We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Bankruptcy and mortgage

BestEver83
Posts: 6 Forumite

Hi All,
Looking for some advise please. I was made bankrupt many years ago and during this process my ex brought my shares in the property. Now many years on I am still on the mortgage and TR1 however i have been trying to get off this. I now understand that my ex owns the whole property as she brought the shares and I am no longer liable from any debts arising (note I dont live in this property) so should the mortgage company remove my name?
Thank you
Looking for some advise please. I was made bankrupt many years ago and during this process my ex brought my shares in the property. Now many years on I am still on the mortgage and TR1 however i have been trying to get off this. I now understand that my ex owns the whole property as she brought the shares and I am no longer liable from any debts arising (note I dont live in this property) so should the mortgage company remove my name?
Thank you
0
Comments
-
She may have purchased your beneficial interest at the time but that does not automatically remove you from the mortgage - or your liability for it. You need to speak with your ex and the lender.0
-
Thank you for your feedback, I have taken the below from Citizens Advice and this is why I query it becuase this talks about shortfall so I would think that is all liability.
My reason for this is because she will not re mortgage or sell so it means I cannot move on.If your home is repossessed and sold, but doesn't raise enough money to pay off your outstanding mortgage or any other debt secured on it, the remaining debt will no longer be secured. This means you'll be released from it at the end of your bankruptcy. The remaining debt is called 'mortgage shortfall'.
You'll also be released from a mortgage shortfall if your home is sold after your bankruptcy has ended.
0 -
What your ex did was to buy out the trustee's interest in the equity in the property. That effectively reset your equity to zero but, as your name remains on the deeds and mortgage, you now have equity in the property from the bankruptcy onwards. Is this worth anything? Could you approach your ex and advise that you are prepared to relinquish this equity in exchange for being removed from the mortgage and deed?2
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 619.9K Mortgages, Homes & Bills
- 176.5K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards