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What do I do - husband wont pay mortgage
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# 1
onmyownatlast
Old 28-11-2006, 9:00 AM
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Default What do I do - husband wont pay mortgage

My husband left me yesterday and our mortgage payment is due on Friday. I can guarantee he will cancel the direct debit and I wont have the money to pay it. What can I do? There is no chance of a payment holiday as I asked a couple of weeks ago and the mortgage company dont offer that facility.

I work full time so not on benefits, the house is on the market already but no buyer at the moment. Our mortgage is huge and there is no way I can cover it on my own and pay other bills like food, gas and electric.

Any advice would be gratefully received.
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# 2
rjm2k1
Old 28-11-2006, 9:48 AM
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Whose name is the house in? Why does it sound like the money is coming from his account rather than a joint account? Assuming the mortgage is in his or joint names, if he stops paying he can get repossessed just as you can and this would be a bad blot on his credit record.

Have you asked the mortgage company if they can let you go interest only instead of repayment?

How long has the house been on the market? Can you drop the price?
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# 3
Ladygrim
Old 28-11-2006, 9:51 AM
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PHONE THE BANK. Tell them what has happened and that youre scared about losing the house before it is sold. The bank have a duty of care to try to help you at this difficult time. Have you checked your mortgage insurance policy to see if you're covered for this lifechanging situation?
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# 4
Rick62
Old 28-11-2006, 10:10 AM
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I don't know of an insurance that will pay out because one party to a mortgage choses to stop paying.

But yes, do call the bank straight away. You are not looking for a 'payment holiday' you have a serious family financial crisis and you genuinly want to find a solution for both you and the lender. Work out how much you can afford to pay, tell the bank you will pay this amount and tell them you plans and progress with selling the property. As Ladygrim says they have a duty to help you and it is very much in their interrests. The Courts will not grant them possession if they have not reasonably tried to find a better solution.

Also speak to a good divorce lawyer, yes its money you don't have (maybe £150/hour) but versus your financial future is cheap.
I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 5
MortgageMamma
Old 28-11-2006, 10:19 AM
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Hi

I just wanted to say I know things are bad for you right now but they will get better. Please phone the bank and explain your situation. Also, on a personal note, I have been through something a few years ago so I know how you feel. Try not to let your emotions get in the way of decision making, its easy to say I know. I wanted to KILL my husband when he did this tome and my kids - at one point I thought I ws going to. Give us some mre info about who the mortgage belongs to, if its interest only/repayment, who your lender is etc and we will try to help
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# 6
onmyownatlast
Old 28-11-2006, 11:33 AM
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Thanks everyone, to be honest its a relief he has gone. I had him arrested for hurting me. I am already going through the divorce and the hearing is in January.

The mortgage is in joint names but the payment comes out of his bank (he paid mortgage and I paid everything else). Something told me never to have a joint account with him and now I am glad I havent since the things I am finding out today get more and more.

Its a repayment mortgage and the cost of turning it into interest only is £140 (exactly the same amount that is the capital part per month). We are with mortgage express and mortgage is 7% at £936 a month.

I have looked into the possibility of remortgaging on my own and I cant borrow the amount needed to clear the mortgage.

I have spoken to the lender and all they have said is that they will issue proceedings once I am 3 months in arrears and charge me £40 for every month I do not make the full payment, even if I pay a small amount. I can afford £500 a month but to be honest they werent helpful.

Have to pop out to work now but will check on replies when I get home in a couple of hours. Thanks guys, glad to know there are others that have problems with the mortgage.
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# 7
Fairdo
Old 28-11-2006, 11:46 AM
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It's a very poor show of Mortgage Express to be that unhelpful at the moment. It's sounds like you need to remind them of their duty of care for their customers facing financial difficulty. I would escalate it to a call to their customer services dept. or to their complaints dept. Probably the last thing you need right now, but it will be worth letting them know you mean it and it is imerative that you have information on record showing that you have done all you can to make the best of things financially. They also have this responsibility, but it is your future creditworthiness that is at stake, so a future lender needs to see that you have come up against a brick wall with Mortgage Express if they aren't budging.

Good luck.
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You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 8
MortgageMamma
Old 28-11-2006, 11:51 AM
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Hi Just wanted to say if you want me to take this on with mortgage express for you I will do - I don't charge anything and am not looking to make anything from you honest, I'm just amazed they are not being more helpful. Perhaps if a broker spoke to them they might sit up and take a bit more notice.
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# 9
lolly1963
Old 28-11-2006, 11:55 AM
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Hi,
Sorry for your present situation..
Might i ad it might be worth a visit to your local CAB who could prove more than helpful with sometimes invaluable advice,
Wishing you all the best with the outcome..
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# 10
onmyownatlast
Old 28-11-2006, 1:47 PM
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hi,

thanks everyone and mortgagemamma for your offer of help. I have spoken to my solicitor and given her permission to contact and deal with mortgage express. I know it will cost me but it may help with the divorce proceeds too. Apparently I will now qualify for legal aid as I pay mortgage and childcare (£400pm). However she has said that I might be best to wait until friday and see if he changes his mind and pays up. If he doesnt he will lose his legal aid and any chance of being able to keep any of the equity when the house is sold (he has such a small amount anyway he probably wont worry). He will also have to pay me maintenance but getting that will be like blood out of a stone.

My solicitor has advised me that if I just pay half, she will ask the court in january to transfer any fees incurred to him as we are joint liable and I have made my half. Sounds great but when I want to go for a smaller mortgage on my own when I finally sell it wont look great to any new lender.

I have an agreement in principle for a new mortgage but it is on the proviso I have no mortgage arrears/defaults so not sure whether I will lose that now, if I go into arrears. I have worked out that I get a company bonus in december which will cover 1st Jan payment so that is better than nothing although christmas will go out the window (thank goodness I bought most of the presents already).
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# 11
MortgageMamma
Old 28-11-2006, 2:06 PM
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Hi

Lets look at the positives here. Your solicitors is acting for you, and she thinks he may well pay up, if not there will be consquences for him and that will be explained to him by his solicitor. He will lose his legal aid which means you will stuff him financially in court etc - he is likely to pay up if faced with that. The affect on his own credit rating should also be explained to him, but, and I'm making an assumption here so forgive me, but your current mortgage rate is 7% so I'm assuming some adverse history with one of you anyway?

You are free of this man now, he can't harm you anymore and you can't put a price on getting your life and happiness back. As you say, you've almost sorted all the christmas presents, so thats not goig to be a big worry for you. You will get legal aid, so you won't be hit with a huge bill - no worries there. You will get support from this site, your friends, family and colleagues and in 6 -12 months time all this will be over and done with and you will most likely be looking at moving on into your own home without so much as a backward glance at this horrible man.

My advice to you now is go get a cup of coffee and relax, things are going OK now and progess has been made from this morning - don't let him wind you up even more!

Have a nice afternoon

MM

PS -The problem with your credit history due to any potential missed payments will not prevent you from getting a mortgage providing you approach a sympathetic lender and explain the situation fully.

Last edited by MortgageMamma; 28-11-2006 at 2:08 PM.
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# 12
MortgageMamma
Old 28-11-2006, 2:07 PM
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Oops forgot to tell you, once you have got him off the mortgage, write to equifax and experian asking to be disassociated with him financially, it could be a good move for your credit rating if he defaults on things.
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# 13
onmyownatlast
Old 28-11-2006, 2:30 PM
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Thanks. I must have read your mind as I did the letters to equifax etc earlier after I found out he looks like he will be going bankrupt (he hasnt made any payments on any of his debts since february). Thank goodness I pay everything in my name and the one and only (apart from mortgage) bill in joint names.

Our mortgage was a self cert with light adverse credit due to the fact I wasnt working when we bought the house and we went for it so we could borrow more than 3.5 X his salary. Within a year I was out to work full time and I now earn more than him.

I know it is nasty but having read your post I realise I can totally stuff him in every way financially now. The worst that can happen is that I wont get a mortgage for a couple of years and will have to rent. So be it, I will be able to spend the £20k house equity on clearing all debts and have £10-15k in the bank for a deposit later, which I can add to. I might also dip into it for a darned good holiday.

Thanks for helping me see the wood through the trees.
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# 14
Bendybops19
Old 28-11-2006, 2:49 PM
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I dont often venture into this part of the boards...but i am glad i did because its reassured me how helpful everyone on here is

MortgageMamma, that was amazing for you to offer to help onmyownatlast by ringing mortgage express for her

Onmyownat last - you are sounding so much happier and soon you will completely rid of your husband and you will have a fresh start!

xx

I gave up jogging for my health when my thighs kept rubbing together and setting fire to my knickers

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# 15
Conrad
Old 28-11-2006, 3:56 PM
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The FSA requires Mortgage Express to 'Treat Customers Fairly (TCF) THROUGHOUT the lifecycle of the mortgage product'.

Furthermore they must demonstrate BY THIER ACTIONS that 'the fair treatment of customers is central to thier corporate culture'.
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# 16
MortgageMamma
Old 28-11-2006, 4:08 PM
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Thanks - people sometimes forget mortgage brokers are human beings with compassion and past life experience of their own. You have the upperhand onmyownatlast, so you will be ok. The missed payments will not stop you getting a mortgage but you may be on a slightly higher rate due to these, make sure you take professional advice and weigh up your options before embarking on another purchase by yourself.

Hopefully you will meet someone really fantastic in future who deserves you. I did, and I still smile to myself as I type whilst I think of him!

Make sure you read the fsa leaflet what happens when you cannot pay your mortgage. You will find it through this link www.fsa.gov.uk


Good luck

MM
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# 17
beanieandme
Old 28-11-2006, 4:11 PM
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Quote:
Originally Posted by onmyownatlast
My husband left me yesterday and our mortgage payment is due on Friday. I can guarantee he will cancel the direct debit and I wont have the money to pay it. What can I do? There is no chance of a payment holiday as I asked a couple of weeks ago and the mortgage company dont offer that facility.

I work full time so not on benefits, the house is on the market already but no buyer at the moment. Our mortgage is huge and there is no way I can cover it on my own and pay other bills like food, gas and electric.

Any advice would be gratefully received.
It may be the last thing you want to hear, but have you tried talking to him about it?
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# 18
rachnbri
Old 28-11-2006, 9:59 PM
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Slightly off the subject but have you informed tax credits of your husband moving out (or made a claim if you haven't already)? Depending on your income they may pay anything up to 80% of your childcare.
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# 19
zag2me
Old 29-11-2006, 9:44 AM
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Seems a good point to remind everyone they should have a savings fund of at least 6 months of mortgage payments for emergency situations like these.

Of course its always easy to say that now with hindsight, but worth reminding people to plan ahead.
Mortgage free 35 year old!!
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# 20
beanieandme
Old 29-11-2006, 9:54 AM
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Yeah, don't get married you mean? lol
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