We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage / Property advice please
Hayzee_2
Posts: 78 Forumite
Hi
I wonder if any of you guys in the know or legal eagles can offer any advice to my friend with the terrible situation she now finds herself in.
She currently lives in a property with her grown up son, which was valued at £380,000 about 5 years ago and thinks the current value to be around £400,000.
It was her original marital home. After divorcing she met her new partner who paid her ex husband £30,000 pay out. His work involves working in the USA for periods of time, usually around 2 months at a time, buying and selling land. The property was then re mortgaged for £300,000 to help fund this business. Both names are on the mortgage.
However he has now disappeared in the USA & she has not seen him for nearly four years, has no contact address, only a mobile telephone number. He had paid the mortgage until about 4 months ago. He has said he is going to return to sort things out, and was due to return recently, but he has remained elusive & last excuse was he cant return due to family illness. She is unable to make any payments on the mortgage herself.
She is now very worried, with dwindling equity & possibility of foreclosure from the mortgage company.
We realise she needs to act quickly & seek professional advice but any thoughts or option ideas here would be very much appreciated.
Thank you
Hayzee
Mods please move if posted in wrong section.
I wonder if any of you guys in the know or legal eagles can offer any advice to my friend with the terrible situation she now finds herself in.
She currently lives in a property with her grown up son, which was valued at £380,000 about 5 years ago and thinks the current value to be around £400,000.
It was her original marital home. After divorcing she met her new partner who paid her ex husband £30,000 pay out. His work involves working in the USA for periods of time, usually around 2 months at a time, buying and selling land. The property was then re mortgaged for £300,000 to help fund this business. Both names are on the mortgage.
However he has now disappeared in the USA & she has not seen him for nearly four years, has no contact address, only a mobile telephone number. He had paid the mortgage until about 4 months ago. He has said he is going to return to sort things out, and was due to return recently, but he has remained elusive & last excuse was he cant return due to family illness. She is unable to make any payments on the mortgage herself.
She is now very worried, with dwindling equity & possibility of foreclosure from the mortgage company.
We realise she needs to act quickly & seek professional advice but any thoughts or option ideas here would be very much appreciated.
Thank you
Hayzee
Mods please move if posted in wrong section.
0
Comments
-
Anybody, any options, best way forward with this,
Ta0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards