bit of a wait..any advice??

Rainbow_Butterfly

I know nothing at all about mortgages etc, just wondered if it would be worth ringing the court and finding out which system they use.. some are appointments and some are walk in. I was able to book my appt for 2 weeks later, but I know that some courts are very busy and are now taking bookings for end of september. If this were the case at yours then I would make an appt for a few weeks down the line as it can always be rearranged if the business with the house isnt sorted out.
All the best.

xx

So_Sad_Angel

Has the mtge co agreed to the `transfer` to sole name?

Usually it is subject to credit & affordability checks. ( I was a mortgage advisor for many years).The mtge co will be very stringent in making sure that their loan repayment is `safe`. Sorry to say, but I have seen cases where they refuse to remove a name from a where they feel affordability of one party alone is `tight`.

That said ...what can they do? Please consult the debt charities (as DEz says)...I like Nat Debtline as they give immediate help.

Axx

Ole20_2

thanks ange..i am awaiting the application..i presumed that as its in negative equity..and ive not missed a payment..and my partners income when we applied was marginal in assisting with regards to the financial side that it may slip under the net given the current credit environment...i am very aware of this risk and am really hoping they wont take it...does the above info make any difference??

and rainbow thanks ..thinkit might be worht poutting a call in to find out how they work at my local court...thanks

:mad: :eek:

silvercar

I would suggest posting on the mortgage board regarding transfer of equity when (a) you have a bad credit rating and (b) you have negative equity.

Some lenders will want to credit check you again before agreeing. Just to avoid the situation you are in, where the party with the cleaner credit rating wants to be removed from the mortgage liability.

Some lenders also will look at the LTV ratio and negative equity would mean a "no" to any change.

There is also the question of the OR examining recent transactions and deciding that you having sole "responsibility" for the negative equity is unfair on your creditors. To put it another way, the OR might consider it unfair that the partner walks away from the negative equity without having to make some payment to be free of (what was) a joint debt.

Sorry if I'm not being clear. To summarise there are 2 questions in my mind:
a) would the lender allow it
b) would the OR consider the transaction (of removing your ex from the joint mortgage) to be an unfair one.

Ole20_2

silvercar...thank you for the advice...i will post on the board shortly...im new to any of this so its much appreciated..

i should have took her off earlier just emotions take over and at that point i wasnt considering BR so didnt think of long term implications.....my main concern is the mortgage company allowing it...as far as the OR is concerned...i receive rent as my mother now lives there with me and this money is allowing me to afford my priority debts....would they take that into account do you think??

thanks...

peachyprice

Ole, it's not a question as to whether you can afford to stay, or whether your mother helps with rent, taking your ex off the mortgage has no effect on that.

The OR may look at it from the point of view that you are increasing your debts to 'help' your ex not be liable for any negative equity shortfall. Which, if the OR does consider it to be unfair they have the power to undo it.

Ole20_2

fair enuff..well have to see then, does seem unfair as she left in november 2007..should have just done it then..dammit.....worst case id lose the house and wed both be liable...?? :mad:
or mortgage company dont let me change name so we remain liable??
or im allowed to change name but then OR may reverse decision and contact mortgage lender?? is that right??

and if im very lucky...mortgage company agree as ive not missed a payment...and then OR accepts she left ages ago and allows me to carry on??

if i lose the house i lose the house...i wouldnt like to put her in a position that in fairness she doesnt deserve to be in tho..especially as my son lives with her....ill buy the OR a big apple....

silvercar

Whether you can transfer the equity or not:

a) You become bankrupt. You carry on with your mortgage payments and continue to live in the house. The house is in negative equity so someone (possibly your mother) can buy the BI for £1+ costs. The house is then owned by your ex and the buyer of the BI or just by the BI buyer depending whether the transfer is done. Either way it doesn't matter to you as the negative equity means there is no money in it.

b) you become bankrupt and don't buy the BI. You continue to live in the house. You keep up with the mortgage, nothing changes. The OR owns the BI and your ex still is liable with you for the mortgage payments. If 3 years down the line, the house has increased in value so that there is money for the OR, they may want you to remortgage to release that money. In all likelihood there will be no money in it in 3 years time and the OR will give you the BI.

The only time a problem occurs is if you can't keep up with the mortgage payments and the lender repossesses. Then they could chase your ex for any shortfall. Otherwise I don't see it as a big issue, though your ex may have problems getting a mortgage of her own if she is still liable for this one.

Waffling again, but if there is no money in the property and you keep up with repayments, I don't see the transfer of equity as a big issue.

Ole20_2

thanks again silver car...

very stressful time and any waffling is appreciated..i think the experience has made me want ot be an advisor!! the weight and stress thats lifted off me by gaining knowledge on my situation from people like yourself, peachy , tigerfeet etc..on the forum has been invaluable...

peb

Come in to put by 2 pennorth but Silvercar has clearly set out the position so far as the house is concerned. Although the OR can overturn such a transfer it is unlikley if in negative equity - not sure what the Mortgage Company will say afterwards.

TBH I think it unlikely that your current mortgage lender will agree in this climate.