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

Conrad

Gorgeous_George wrote: »

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

GG

Some people say this with every crash, but prices always recover. Property is most people primary wealth store. The care for it, they improve it, they add to, the covet it.

Nothing will change this. The current prices reflect the mood and lack of funding. Both WILL improve.


Price will fully recover within 3 years.

Trollfever

Price will fully recover within 3 years.

To Summer 2007 levels?


.

Gorgeous_George

Conrad wrote: »

Some people say this with every crash, but prices have always recovered in the past. Property [strike]is[/strike] has been most people's primary wealth store over recent history. They care for it, they improve it, they add to, they covet it.

[strike]Nothing will change this. The current prices reflect the mood and lack of funding. Both WILL improve.[/strike] Past performance is no indication of future returns

My changes in red

Conrad wrote: »

Price will fully recover within 3 years.

I disagree. I think that it is different this time. Last year I was offered more than 10x my salary for my home. I do not think it will ever be 'valued' that much again.

GG

moneyangel22

My ex will not let me sell the house and make such a loss and even if he did I would not be able to get a loan to pay the shortfall and neither would he. I cannot sell my new one as I would make a loss on that too. I do not have any savings to spare.

moneyangel22

How does it work with the deeds? if he signs the deeds over like he is supposed to does that mean i can do what i like even though the mortgage is still joint?

beecher

Conrad wrote: »

Some people say this with every crash, but prices always recover. Property is most people primary wealth store. The care for it, they improve it, they add to, the covet it.

Nothing will change this. The current prices reflect the mood and lack of funding. Both WILL improve.


Price will fully recover within 3 years.

Don't know how you can be so definitive about this. I can't see house prices increasing by 40% in the next 3 years my street, which is what they'd need to do to be back at 2007 prices. It is certainly dangerous to assume this will definitely happen.

To the OP, will you be able to rent out the second property for more than your mortgage? Have you got permission to let both of these properties? I think you need professional advice on your options - selling both properties and taking the hit might be best in the long run, particularly if you're renting at a loss.

moneyangel22

Can anyone tell me what it means if my ex takes his name off the deeds but we still have a joint mortgage? does he have any say in what happens with the house? He is still demanding the lease for the tenants is in joint names and he has a say in what goes on with the tenancy!

Gorgeous_George

You seem to have two choices:

1. Keep the house in joint names. You are both liable for the whole of mortgage and you will share the ever-increasing losses until you both decide to DEAL and take the banker's offer.

2. Stop paying the mortgage and play hard-ball. Go down the repo route but shelter as much money as you can.

GG

moneyangel22

Thanks GG but cant do either.

Opion 1 - ex refuses to pay half and i dont want to damage my credit by not making repayments etc...the court order indemnify's him against any costs anyway...i was hoping he would be reasonable and agree to share costs anyway but fat chance. Even though its not costing me much every month.

Option 2 - again...dont want to damage my credit, especially as im just about to buy a new house with my new partner.

I dont see theres any way i can get him off the mortgage at the moment, but he HAS to take his name off the deeds per the court order. Just wondered if he still has any say once thats done?

Gorgeous_George

I think it's a catch 22 situation. Neither option is desirable but I cannot see what else there is. You can go back to the Courts but i doubt their effectiveness - it's not like he's a speeding motiorist or an 80 year old Council Tax avoider.

I think you need to seek professional advice - or find a hitman (only kidding - honest-ish).

GG