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I imagine the market value of the house would be around £170.000(but I have been gone for 3yrs with no access so can only imagine the condition it is in, as my former spouse was bad at housecare). The current Mortgage is around £98.000 with arrears of approx £10.000. There are no dependant children and no other assets(I did pay the deposit and all other legal costs and fees from my own personal funds when we baught the house though! This was around £40.000, not written into the deeds though!Can I still claim this?) My original Bankruptcy debts were around £38.000.
Hi Clare and thank-you. Can you tell me what happens with regard to the Mortgage arrears? Will I be debt free at the conclusion of this process, or will I still be held liable for any shortfall? The Trustee has also informed me he intends to seek an order against my former spouse in respect of the costs and disbursements he will incur in relation to the application. Can you explain the finer detail of this to me please?
I am of limited means and so my sole concern is that I will be free of debt at the end of this. I don't fully understand the in's and out's of any of this process to be honest and so your help is greatly appreciated.
Hi Clare, thank-you. By CSA arrears do you mean child support agency? With regard to the current mortgage arrears will they be included with the outstanding balance on the mortgage and taken out at sale completion by the mortgage provider before the 50-50 split is calculated? How does this work?