Process of reposession?

[someonesgirl]

Me and partner split up. We have a joint mortgage. I am in the house with 2 kids under 4. Havent told mortgage company we split as he was still paying his half. Its been 2 yrs and hes now refusing to pay towards it. I know i cant afford it on my own but have tried selling house to no avail and we are in negetive equity anyway. I cant rent it out as ive not paid enough off mortgage to get a landlords mortgage. What is the process of reposession and timescale and what sort of debt will i be left with then? Is there anyway i can speed that process up by admitting that it will go this way? I can moce in with family or partner if this happens.

[ummmm]

Are you in arrears already?

[rowanwitch]

Talk to your building society now... And see a solicitor as he may be required to continue paying as the children are so young you need to get proper info asap

[someonesgirl]

Im not in arrears yet but i know im running out of money fast

[someonesgirl]

Never had a solicitor so dont know where to start with that!? I presume i get legal aid as im on tax credits, i work part time.

[shoota]

The Citizens Advice Bureau should be able to help for not very much but you have to book an appointment.

[someonesgirl]

Theyve shut down in my area now! Plus they werent very helpful before

[ummmm]

Go to see a family solicitor. You should get legal aid.

The process can be quite drawn out.

[shoota]

A solicitor should give you a free consultation of about 20-30 minutes and will advise you as to whether you have grounds on which to proceed. They should also advise you as to the cost and who will be liable for it but I am sure that a bit of research (library?) would come up with some help group for people in a similar situation.
Best of luck.

[themas]

1. A solicitor may be able to advise on whether your ex can be made to go on paying. However, be careful - solicitors costs can be high & you will not necessarily get legal aid. Being on tax credits is not in itself a justification - it depends on your total income & assets.

2. If you have no objection to the house being repossessed you could simply inform the mortgage lender you were leaving (but make sure that, if you hand the keys back, you do so with a letter - keep a copy - & get a receipt for them) & stop paying.

3. They will eventually sell the house & the shortfall (i.e. the amount owed on the mortgage plus all the selling costs, less the sale price) will be a debt which is due from you & your ex on a "joint & several" basis. This means either one of you, or both of you, can be pursued for the debt. If you wanted to wipe out your liability for the debt you could consider bankruptcy or - if your total debts are below £15K & you satisfy some other conditions - a debt relief order. You could get info. on this from CCCS, but it is not an issue until you know how much the debt to the mortgage lender is.

[bushbaby_de]

You don't necessarily need to have built up enough equity to remortgage to a landlord mortgage - you may find that your mortgage company now will give you consent to let the property. They normally charge a fee for the permission and have some terms and conditions (such as, you must not be in arrears, you need a certain kind of insurance etc) so it might be worth approaching them.

[Buenchico]

Clicking through the links here will give you some useful information:
http://england.shelte...t_advice/repossession

The debt you'll be left with is the amount that you owe the mortgage company minus the amount they can get for the house. The debt will be 'joint and several' with your former partner, which means that the lender can either pursue both of you for the money or demand the whole sum from just one of you.

Chris