Is there any way to avoid a repossession from ruining one's credit again? | LawHive - Solicitors & Lawyers Online
Is there any way to avoid a repossession from ruining one's credit again?
Hi My ex still lives in the house we brought, he refuses to acknowledge my half share. I've been left 8 yrs. The house may be repossessed this week, is there any way I can avoid it ruining my credit again?

Jane Melius

9th April 2022

Top Answer
Solicitor. If the house is to be repossessed and sold by the mortgagees they will account to the registered legal owners for their each 50% share of the balance of the sale proceeds. Your credit rating will already be affected by the mortgage arrears. Why not voluntarily hand the property back? This will save on costs of repossession proceedings and preserve more equity for the two of you.

Susanna Ruiz

9th April 2022

2 upvotes

NQ also be aware you will still be responsible for half of any outstanding monies owed I'm afraid even though you aren't there.

Jeanne Metts

9th April 2022

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