Break up Mortgage Trap

Gorgeous_George

getmore4less wrote: »

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

how do they get it. Forced sale?

In that case I think it reasonable that the deserter is 'owed' a sum of money based on either...

a. the value immediately following desertion minus the total cost of selling at the time of sale i.e., on their return and once a buyer completes.

or

b. the value at the time of sale minus the total cost of selling at the time of sale i.e., on their return and once a buyer completes.

... whichever is the lower.

The deserter would need a Court Order to force the sale.

The underlying principle is that they should not profit from the AP's efforts to maintain the joint mortgage in their absence. However, they should suffer the losses if the property devalues.

The other key requirement is that the AP should be allowed to sell the property without the deserter's agreement at any time that the lender cannot contact the deserter - even if this leaves a shortfall.

Maybe in this day and age when marriage and commitment is taken so lightly, all mortgages should be made to each individual separately.

GG

Gorgeous_George

getmore4less wrote: »

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.

1. It is the borrower's responsibility to ensure contact details are up tp date.

2. The deserter becomes responsible for all costs as it is their desertion that removes the AP's options.

3. The lender pays for the valuations and recovers the costs from the deserter with interest/fees. The Court fees are paid by the AP who recovers them from the deserter in due course.

4.
a. The example is different. My definition of abandonment is where the deserter refuses to negotiate a split and/or cannot be contacted.

b. My previous post clarifies what I think should happen

Normally, when a relationship breaks down, both parties need to agree a way forward. This may be selling and paying ERCs, EA fees etc., or it may mean one party taking on the entire mortgage and agreeing a sum of money to terminate the joint relationship. This could include an offer for the big telly or leather settee and would, of course, require the mortgage provider's agreement.

GG

GazLC81

Gorgeous_George wrote: »

1. It is the borrower's responsibility to ensure contact details are up tp date.

2. The deserter becomes responsible for all costs as it is their desertion that removes the AP's options.

3. The lender pays for the valuations and recovers the costs from the deserter with interest/fees. The Court fees are paid by the AP who recovers them from the deserter in due course.

4.
a. The example is different. My definition of abandonment is where the deserter refuses to negotiate a split and/or cannot be contacted.

b. My previous post clarifies what I think should happen

Normally, when a relationship breaks down, both parties need to agree a way forward. This may be selling and paying ERCs, EA fees etc., or it may mean one party taking on the entire mortgage and agreeing a sum of money to terminate the joint relationship. This could include an offer for the big telly or leather settee and would, of course, require the mortgage provider's agreement.

GG

I think this assessment is spot on, in my case I did all I could to hold up my end of the deal ie paying the mortgage, loans and all household bills. I haven't broke my contract with the mortgage/loan companies the other party has, she should be the liable automatically for 50% of joint debts. Whether that be taking out a separate loan to pay off half of unsecured debts or just having an agreement in place to pay half of the mortgage each month until an agreement is in place. Not keeping to these terms kind of terms should be a breach of contract and therefore a forfeit to all rights

MissMoneypenny

Gaz you aren't the first person that this has happened to and you won't be the last. Forget about what is and isn't fair as that is negative thinking and focus on what you can do to resolve the problem. Rent it out, take a lodger, take a second job (look on the Up your income board). Cut your spending (look on the old style moneysaving board for cheap healthy things to cook and DFW board on how to cut down your spending). Don't forget you get 25% discount on council tax for a single person. Check to see you aren't being overcharged for your council tax. If you are on a low wage, go to the benefits boards to see if you get any benefit help. Look on the utility boards for how to save money on your gas, electric and broadband (I get 15MBs broadband for less than £2 a month + land line). Don't forget to get everything through cashback sites like www.topcashback.co.uk

You will get through this and come out a stronger person.

GazLC81

MissMoneypenny wrote: »

Gaz you aren't the first person that this has happened to and you won't be the last. Forget about what is and isn't fair as that is negative thinking and focus on what you can do to resolve the problem. Rent it out, take a lodger, take a second job (look on the Up your income board). Cut your spending (look on the old style moneysaving board for cheap healthy things to cook and DFW board on how to cut down your spending). Don't forget you get 25% discount on council tax for a single person. Check to see you aren't being overcharged for your council tax. If you are on a low wage, go to the benefits boards to see if you get any benefit help. Look on the utility boards for how to save money on your gas, electric and broadband (I get 15MBs broadband for less than £2 a month + land line). Don't forget to get everything through cashback sites like topcashback

You will get through this and come out a stronger person.

Thanks for the reply, I certainly don't feel sorry for myself, i was simply using this forum to see if there was anything I could do that i haven't already tried, as it turns out there isn't.

I am a far better person for what i have gone through and know it happens all the time. People go through far worse everyday.....

Thanks to everyone for the replies on here, I hope my next post will be to offer help to others.

Gareth

Gorgeous_George

It is great that the OP is strong and can cope with the situation. Others might not be. It could lead to stress, depression and ultimately suicide. The deserter's actions are possibly worse than those of a violent partner.

In a violent situation the victim can usually walk away and/or seek support from many sources including the Courts.

GG