If this is the case you're unlikely to be in a position to refinance due to the stage it's at, however if I'm owed by 2 people, 1 has money (or a significant asset) and the other doesn't, who do you think I'm going to chase?

It may be worth attempting to speak with the bank now to mitigate anything coming back on you, however this will factually affect your credit file for 6 years from the default date and you can be taken to court for the next 12 for any outstanding balance. I think most important is to discuss openly with the bank the circumstances and whether a shortfall is likely to be there as the earlier you attempt to put the situation right in the worst case, the less likely the bank is to take action against you or your property.

Whether you can chase him for the missed payments will depend typically in this case on the terms of the settlement with him.

GDB2222

It’s best to stop panicking, as it doesn’t help all that much. 

The question is how much equity is there in the house? The arrears figure doesn’t matter if the house can be sold for enough to pay off all the money owed to the lender. 

As you are on the mortgage, you can ask the lender for a mortgage statement. You will need to know the house Value too, but you may have an idea about that.