Joint mortgage shortfall ex won't pay

Family_minded1990

I'm aware of how it comes across but this is a faithful narrative of events, and it wasn't on his credit file until after we made the offer. All the arrears were added retrospectively. Do you know how the bank views handing back the keys?

theartfullodger

Handing back keys does not change legal ownership not any outstanding debts 

"Believed? ? ". Nothing in writing? If so very very trusting....

Family_minded1990

I'd imagine handing back keys would result in the bank selling the property with new ownership down the line.

Hoenir

Family_minded1990 said:

We do have a solicitor and they are advising us to sell at a loss and deal with the bank, after years of threatening a division and sale. 

That is your only option. Take the hit on the chin and move on with your lives.  There's no magical way of extracting oneself from a properly drawn up legal agreement. 

Family_minded1990

Hoenir said:

Family_minded1990 said:

We do have a solicitor and they are advising us to sell at a loss and deal with the bank, after years of threatening a division and sale. 

That is your only option. Take the hit on the chin and move on with your lives.  There's no magical way of extracting oneself from a properly drawn up legal agreement. 

We have proposed this to the other party with no response, hence my post. I worry that they won't agree or it won't sell due to condition and the keys will need to be handed back..  does anyone have experience of this??

user1977

"Handing the keys back" just means a repossession sale by the bank, but without them having to evict you first. So as soon as they complete a sale, they'll be chasing for the shortfall (the amount of which depends on the price they achieve), plus all of their costs (undoubtedly larger than those you'd have incurred via a voluntary sale).

Family_minded1990

user1977 said:

"Handing the keys back" just means a repossession sale by the bank, but without them having to evict you first. So as soon as they complete a sale, they'll be chasing for the shortfall (the amount of which depends on the price they achieve), plus all of their costs (undoubtedly larger than those you'd have incurred via a voluntary sale).

Thank you, so no court action? Do you know how this affects credit file and do they only chase one party? 🤔 

Hoenir

Family_minded1990 said:

user1977 said:

"Handing the keys back" just means a repossession sale by the bank, but without them having to evict you first. So as soon as they complete a sale, they'll be chasing for the shortfall (the amount of which depends on the price they achieve), plus all of their costs (undoubtedly larger than those you'd have incurred via a voluntary sale).

Thank you, so no court action? Do you know how this affects credit file and do they only chase one party? 🤔 

Still Court action. As the repossession is a legal process. Both parties remain jointly liable for any shortfall. Along with costs relatig to the repossession. 

Family_minded1990

Hoenir said:

Family_minded1990 said:

user1977 said:

"Handing the keys back" just means a repossession sale by the bank, but without them having to evict you first. So as soon as they complete a sale, they'll be chasing for the shortfall (the amount of which depends on the price they achieve), plus all of their costs (undoubtedly larger than those you'd have incurred via a voluntary sale).

Thank you, so no court action? Do you know how this affects credit file and do they only chase one party? 🤔 

Still Court action. As the repossession is a legal process. Both parties remain jointly liable for any shortfall. Along with costs relatig to the repossession. 

Definitely a last resort then 😞

silvercar

If all the bad credit is assigned to your ex, the current home you are selling is your alone, then why not buy in your name alone? Do you have sufficient income to obtain the mortgage alone?