debt with ex, house under threat of repossession

sunlituplands_2

not sure if this is the right forum and i'm not sure if i know where to start.

i split up with my partner about a year ago. a year prior to that we moved house taking on a much bigger mortgage (seemed like a good idea at the time) we ad been togther over 10 years. i decided to move out and because the split was my decision i basically just said, i want to go, keep the house. I didnt come off the mortgage but it was always the plan.

I knew money was tight for both of us as it vey often is with divorce/seperation. i wasn't contributing towards the mortgage as i had my own rent to pay, and although the ex said he had missed 2 mortgage payments he told me that he had soken to bank and was now back on track with an arrangement to pay a bit more each month to clear the arrears. Well i've now found out (he wasn't passing on all my post it seems) that he missed a lot more than 2 and now we have almost 10k of mortgage arrears and i have had to arrange another agreement with the bank but it is now at the point where we HAVE to go to court to get the repossesson order suspnded. If we sell the house we will end up still owing the bank due to the arrears on top o the mortgage and the fallen house prices.

he is so frustrating, he has prioritised all the wrong bills, i want to shake him! he could have paid the mortgage if only he had got his bill priorities straight and adapted his lifestyle. He just hasn't cut his cloth to suit from what i can see.

So now i feel duty bond to try and help him sort himself out when i struggle each month myself.

The good news is the bank have agrreed the repayment offer, but it seems like i am going to be tied to the ex for quite some time. How easy will it be to just give him the house now?

rant over!

tiff

You cant totally blame him when you walked away from the mortgage a year ago and havent done anything to remove yourself from it!

sunlituplands_2

no i don't at all, i just wish he would have been more honest and we could have taken steps and measures to help him before it got to this. i was constantly asking how everything was etc and he has at best been in denial at worst constantly lied. he decided that he wanted to keep the house, and i basically said ok and hardly even took anything from it although all the possessions were bought together and the deposit we put down was half mine, so if he keeps the house then when prices pick them self back up again he will have done very well out if this and i will still be in rented accomodation with no chance of getting back on the ladder.

CLAPTON

to split financially he will have to remortgage in his sole name

whether the mortgage comapny will agree will depend upon his income, LTV etc like any other mortgage application

unfortunately as you/he is now in arrears this will be difficult

best to discuss with the mortgage company

GeorgeUK

If he is struggling with the repayments but able to stick to the repayment plan, then it looks like you will be joined financially with him until he is able to sell the house (is this his intention now?)

If he does not intend to sell the house then i'm really not sure what you can do.

I guess the 'fair' thing to do would be when he sells the house any profit is split between you at the % each invested in the property. If he isn't planning on selling, he would need to 'buy you out' and get an equity release mortgage or something - this would require that there was equity in the property and that he was in a position to make the payment though. It doesn't sound like either if these would be the case.

You might be able to ask your mortgage company for advice, but it doesn't sound like his credit record will be very good. Sorry i can't come up with anything positive.

DarkConvict

If we sell the house we will end up still owing the bank due to the arrears on top o the mortgage and the fallen house prices.

That is the problem, you will both be chased for full payment,
200K mortgage
10K Arrears
180K House

You would both have to pay a total of 30K between you, and legally you don't have to pay equally, he could be an !!! and refuse leaving you with the 30K to pay off, putting you both in a bad position.