I recently received a letter dated 16th May stating that an application for a charging order has been received for a £12k unsecured Natwest loan in my ex partner's name. Is it likely that they will force us to sell the house if the charging order is granted?
Similar properties are going for 140-145k and our mortgage is almost 140k inc redemption penalties so there is no equity in the house for them to take!
I've been to the CAB who have said that I should either put the house up for sale or allow it to be repossessed. My mortgage rate is due to go up in Jan 09 from 690 to 910 and there is no way for me to make the shortfall (my ex hasn't paid a penny toward the property since I left over 2 years ago). With my ex's bad credit history, it is unlikely that we would get a good deal anywhere.
My tenants want to buy the house but can't get a big enough deposit together -is there any way we could transfer the mortgage to them and how much would this likely to cost?
If I just stopped paying the mortgage, how long before NR repossesses the property? Would i then be best to apply for bankruptcy?
Sorry for rambling-I'm just so confused with it all!