Hi there
I hope I am posting in the correct area!
I'm looking for some legal advice regarding rental income which was received but not declared.
I own a property with my ex partner. Neither of us live in the property and I took over handling all the mortgage issues for a number of years. There was a period of time during which I was receiving a rental income for the property , but not paying it into the mortgage. My ex partner is unaware that it wasn't paid in as they haven't taken much interest in the property and left the organizing of tenants and payments to me.
As the mortgage is deeply in arrears and I was unable to handle the stress of the mistake I made, I had a one to one meeting with the lender and submitted my financial statement and came clean about what I had done. The bank understand why I didn't pay in the rental income as when they looked at my statement they saw I am heavily in debt with personal loans aswell and have said they cannot propose any payment arrangement as the affordability is not there despite the rental income.
My options are repossession of the house which is in negative equity or insolvency.
My ex partner has no wish to keep the house either and would rather be rid of it.
More so than my debtors , what is worrying me now and stressing me is the guilt of using the rental income to stay afloat rather than paying it into the mortgage as my ex thought. It's worth noting that my ex is aware the mortgage is in arrears and in trouble as the rental income wouldn't have covered the repayment amounts even if it was paid in.
My main question is, other than me being ashamed and guilt ridden , when I do present these facts to my ex, what can be done to me legally by him ?
I hope you can help me without too much judgment, I accept what I did was so wrong, and if I could change it I would. I'm certainly paying for it now with the sleepless nights and constant feeling of illness.
I hope I am posting in the correct area!
I'm looking for some legal advice regarding rental income which was received but not declared.
I own a property with my ex partner. Neither of us live in the property and I took over handling all the mortgage issues for a number of years. There was a period of time during which I was receiving a rental income for the property , but not paying it into the mortgage. My ex partner is unaware that it wasn't paid in as they haven't taken much interest in the property and left the organizing of tenants and payments to me.
As the mortgage is deeply in arrears and I was unable to handle the stress of the mistake I made, I had a one to one meeting with the lender and submitted my financial statement and came clean about what I had done. The bank understand why I didn't pay in the rental income as when they looked at my statement they saw I am heavily in debt with personal loans aswell and have said they cannot propose any payment arrangement as the affordability is not there despite the rental income.
My options are repossession of the house which is in negative equity or insolvency.
My ex partner has no wish to keep the house either and would rather be rid of it.
More so than my debtors , what is worrying me now and stressing me is the guilt of using the rental income to stay afloat rather than paying it into the mortgage as my ex thought. It's worth noting that my ex is aware the mortgage is in arrears and in trouble as the rental income wouldn't have covered the repayment amounts even if it was paid in.
My main question is, other than me being ashamed and guilt ridden , when I do present these facts to my ex, what can be done to me legally by him ?
I hope you can help me without too much judgment, I accept what I did was so wrong, and if I could change it I would. I'm certainly paying for it now with the sleepless nights and constant feeling of illness.