handing keys into bank, good or bad??

[help me]

hi guys i have never been on this before and just happened to come accross someones post when on the internet so i taught i would give it a try too for any advise available esp with people in the industury or lawers or others going through similar situations,

my situation is a mortgage with an ex partner he is the owner of the house not us both but we both own the mortgage we were never married and got a mortgage together but his name is solely on the house ownership, he is still living in the house and paying all he can towards the mortgage but has cut hours in his job so is not paying full mortgage i do work but am renting now so can not afford to pay mortgage we have gone to bank on numeous occasions and have kept them up to date with the situations we go through, and they agreed a price which my ex pays nearly every month but some months he can not do this due to work volumes, he will be losing his job fully soon and i think the only option will be for us to hand the keys in.

where will this leave us do we both need to go out of the country forever as he knows if he leaves the country the debt is then left to me even though i do not own the house but jointly own the mortgage, he does not want this to happen to me so is there other options there or is it that both of us need to be ready to leave the country??

any advise would be appreciated
Thanks.

 

[Brendan Burgess]

Hi helpme

Just checking - I presume you are living in Ireland and that you don't want to leave Ireland?

How come your name is on the mortgage but not on the title deeds? Did you get independent legal advice at the time? It just seems a bit strange to me that you got all the liabilities without the benefits.

Have you spoken to a solicitor recently to check your position? You should talk to a solicitor other than the one who acted for you when your name was added to the mortgage. You can talk to that solicitor as well, but get a second opinion.

What is your current financial position? Do you have any assets? How much are you earning?

Would you consider going to the UK for a year to go bankrupt?

Alternatively, you may be able to use the new Personal Insolvency Act when it comes into force over the coming months.

Post a few more details and we will suggest some ideas.

 

[help me]

hi brendan thanks for your reply,

i am living and working in ireland and i would go abroad if needs be i currently work for the hse so it is tricky for me to know what to do in this situation as i am working i would have loved the opertunity to take the volentary redundency which is said to be coming up soon and go and travel or move away but with the mortgage i am afraid of the conciquences.

i do not have any assets i left the house with my ex in it and am just renting at present. i did see a solicitor at the time of getting this deal but as young and really unaware that anything could ever go wrong i just agreed with not having name on deeds as i would have had to pay a huge fee to do so as we were not married, he already had this house with a mortgage but we remortgaged together so without been married i would have had to pay alot to get name on the deeds.

i do not know what the personal inssolvency act is to be honest im not very up to date with these things and if u could tell me about this in as basic a way as possible i would appreciate this as i have never heard of it but have read some posts on it but it does not make much sence to me.

when we split i did contact my solicitor and was advised to try get my name off the mortgage but the bank would not let this happen as the mortgage was too expensive to be under either one of our names alone.

Thankfully i do still comunicate very well with my ex so i am looking for advise for this situation even been for both of us or as me alone of him alone as anything would help me knowing some bit of knowlege from any side.
Hopefully this answers your questions and i will answer any other questions?

i have not contacted any other solicitor so i might try and do so as sson as possible it has been nearly a year now since the split so its been a while since i was in contact with my own solicitor either as the circumstances have not changed i felt no point in going back to them again.

 

[help me]

apologies i said i agreed with not having name on the mortgage i did mean i agreed with not having name on the deeds.