i want to take all mortgages in my name-process and problems

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geteven2009

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I and my wife moved to UK in 2009 and continued to pay some part of mortgages with agreement. we moved to UK as we got jobs here after being unemployed in 6 months and cannot face the shame of standing in Q of dole, dole was any way rejected as we were branded as 'big' property investors and( we are not. just thought we are saving for our future retirements)

now we are planning for bankrputcy on all the 8 mortgages we have with the bank. ( please no ethical advises, just want to come out of situation of having no holiday for last 4 years and living to bare line, taxes, repairs, rental shortfalls etc)

all our mortgages are in joint names, but i managed and paid for last 9 years from my current account

i want to go bankrupt and wish to save my wife from the hassle of bankruptcy process and the life after bankruptcy, she is employed in financial services so bankrutcy will ruin her career permanently. i would like to face consequences rather than both.

question:
how do i take my wife's name off from all mortgages( wife is willing to sign or give up right as it is discussed)
what problems might arise from bank?
what is the process and how much will it cost?

to repeat, the plan is to get all houses and mortgages transferred into my name and then i go bankrupt. so that we have only one bankrupt in the house and one person take the responsibility of actions and misjudgements we made in property purchases.
 
Practically impossible to get a bank to remove one mortgage holder unless the remaining one has sufficient income to qualify for those mortgages under today's criteria. This is a very common problem for example for separated couples, there are many threads on this forum about this difficulty. No bank especially is going to let an employed joint holder off a mortgage, they won't even let the unemployed ones remove their names!
 
As a family, you are better off under your proposal than you would be if both go bankrupt. How would you as a sole bankrupt compensate them for the loss of your wifes payments to the bankruptcy trustee? What about the wifes share of the family home-if there is one with a mortgage? Could she not argue that as a non-bankrupt she is entitled to halfshare of the house?
In short, I can't see any bank agreeing to this!
 
thanks- i am also employed, i am paying reduced payments with single income plus rents received so far with a month or two arrears whenever we need to adjust rental shortfall and taxes.

yes, there is a family home included (ireland) if we were to return, wife would like to give up her share in all properties including family home to me, as all of them are in negative equity the share and their value so it is not of any material importance. we thought as i was not employed in financial services and wont be , my bankruptcy wont ruin my career.

wife just secured employment( we will get extra income of GBP375 to pay to banks over 8 houses which GBP35 more (hoo, haa)

as wife was unemployed for last 3 years and just secured employment, can we not hide that in the process , does it help. looks like there is no way rather than just do nothing
 
There is no way you are going to be able to transfer properties in NE to your sole name. So you can forget that.

Your best bet now is to agree with your Irish banks to an orderly sale. And you have to hope they will write off the shortfall or you agree to repay them a certain amount out of your current income. Then when the new insolvency regime comes in you may be eligible for that.

What I do not know is if you go through Irish insolvency whether it effects employment prospects in the UK in the financial sector. You really should pay an expert on this over there for advice.
 
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