Break up Mortgage Trap

Gorgeous_George

By Court Order at any time up to the death of the deserter or from their estate. Just like any other debt.

:simples:

GG

GazLC81

opinions4u wrote: »

Such as?

While I am genuinely sympathetic to your situation, what warnings would have stopped you getting there?

You take on a debt jointly with somebody else. Somebody does a runner. You're left with the debt.

It's clearly stated in the T&Cs, a solicitor acting on your behalf will also spell it out - both individuals are liable for the whole monthly payment. It's also common sense. End of.

Do you really think that you would have backed out of taking the mortgage if there was a health warning on a mortgage advert or quote from the lender stating "IF YOUR GIRLFRIEND RUNS OFF TO PORTUGAL WITH THE MILKMAN YOU REMAIN LIABLE FOR THE WHOLE MONTHLY PAYMENT"?

It's not about giving warnings as such, just something in place to help those left behind. The law doesn't protect the innocent party. I have done all i can to keep this mortgage paid and struggled tbh, she however is living in ignorant bliss, how can this be right?

opinions4u

GazLC81 wrote: »

It's not about giving warnings as such, just something in place to help those left behind. The law doesn't protect the innocent party. I have done all i can to keep this mortgage paid and struggled tbh, she however is living in ignorant bliss, how can this be right?

I quite like some of the ideas raised by GG above (he's often on a very different wavelength to me, but could be on to something with this one).

The difficulty I have is identifying who the innocent party really is.

A young lady who leaves the property, area, job and debt behind to escape a violent boyfriend?

In these situations the "facts" can often be muddied. Who is at fault is not always clear cut.

GazLC81

opinions4u wrote: »

I quite like some of the ideas raised by GG above (he's often on a very different wavelength to me, but could be on to something with this one).

The difficulty I have is identifying who the innocent party really is.

A young lady who leaves the property, area, job and debt behind to escape a violent boyfriend?

In these situations the "facts" can often be muddied. Who is at fault is not always clear cut.

or violent girlfriend i think you should have added.....

In some cases it is blindingly obvious who the innocent party is.

cavework

1989 .. left my OH and rented .. long story . OH had the option to take over the mortgage plus any equity and rent out 2 bedrooms in return for no maintenance payments.I effectively gave him the property
OH decided I would walkaway with 'nothing' . Tried to get mortgage on my own for the property but earnings were not enough..He made no mortgage payments for 12 months or maintainance payments
House was repossesed .. I ended up paying a shortfall of £1000 which was negotiated down by me from £3000, that was 3 years later after being told by the Building Society there would be no shortfall at the time of the repo.
If you can .. hold onto the property but make sure she has no further claims, get a really good solicitor.. get her off the agreement, rent out spare rooms..work your butt off for a few years, I would have done if it was possible
If the property is repossesed she won,t be living in ignorant bliss forever, but you will loose shed loads of money .
Good luck , wishing you all the best.

Gorgeous_George

The law protects those suffering violence. The guilty party financially is the one refusing to pay their half of the joint mortgage. The innocent party is the other one.

People should not be able to walk away from their responsibilities. I bet if prices rise by 20% for three years the OP's ex gf will be back for her share of the equity.

OP. Your happiness is the best revenge. Let her rot.

GG

getmore4less

Gorgeous_George wrote: »

By Court Order at any time up to the death of the deserter or from their estate. Just like any other debt.

:simples:

GG

I think you mis - understand , the deserter returns and is owed money,

how do they get it. Forced sale?

GazLC81

getmore4less wrote: »

I think you mis - understand , the deserter returns and is owed money,

how do they get it. Forced sale?

Theyn don't have to force sale, the fact reamins that by law the 'deserter' still owns half of a property that is going up in value, at some point there will be a benifit to them.

Cavework - Thanks for the reply, i would love to get a solicitor but with all my financal commitments now i can't afford one.

However I have had some good news, after being on the phone to my mortgage company A LOT, i have managed to get them to agree to allowing me to let the property out without any details from the other party. Unfortunatly she still needs to sign a form but thats all.

My next step will be to try and get them to put the mortgage in my name using the same logic, which is, she has been gone nearly 2 years and in that time I have paid the mortgage, i can prove this, and she has no interest in the property or repayments. Fingers crossed a bit of common sense will prevail!

GazLC81

George - I am happy, dispite this hanging over me I couldn't be happier! Thanks

getmore4less

Gorgeous_George wrote: »

The law needs to be changed to protect the abandoned party (AP). Something along the lines of...

1. When notified of abandonment, lender notifies Experian and Equifax immediately to prevent further debt being accrued by the deserter.

2. Lender tries to contact deserter - initially by post or telephone and by placing a notice of default in the local press if contact not made within one month.


3. After one month, property to be valued by three valuers/EAs and a value agreed with the AP. Total cost of selling to be calculated (including early repayment fees, estate agent fees, legal costs etc.) and agreed with a Magistrate.

4. AP chooses to stay in the property or not...
a. If staying, AP pays all bills and mortgage. If the deserter returns they have no claim on the property other than the value agreed at 3. minus costs of selling.

b. If not staying, AP pays all bills and mortgage but is granted a court order to recover ALL costs from deserter when found - with interest added at the mortgage rate. AP can change the locks and refuse entry.

The law MUST protect the innocent.

GG

So lets look at this again,

1. how go you stop malitious claims for abandonment.

2. Who pays for this? And how, person address is the house they part own.

3. Who pays the valuations and the court fees?

4a. Still equity, person reappears to claim the equity**
4b. 3 has set values so now further price drops are all on the AP.


There already is a mechanism to protect the AP, bankruptcy
It would be cheaper for the AP to just backrupt the other person.

EDIT: withdraw, Actualy not that easy with no debt to claim against.


**The senario here is couple split up, A want to sell to get their equity, B refuses, currently it would take ages to force a sale.
A now just has to leave, set the Abondonment in progress and after a month there are valuations done wich establish the equity owed to A, A returns and claims their money. B has to pay this and in a falling market they could be forced to sell at a bigger loss and take the hit.