How can I save our home

Islapup

15 years ago my husband coerced me into taking out a loan and using our house as guarantee. I did not want to do this but was pregnant at the time and he said if I didn’t we could lose our house due to his low wage.  The business failed, but prior to this he took out a 15K loan as a sole trader with the other business partner. My husband got served papers, other guy refused to pay and my husband was made bankrupt.

We had lived apart for two years prior to the business failing. However the trustees are now trying to force the sale of our house and there is a court date set. They want my husband’s half which will leave me and my older teens unable to buy another house. We have no mortgage on our property. 

I am absolutely devastated that I face losing my house. After years of being in an abusive relationship I am now facing this horrific situation. I have been admitted to Crisis mental health in the past and feel I just cannot cope with this. How can I save my home? I earn a low wage and too old to get a mortgage. 

flipflopflo

How much equity is in the house? How long have you lived in the house on your own? When did he stop paying the mortgage?

Islapup

Full value of the house, around 350K. The mortgage was cleared around a year ago. In the last 15 years we have lived apart for around 5 of them. When the business closed it made him homeless and he had to return home. I had a breakdown due to everything and he stayed for the children as I have no family. He has now moved to Scotland in recent months and we will be divorcing once the situation has been sorted. I have evidence of DV. 

I keep being told I cannot do anything to save my home because he is bankrupt,  He has n house with his job, family support etc. Me and my children have nothing. The only way to save it will be equity release of which I will have to pay off for the rest of my life. He says he will contribute but that won’t happen. How can this be fair? 

magpies79

I’m not that clued up but can only speak from past experience how much is the debt for?
and was a charged placed on the property? 

I had a restriction placed on mine but after like a year it was taken off when the ex wife was discharged feel like mine was different as at the time they wasn’t a lot of equity in the house 

Keep_pedalling

Who is telling you you can’t do anything? Have you spoken to any of the dept charities such as Stepchange for advice?

I would not put off divorce proceedings until this is sorted, I would be speaking to a family solicitor ASAP, a financial settlement could resolve this for you depending on how much is owed. You should be entitled to more than 50% seeing as it is you who seems to have payed off the mortgage and have the responsibility for your children. 

ManyWays

is there still a charge over the house for the secured debts?