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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Is there any way of getting rid of a property with negative

Customer Question

Is there any way of getting rid of a property with negative equity? When a mortgage company state if you don't keep up payments your house could be repossessed, what happens if I don't keep paying? If I really need to get rid f the property because I can't afford to keep paying do I need to bankrupt myself to walk away from it without massive fines?
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Do you own any other assets please?

JACUSTOMER-mq1pzhxf- : No, two oldish cars and house contents. we on't live in e house it is rented out and we rent a house in another county. The house is currently in both my husbands and my name. We think my husband has to be removed from the process somehow and whatever we have to do will need to be in my name. We have no assets between us but my husband has started up a business nearly 1 year ago with a business partner obviously this isn't turning a profit yet but he needs to keep a good clean credit score.
Alex Watts :

Ok - if the house is repossessed then the debt is still owing.

Alex Watts :

You could become bankrupt and walk away and after 12 months you are discharged.

Alex Watts :

There is a cost of this though which I think is about £200 plus the Official Receivers deposit

Alex Watts :

But if you don't own any assets then bankruptcy is certainly an option which means you would be free after a year to rebuild your life.

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-mq1pzhxf- : If I become bankrupt will my husband get pulled in to it or are we treated as separate individuals? If both our names are on the mortgage how do we go about taking my husbands name off?
Alex Watts :

No, you are alone in this.

Alex Watts :

But for the house, you are likely to lose it

Alex Watts :

Any debt your husband would also be jointly responsible for

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

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