Partner left - wont pay mortgage

wilsonjones

Hi

My partner left me last year after he has an affair and we put the house that is in joint names up for sale. Due to the climate, the property still hasn't sold after 10 months. He has been giving me money towards the mortgage payments up to now, but has now told me that he needs to reduce his outgoings and the CAB have told him to stop paying. So he has !

We had to get an interest only mortgage in the first place with high rates because he was already tied into another mortgage at the time and lent a large sum based on his salary and I paid the deposit. Idiot i know!

I am unable to pay the full amount of the mortgage as well as bills etc come the 1st of the month. I have dropped the price of the house to as low as i can afford, but to be honest we bought at peak time.

I'm at my wits end now as I have been told that I am either being made redundant at work or have been offered another job of 4k less salary. I am not on a good salary to start with.

I have spoken to the mortgage lender who were near to useless and said that if he stops paying anything I am liable and if I cut the amount i pay, it will effect my credit rating in the future.

I see no way out of this mess at all.

Does anyone have any ideas please??

Thanks

Mrs_Bumble

Who did you speak to at the lender? You will need their collections/arrears department, who are required to assist you, see the leaflet.

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

As already stated you are both jointly and severally liable for the mortgage payment but if he isn't going to then the lender will pursue you. A payment arrangement will affect your credit rating but there is no avoiding this unfortunately if you can't afford the full monthly payments. An agreed arrangement that is maintained however is better than allowing the mortgage to slip into arrears.

Are you in a position to take in a lodger to help with the costs?

Who is the lender?

wilsonjones

Thanks for the leaflet.

The mortgage lender is Halifax and I have spoken to both the Financial Difficulty line and the Arrears line. I cant believe he can just stop paying, he signed a legal document.

I think I am going to have to think about a lodger, but I am going to have to furnish the other bedrooms as "he" took the furniture with him. I have dropped the market price and I am thinking of putting it up with another Agent.

Mrs_Bumble

Well if you can take a lodger and it means that you don't need to make an arrangement then that will help on the credit file aspect side of things.

From the lenders point of view they have 2 people that are responsible for the mortgage so if they can't get one to pay then the other will have to or action will be taken against both! Potentially repossession etc.

What annoys me is that CAB and solicitors dealing in matrimonial type disputes often advise to stop paying the mortgage etc without considering the impact it will have on other parties and credit history etc.

Hope you get something sorted

Rikki

wilsonjones wrote: »

Thanks for the leaflet.

The mortgage lender is Halifax and I have spoken to both the Financial Difficulty line and the Arrears line. I cant believe he can just stop paying, he signed a legal document.

I think I am going to have to think about a lodger, but I am going to have to furnish the other bedrooms as "he" took the furniture with him. I have dropped the market price and I am thinking of putting it up with another Agent.

They can just stop paying. My ex walked out and stopped paying. leaving me with a the mortgage and two small children.

Keep the mortgage company informed as they have to help more now than they did ten years ago for me.

TotallyBroke

Sign up to freecycle to furnish the spare room. Have a look at gumtree also someone with their own furniture maybe looking for somewhere also.

Sponge

Mrs_Bumble wrote: »

As already stated you are both jointly and severally liable for the mortgage payment but if he isn't going to then the lender will pursue you. A payment arrangement will affect your credit rating but there is no avoiding this unfortunately if you can't afford the full monthly payments.

As they're both on the mortgage, would a payment arrangement not effect her partner's credit rating too? If it does, surely he needs to be informed that as you can't afford the mortgage repayments a payment arrangement of some sort will have to be pursued, effecting both yours and his credit score.

Make sure he knows his actions will effect him, not just you. Maybe then he'll be more willing to assist?

It sounds like you need to seek professional advice. Your home is at risk if you don't. If nothing else, ask the CAB what you should do in light of the advice they gave your partner?

Pssst

If he wants to play hard ball ,so be it. Speak to him and tell him that as of X date, you too will stop paying the mortgage. this will lead to repossession and you will both then be liable for the amounts involved AND you will probably have lost any equity in the property. A trip to the CSA might also help if there are children involved. He is trying to wash his hands of it but he cant. He might not live there but he is still liable.

wilsonjones

Thanks all.

Theres no children involved, its just me on a very low wage compared to his.

I have told him that if it gets repossessed it will blacklist him too, but he says it cant be helped. He has moved into a house owned by the new woman and said he wont need to get another mortgage so he's not bothered. He has no equity in thr property as i paid the whole deposit and the house prices have dropped. I'm sure it would be a different matter if he was coming into money!

I went to a company who buy properties under market vlaue to see if it was just a way to get out, but they offered me 55k less than the asking price, not enough to cover the mortgage.

I will take a trip to the CAB, typically they are closed on a wednesday!

Pssst

But he needs to understand that the mortgage company WILL pursue him and you for the outstanding amount. Its not just a question of handing keys back.

They will sell the house at below its value, and they will pursue both of you for the deficit and all costs involved. He thinks he is sitting pretty but he wont be.

Rockporkchop

Would you be able to move somewhere else and rent out the whole property? I know the rental market is up and down at the moment but you might be able to get someone in and at least cover the mortgage.

Would your mortgage company let you take a payment break for a few months if you spell out your position in writing? Unlikely but worth asking.

Or would you be able to increase the term of your mortgage temporarily (i.e. to 35 years or so) to reduce your monthly payments just until you get sorted?

Awful position to be in, I hope things work out for you.