obtaining mortgage after repossession

helencw

My husband and I have been separated for 2 1/2 years, he promised to pay the mortgage until our children left home and i tok on the payments for a loan secured on the property, so cannot contribute to the mortgage!

A short while ago he announced that he was not paying it any more as he cannot afford it. His salary has gone up, and he does not have any more commitments! I have just heard today that the mortgage is two months in arrears, and after speaking to my solicitor the only option is to go to court to fight for him to keep paying until the house is sold, that could cost £5000, money which I cannot afford to loose.

I am prepared to give up the house, but I want to be able to be able to get a mortgage at the end of all of this, I dont want to have to end up with a life of renting. I have a good and secure job, so repayment is never going to be an issue. I am not in debt, and my credit rating is good, although I am sure it is dropping as we speak. Has anyone got any ideas.....please!! Thank you:D

Diggerbitdeeper

Hi Helen, you need to avoid having your home re-possessed at all costs.
My advice would be to do all the following things

1 Go to Citizens Advice Bureau
2 See if you can restructure your existing finance using an Independent Financial Advisor
3 Get a free consultation from a local solicitor - (that is another opinion)

If anyone can offer any other avenue?

Good luck!

Mrs_Bumble

ARe you named on the mortgage?

If you are named on the mortgage as well as the secured loan then you are jointly and severally liable for the debt which means that the lender will chase you for the mortgage repayments, as well as your husband whether he likes it or not.

If you are named on the mortgage then speak to the lender asap to see if there is anything that can be negotiated in the meantime.

Solicitors often recommend that course of action but at the end of the day is spending out the money on legal fees going to make him contribute? The lender will take court action eventually.

If you are named on the mortgage and the property gets repossessed then your chances of obtaining another mortgage in the current market are zilch.

This leaflet is the FSA guide about problems paying your mortgage what to do etc, there are organisations that you can contact contained within.

http://www.moneymadeclear.fsa.gov.uk/pdfs/mortgage_cantpay.pdf

These guys might be able to give you some advice or pointers as well

http://www.communitylegaladvice.org.uk/

Conrad

If it's already 2 months in arrears, you will not get another mortgage from anywhere other than a very high rate outfit, and even then they might decline.

You would have to rent for at least 1 year following completion but even after the that, you will be fairly lucky to obtain a mortgage with a prime lender as the arrears will stay on your record.

All the best

Conrad

sorrythis post Ive just erased was feedback on a music forum I was on at the same time!.

Dan_1976

Busy then Conrad LOL

I am not sure that cant lose the house at any cost. Dont ruin your life and stress over bricks and morter!

Get a rented property, sell or give the house back and buy again in a few years.

With arrears your going to struggle anyway!