In arrears over a house we don't want ....help!

Yme_3

Hello all,

I’ll try and keep this as brief as possible but I really need some advice before I go off my head!

My husband & I separated in Sept 2007. I left our home leaving my name on the mortgage and he continued living there meeting mortgage payments up until Oct 2009, when he decided to move into rented accommodation to help with his work. He is not in a position to pay both the mortgage and rent so the mortgage has gone unpaid for 4 months. I have only recently become aware of this and am not sure whether to help towards the arrears since I’ve not been involved for over 2 years.
The property is on the market and has been for 18 months but needs a lot of work doing to it. The problem is neither of us want the property, neither of us has the money to pay the mortgage, it’s not in a fit state to rent out .....need I go on!

Please let me have your thoughts.

Debt_Free_Chick

What interest have you had from potential buyers?

If you've had no offers in 18 months it's overpriced for the amount of work that needs doing.

What does your estate agent say?

Neither of you can just leave the arrears as they are and "do nothing". Is the mortgage interest only or repayment? You need a payment plan to pay off the arrears and, ideally, pay on an interest only basis. If you're on a repayment basis then the lender may not agree to a switch until the arrears are paid off.

You are both still jointly & severally liable for all the mortgage payments including the arrears. You need to work on this together to have all the payments made.

Yme_3

We have dropped the price of the house several times and is definately not overpriced. It's more to do with it's position that people can't see past being on a main A-road. My ex-husband decided to use these particular agents and won't move to another because he says he owes them money - I need to find out more?

The mortage has been changed to interest only to help him meet repayments but is now in arrears. Due to his financial position (heavily in debt) it looks as though it will be me picking up the cost for the arrears and speaking to the mortgage company.

bumblebeeandboy

No offence but every house will sell if priced correctly. It might be on a main road but if the price really reflects this someone will buy it ... you did.

We sold ours 18months ago and we had to drop the price several times and by large chunks. We didn't originally overprice ours but matched the last one sold however we live in different times now and whatever the media spins prices have and are falling. If you want shot drop the price so you become the cheapest and best house in the area (unless this will take you in negative equity). Can you afford to have the house on the market for another 18 months? Get shot of it and walk away with a little/no money is better than chasing the market down and owing money on it!

Charterhouse

If it isn't selling then there are 2 possibilities, one a lot more likely than the other.

1. The estate agent isn't in touch with potential buyers for that type or area of property, so you need to see who is actually selling these sorts of houses and engage that estate agent instead.
2. The house is priced too high. Especially right now when people don't have lots of spare cash you will have to mark it down a lot to take account of the renovations that you say need doing.

Either is a possibility. 1. has happened to me before, but 2. is more likely.

VIGILANT22

In the meantime your credit file will be affected

clearing_out_my_pockets

Yme wrote: »

The mortage has been changed to interest only to help him meet repayments but is now in arrears. Due to his financial position (heavily in debt) it looks as though it will be me picking up the cost for the arrears and speaking to the mortgage company.

I don't want to come across as judgemental, but technically it was changed to help BOTH of you meet the repayments as you are both jointly and severally liable for the debt.

redpete

Yme wrote: »

We have dropped the price of the house several times and is definately not overpriced. It's more to do with it's position that people can't see past being on a main A-road.

If no-one is willing to pay what is asked for it then it definitely *is* overpriced. The correct price is what someone is willing to pay for it, not the amount the seller wants to get for it.

getmore4less

Yme wrote: »

We have dropped the price of the house several times and is definately not overpriced. It's more to do with it's position that people can't see past being on a main A-road. My ex-husband decided to use these particular agents and won't move to another because he says he owes them money - I need to find out more?

The mortage has been changed to interest only to help him meet repayments but is now in arrears. Due to his financial position (heavily in debt) it looks as though it will be me picking up the cost for the arrears and speaking to the mortgage company.

Overpriced.

Whats the otstanding mortgage and current asking price?

Trollfever

but needs a lot of work doing to it.

Put it up for auction.

[STRIKE]Punters mugs [/STRIKE]punters will buy it.




.

motch

Yme wrote: »

Hello all,

I’ll try and keep this as brief as possible but I really need some advice before I go off my head!

My husband & I separated in Sept 2007. I left our home leaving my name on the mortgage and he continued living there meeting mortgage payments up until Oct 2009, when he decided to move into rented accommodation to help with his work. He is not in a position to pay both the mortgage and rent so the mortgage has gone unpaid for 4 months. I have only recently become aware of this and am not sure whether to help towards the arrears since I’ve not been involved for over 2 years.
The property is on the market and has been for 18 months but needs a lot of work doing to it. The problem is neither of us want the property, neither of us has the money to pay the mortgage, it’s not in a fit state to rent out .....need I go on!

Please let me have your thoughts.

Hi, can we have the rightmove link ?