Advice with Neg equity and DOP

RaptorUK

Hi Ppl, I am divorced and living with my new partner. The situation is that for the last five years I have paying for the mortgage on our old house and my ex wife has been living there with our two children(19/20), one child has now left and the other is due to move within the next 6 months, my ex would also like to move in with her boyfriend but her name is still on the mortgage and secured loan.
The house at todays market value is around £112,000 previously £135,000, we have around £112,000 outstanding on the mortgage and £12,000 outstanding on a secured loan. I believe that the secured loan company will not release the deeds unless we can pay the settlement figure, thus putting us into a catch 22 situation. Can anybody advise our options, 'it is unlikley that we would be able to raise the funds to clear any deficit in the mortage or secured loan'...?
Thanx in advance.

Cannon_Fodder

Rent it out until the market recovers sufficiently? You'll need consent to let.

RaptorUK

That was one of my three options

1) Continue paying with 1 child living with Boyfriend
2) Paying 1/2 with 1 child living with Boyfriend, this will release money to pay off a credit card.
3) Renting.

Many thnx

Already asked whether we could remove my wifes name and there is not sufficient equity