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We had family house jointly owned that is empty. Ex went bankrupt recently and we are behind on the mortgage. It's been for sale for some time now but nothing much happening,
Am confused because of her bankruptcy is she still liable for the mortgage. The house is heavily in negative equity and if it does get repocessed am I solely liable ?
if it is joint tenancy (most are) then both of you are liable for the full amount of the mortgage, so the mortgage company can come after either of you this might help ( http://www.landregistry.gov.uk/public/guides/public-guide-18) - if she's been made bankrupt, then they aren't going to get anything out of her, so you are still liable for the full debt. I'm not 100% sure what happens when she's discharged from bankruptcy. I would certainly have a word with the mortgage company - at the very least, you want to switch to interest only so that your monthly payments reduce considerably. What is the rental market like around your house - it may be that instead of trying to sell it, you rent it out so that the income covers the mortgage payments - you'd need approval from the mortgage company, and unfortunately, they might bump the interest rate up a couple of percent (tell them it's only temporary though - may make a difference) but money coming in to cover the mortgage is better than leaving the property empty and getting nothing.
Thank you
The house needs some maintenance several thousand pounds which I invited her before she went bankrupt to go halves and put right I never got an answer. In fact for months she delayed me in putting it up for sale and cost me money in solicitor letters trying to sort out.
The house is on the market currently say £75k below what is owed to the bank. That's if someone paid the asking price.
Mortgage is interest only.
In the state it is in would need say £5k spending on it to rent out which I simply haven't got and am reluctant to spend any money with the situation with her being bankrupt anyway. Rental market not so good here and would cover 60% of mortgage.
The garden looks like a jungle ! Just not sure what todo the bank rings me constantly and will pass it to legal section shortly I think
I would get some debt advice very quickly - ultimately, you may have to look at bankruptcy also, and in reality, it may just be a matter of doing it sooner rather than the mortgage company forcing you into it. It will affect your credit rating for quite some time, but with £75k minimum of negative equity, I don't think it will make too much difference to be honest.
At the very least, go and see the citizens advice bureau as soon as possible, and take a look at this: http://www.stepchange.org/
Whatever you do, don't go to a company that will manage your debt for a fee as that will just give you more debt - go to the above and charities instead.
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