Please help...desperate to solve problem of house with ex

moneyangel22

Hi everyone,

Please help me I am desperate and out of ideas, I want this man out of my life!!!

I still have a house in joint names with my ex-husband. We cannot sell it in this market so have been renting it out. The rent doesnt cover the mortgage and I am paying all losses. I got a court order to say he has to sign deeds over to me and I have to try and get him taken off the mortgage. I tried to do a transfer or equity through current lender but they said no, even with my new partner on the application. I cannot get a mortgage elsewhere as I cannot afford to put more money down (i currently have 95% mortgage on it but they would only lend 90% so would want the difference).
I dont know what else to do. I have bought a new house which I am going to rent out too because i lost my job and had to move in with my partner. All very complicated i know so i dont want to keep applying for mortgages as they all go on my credit report. To make matters worse my new partner and I want to buy a bigger house so will need another mortgage!

My ex-husband is getting awkward, demanding to have input on the rental of the house etc...doesnt pay anythng towards the losses but still will want half of equity when its sold! I just want him out of my life (but cant sell house now as its in £20k negative equity!!!)..

Please help!!!

Cannon_Fodder

If he wants the equity, why don't you agree to come off the deeds, and tell him he can have it, if he can re-mortgage and pays the mortgage from now on.

You get to avoid the NE that way, if he is stupid enough to think it has equity.


If he refuses or cannot re-mortgage, the only other option appears to be sell the new house - if that has any equity...

Then you will, hopefully, have some funds to re-mortgage, or sell and pay the negative equity of the first one.

Your ex will then need a strong reminder that you are both equally liable for negative equity.

If he keeps making "demands", you "demand" that he pays the mortgage on the property...

A solicitors letter might make things clearer for the hard of understanding.

You must put your new plans on hold until this is resolved. You don't want another property appearing as an asset, if you get into complications that lead to bankruptcy or some such.

moneyangel22

He cant get a mortgage on it cos he doesnt earn much.

My house has no equity either at the moment.

The court order I obtained says I have to pay the costs associated with it because he is supposed to sign the deeds over. I am quite happy to keep paying if it means he has no say over what happens or any entitlement to any equity in a few years when it can be sold.

I just dont know what to do!

SouthCoast

I just dont know what to do!

Take advice from your solicitor.

moneyangel22

My solicitor is rubbish. They say there's nothing I can do but surely that can't be it???

Batchy

Why don't you sell it then get a personal loan EACH to cover the negative equity!

Seems the only way to cut all ties and a good method too.

I dont understand why people want to keep these properties in a falling market, even when house prices do rise again, by the time that happens the hassle effort and messing about will have cost you a fortune anyway.

It could get a lot worse before it gets better!

Just get out... if you can!

Batchy

The when you do get out and buy a property with your new partner if properties do rise, then your new house equity will cover your previous loss!

:-( its a shame but the way it works

Conrad

Your only option is to sell it.

You cannot remortgage as you say so I'm not sure I understand the premise of your post - what other options would you expect?

Conrad

Or wait for prices to recover and sell later, but it could be a while yet.

You say you bought a new home, so I'm thinking you had a depsot for that one. Could you not then sell the new one and use it to repay the neg equity?

Gorgeous_George

We need to understand that a joint mortgage is more binding than a marriage and/or children.

You say that you have a 95% mortgage but that you are in negative equity . How much does your ex want? Even if the house is in negative equity it may be worth paying him a few grand to get him to agree the sale.

The second house is in your name alone, right? If so, sell it and rent or move in with the new partner while you sort out the first property.

Once the first property is sold, you will be in a much clearer position to buy another house. Be warned, if this relationship fails you may well have the same problems again. Best agree an exit strategy before committing yourself to another joint mortgage.

GG

Gorgeous_George

Conrad wrote: »

Or wait for prices to recover and sell later, but it could be a while yet.

I don't think prices will recover - ever. Certainly not in our lifetimes.

GG