House Repossession

[alltheemotions]

Now ex 'DH' signed a financial order to give me £x amount at a recent FDR hearing.
He is now allowing the marital home to be repossessed as he owes so much money and took out so many loans against it that he can't repay. If there is a financial order in place will that be taken into account when it is repossessed? Or do I need to place a charge of some kind on the house?

its difficult to answer unless you explain the relevance of the repossession to the money he owes you.

He can only pay you money if he has it and it sounds as though he doesn't have any?

Also, at the hearing did the judge know he was in so much debt?

The likelihood is there won’be any money from the house left to pay you anything if it’s repossessed

the lender will sell at rock bottom prices, (usually way u see market value) use any money there is to pay off mortgage etc

but as lemonTT says it’s impossible to say without h understanding the numbers and nature of debts

what debts are they ? If secured against the house those creditors will take priority in paying from
any monies left

Was the house / mortgage in joint names? If so, and it’s repossessed, that will impact your credit rating massively.

So, the house was in his name only. He took out several bridging loans, and at the FDR he was convincing to the judge that he could take out another loan in order to pay me off and stay in the matrimonial home.
I had taken out a matrimonial home rights charge on the house, which has since been discharged now the decree absolute has been issued.

it is still not clear whether the issue for you is that he owes you money. How much and is there any equity available to pay it?

Even if he is defaults and it is sold off cheap there could be enough equity left. Or with fees there could be nothing left to share.

Without knowing what your agreement says or what equity or debt are we don’t know how bad this is. The bank is cutting its losses and it only does this if you don’t pay the mortgage and can’t afford to pay it. Not because there is debt.

The judgement is for let's say £150k, there's approx £300k equity in the house after mortgage. The bridging loan company are the ones pushing for repossession (granted) as he has defaulted on that loan, he owes them in the region of £50k.

What I can't understand is (let's assume there's enough money to pay me when it's sold) whether the financial order bears any weight on proceedings, or if I need to do something else to essentially run fence what he owes me.

To add, he is doing this out of spite because he's a psychopath.

Your solicitors should have suggested that you apply for a charging order, so that you receive your money before your ex receives whatever is left over.