Repoessed house sold. What next?

manugav

Hi All. Myself & ex wife had our house voluntarily repossessed last Oct. We engaged with the bank & went to court etc. I haven't lived there in years & ex left last year after court hearing. They agreed she could stay until x time. I have had no contact with the bank since. I saw the house up for sale a few months ago & have now noted house has now been sold based on property register. I think there is aprx 100k neg equity.

What now? Do I wait for bank to come to me, do I need to go to them with proposal?
Can anyone recommend who to contact for advise. I went to flac when the proceedings started but not helpful atvall, told me google & look up websites!. I rang Mabs - all about trying to keep house (understandably) but has anyone been in this situation? I'm willing to come to some arrangement to pay off my share & try to move on with my life. Is there a way to ensure bank also chases ex wife? Do I need to look into personal insolvency?

Could somebody tell me the next step?

Mr. Incognito

Legal advice is banned here but, in short if you no longer have any assets what good is it for the bank pursuing you for the shortfall.

Probably write it off. If you have assets contact a solicitor.

Flac is a referral service. They dont give legal advice. I volunteer there.

FishOnABike

You are probably jointly and severaly liable so the bank could go after one or other or both of you for any shortfall in the sale price (plus associated costs) vs the outstanding mortgage balance.

If the house was voluntarily surrendered I take it that the mortgage was unsustainable. Do you think it is possible to pay off the balance of the mortgage? If it was I guess the sale would not have been necessary in the first place.

Some independent financial advice is needed, to look at your full circumstances in some detail and decide your best course of action so you can move on with your life.

FreudianSlippers

FishOnABike wrote: »

You are probably may be jointly and severaly liable so the bank could go after one or other or both of you for any shortfall in the sale price (plus associated costs) vs the outstanding mortgage balance.

If the house was voluntarily surrendered I take it that the mortgage was unsustainable. Do you think it is possible to pay off the balance of the mortgage? If it was I guess the sale would not have been necessary in the first place.

Some independent financial advice is needed, to look at your full circumstances in some detail and decide your best course of action so you can move on with your life.

FYP - anything further could be constituted as legal advice.

mg2014

Mr. Incognito wrote: »

Flac is a referral service. They dont give legal advice. I volunteer there.

sorry, I'm confused, what does flac stand for? Surely they give legal advice or should change their name no?

Mr. Incognito

mg2014 wrote: »

sorry, I'm confused, what does flac stand for? Surely they give legal advice or should change their name no?

Free legal advice centre.

Twenty minute consultations and referrals to either contact a solicitor, forget what you are at or other advices.

Do you think you could read documents and give detailed advices in 20 minutes?

If so can you service my car? I will pop out for some milk and collect it after

mg2014

Mr. Incognito wrote: »

Free legal advice centre.

Twenty minute consultations and referrals to either contact a solicitor, forget what you are at or other advices.

Do you think you could read documents and give detailed advices in 20 minutes?

If so can you service my car? I will pop out for some milk and collect it after

Service your car? How is that advice? Milk?

You say yourself above "or other advices" but previously say flac don't give advice.??

Anyway, I wasn't challenging you on your comment as much as stating that if they do not give advice (which you say although appear to contradict in your latest comment) that they should change their name. If you say they are the free legal advice centre that don't give advice surely you would agree with that?

Pat Mustard

FLAC volunteers do not have the time or the resources to give in-depth advice to people. There is no facility for follow-up. There is no facility to write for necessary documentation and information. Much of the time, people who ask for advice do not bring all of the required documentation*.

Therefore, FLAC volunteers tend to be able to give general legal advice rather than in-depth advice.

FLAC can give pointers to people who need pointers but advice doesn't tend to become more detailed than that. It would be rare that a problem of any significance could be resolved during a one-off 20 minute consultation with no follow-up and a likely lack of necessary documentation.


*The people that tend to be organised enough to bring all of the correct documentation are likely to have spoken to at least one, if not several lawyers, prior to visiting FLAC. Some of them have private solicitors and they are looking for second and subsequent opinions.