A kind sole to help at Christmas!

bunny25

Hello folks Daughter and fianc! split 2 years ago. They had a mortgage. There was a verbal agreement between them that she would discontinue paying in July 2007. Now December 2009 the partner wants her name off the mortgage and wants her to pay a large percentage so he can buy it with his new pregnant partner of 2 ½ years. They have been living together and paying the mortgage as a couple. I imagine they will be getting married. Now fianc! he wants my daughter to pay 17 ½ thousand pounds (that she doesn't have) so that he becomes the sole name on the mortgage. Any ideas on if she has to pay this money or what to do? Thank you so much....

987654

What is the current value of the house & mortgage outstanding?

Just to be clear, she hasn't paid anything towards the mortgage for 2 years but her name is still on it?

bunny25

Oh thank you so much! No she hasn't paid anything as the new partner took over helping to pay the mortgage. The house is negative equity. Not sure how much is owed? .... her name is still on the mortgage.

bunny25

bunny25 wrote: »

Oh thank you so much! No she hasn't paid anything as the new partner took over helping to pay the mortgage. The house is negative equity. Not sure how much is owed? .... her name is still on the mortgage.

This is a tricky one isn't it... However, it does feel good to be able to ask other pepees for advice. I will see if I can be of any help to others here. X B.

theartfullodger

If the property is in negative equity then the man wanting daughter to pay money is just hoping (sorry...) she'll be mug enough to sort out his financial problems....

Think she needs to decide if there is an realistic chance of the property becoming worth anything (current.value less mortgage outstanding etc): If no she might want to consider declaring herself bankrupt: That way at least she can start again with a clean sheet...

bunny25

Pepees like you are so kine. THANK YOU. Ohhhhh. What a headache. You just think you safe and then this. My friend, again, THANK YOU. I/we thought as you are thinking. You just made us feel a whole lot better. x B.

luckyfool

She is jointly and severally liable for the mortgage so if the property is sold and there is a significant shortfall then it will fall on both her and her ex.

I certainly would not be recommending bankruptcy without knowing alot more about her circumstances as it should really only be a very last resort as it will make it impossible for her to get any credit for quite some time, and make any credit after that very very expensive.

bunny25

Thank you. Your help is really appreciated. x B.