Surrending home?

tigerfeet2006

Merch_boy wrote: »

Hi, I have 2 properties, both with mortgages...1 of them has a secured loan on it.
Can I just 'give them up'?
What would happen?


Cheers.

Merch Boy it is probably better if you start your own thread with some more details of your situation. Are you bankrupt or thinking of petioning?

Merch_boy

Cheers for the reply.
Both mortgages are in my name only. Secured loan is approx 40k. Mortgage it linked to is 111k - flat is up for sale ( for 125k)but NOT selling, no interest at the moment from anyone. Main house is 138k.
Now, I have just split up from my missus, she got someone else. If you read my previous threads, you will see that i went through alot of problems with her.
I got about 15k of credit card debt which is manageable.
She also got me into trouble with an egg card that i knew nothing about...debt was passed onto CapQuest, she started paying off £150 per month, but they have stopped taking it from her, have heard nothing from them for about a year...what has happened to that?????
The thing that is crippling me is the mortgages and secured loan.
She is insisting that she will not let anyone in the house to value it so i cannot put it up for sale.
I thought i could default on the mortgages and get them repossessed, but what about the secured loan?
If i didnt have the mortgages i would be ok - i am living back with my parents for now.

Thanks for reading this!

Toon_Dave

hi Merch boy....its like looking in a mirror reading your post about your other half...

Have a quick read of my thread from my first post last week and u'll see what i mean...

http://forums.moneysavingexpert.com/showthread.html?t=805487

my ex also has a new fella now...seems she found it easy to move on after 8years together leaving me to sort her mess.

The mortgage and Secured loan are classed as the same - infact you may often hear them called second mortgages etc.

With regards to ex living at your house, technically she is squatting in a property not owned by her, so you would have grounds for removal if you wanted to go that route.

The EGG card - did you sign the agreement, is it your name or joint??

If she will not let anyone into 'your' house to value it then its going to be hard to sell etc...also how could you have viewings etc.

But regarding the repo on the property...you can voluntarily give up the house if you wish..it would all depend on what your plans were afterthat.

Ie BR or not....If you gave the house up to the mortgage company and Secured loan company they would treat property the same. The mortgage company would be paid first from any proceeds of the house, then the SL comp 2nd...if there was surplus equity the solicitors are obligued by law to return that to you so no problem.

However if there is negative equity - so more owing than house value, this would then be transferred to an unsecured debt, or could be secured on your other property.

if it is unsecured you would be liable for full shortfall, depends on how much this may or may not be.

Have you taken professional advice from CAB, CCCS or national debtline??
these would give specific advice for you.

so in answer to your question you can give up the house for voluntary reposession and if your ex has no claim to the property and is not named as having beneficial interest in it then she will have no option but to be evicted.

hope this helps with your situation.

Dave

silvercar

Just to warn you, a wife, or ex-wife, living in the husband's home can go to a solicitor and get a notice that she has the right to live in the matrimonial home and an interest in the property put on the deeds. This would stop any remortgage, secured loan or sale going on without being consulted. It would definitely stop her being classed as a squater. It wouldn't stop her being evicted on repossession but could well slow down the repossession process.

Merch_boy

Hi Dave,

The EGG card was taken out in my name, but i knew nowt about it!..she spent to the max - £5000, never paid anything, then it got handed to CapQuest - who have mysteriously stopped asking for money!!!...where has it gone???
I just feel like stopping paying both the mortgages and the secured loan and f##king off somewhere!!!!
Im seeing a solicitor on Friday to start divorce proceedings, so hopefully things will become a bit clearer on that front...but not the money front!!!

Cheers

tigerfeet2006

Merch Boy you seriously need to talk your options through with one of the debt charities as well I think.