Two mortages, one divorce and an ex-husband who could be going to prison!

nickernacker

Hi all, I have an extremely difficult problem that I wonder if someone might be able to assist me with?

My ex-husband and I separated in May 2008 and I have a very strong feeling that he is going to be sent to prison later this year.

The problem is that we currently have two flats together (both of which are in negative equity - one by £20k and the other by about £10k). I have had no dealings with either property since the split and I believe he has been keeping up the mortgage repayments.

However, our separation has been extremely difficult to say the least and we are no longer on speaking terms. These flats are the final obstacle between my past with my ex and my future without him.

I really want to move on with my life and my new partner and do not want the burden of these two properties hanging around my neck for any longer than is necessary, especially as my ex may be in prison for a number of years for reasons which I do not wish to go into.

I believe both properties are both rented out at the moment but have no idea to whom and for how long and how much. I certainly would not be able to keep up repayments on either property if my ex were to be sent to prison.

The only trouble is that I'm not sure if my ex is working or not and therefore I can't simply ask him to take my name off the mortgages and deeds.

Does anyone know of any other options I could explore given that he wont cooperate to sell, and they probably wouldnt sell quickly in this market.

Any advice you could provide would be very much appreciated.

CloudCuckooLand

You remain "jointly and severably liable" for the potential debts, whether his incarceration, or a simple failure to find tenants, leads to repossession.

Speak to a solicitor.

Find a neutral go-between to establish communication with the ex. It could be your solicitor, but he might be more amenable to a mutual friend or acquaintance.

Sticking your head in the sand will not answer vital questions to help come up with a plan for the benefit of both of you.

Or you could face a £30k bill while he gets free accommodation courtesy of HMG.

vandanfc

Have you contacted the mortgage companies at all to ask about removing your name from the mortgages ? If not, make those calls and find out where you stand with them.

poppy10_2

vandanfc wrote: »

Have you contacted the mortgage companies at all to ask about removing your name from the mortgages ? If not, make those calls and find out where you stand with them.

She can't simply call up and get her name removed from the mortgage - no mortgage company in the land would do that. At the moment they have two people to chase for the mortgage debt, they are both jointly and severally liable for the whole amount. They won't willingly give that up unless the ex-hubbie is willing and able to remortgage and take on the whole debt - which he has no reason to do.

Radiantsoul

You need to deal with this one asap. You can't be sure about how much the negative equity is as it is bound to have increased whilst he hasn't been paying. Also if the bank takes possession they will add their costs onto the debt.

You are jointly liable for the debts, and if he is in prison no mortgage company is going to bother pursuing him for the shortfall as you only earn a few quid a week selling mailbags.

Deal with this asap. You need to remove the emotion from the issue, which is something solicitors are good at dealing with. I would suggest you contact the mortgage company directly, ask them if they are receiving payments and how much is outstanding. A mortgage company might be prepared to release you from the liability, but it will take a lot of money.

AMILLIONDOLLARS

I know you do not want to have any contact with your ex, but you will need to discuss the situation with him. If he is due to go into prison, it would be in his own best interest to try and safe guard his investments for the long term. As you jointly own the property together it would be sensible for you manage both properties until they are sold. Try to arrange mediation, or talk through solicitors. If these properties are repossessed, it will not do both you or your ex any favours in the long term.

Good Luck and Happier New Year
AMD

nickernacker

Thank you all for your advice. I hav tried getting hold of my ex but he has gone to ground so can't even get so much as a peep out of him.

I have contacted both mortgage companies and they wont remove me from the mortgage. My ex will have to apply for a transfer of equity pack which they will then assess and seeing as I can't get in touch with my ex it doesnt look as though I am going to be successful in any case.

Looks like my only option is to contact a solicitor.

Thanks again,

VIGILANT22

nickernacker QUOTE Looks like my only option is to contact a solicitor.

You are right.....This is the correct way forward...I am afraid suggestions to contact lender etc are completely useless and should be disregarded...this would only frustrate you as they would also end up telling you the same..Good Luck..

MascaraMinx

Also, depending what your ex is being prosecuted for, he may be subject to confiscation proceedings under Proceeds of Crime Act in which case you would need legal advice on how this may affect your financial interests. Get on to a solicitor asap. Good luck.