Some advice needed

pollyanna24

iamana1ias wrote: »

Eh? Since when could you just walk away from a mortgage? It would have to be paid off!

Unless, I'm mistaken and it's what I thought most of this thread was about...

The fiance has no financial tie to the house. He pays the mortgage for the house which is in his dad's name.

If he walks away, no one is going to come after him looking for money (besides his dad I guess) as he DOES NOT own the house.

Stephb1986_2

Person_one wrote: »

Does the dad work at all? When your OH came to the agreement with his dad about buying the house at a discount, what was the plan for where his dad would live after signing over the deeds?

Can he not work and pay rent to your OH to cover that mortgage while you and he live elsewhere?

Is he getting any help with his debts from CAB etc? Is he paying them off at all or is he still racking them up?

On the whole it might have been better for your OH to let his dad get evicted, but what's done is done.

I don't know what agreement they came to once he signs over the deeds.
His dad does work sometimes but only selling stuff like screw drivers (at ideal home shows ect) But he smokes so all the money goes to that.

No he doesn't have that sort of money he doesn't pay a penny apart from for his cigs.

He's still racking them up as far as I'm aware he just thinks if you close the blinds they will go away.

JBD

Stephb1986 wrote: »

Yes he was about to be evicted as his wife had left him and the only one who stuck by him was my OH, his dad's debts are uncontrolable he's still doing it now he's not even allowed a contract phone!!

There again, he didn't need to actually buy the house did he? He could have just helped with the rent arrears if he was being so kind as to help his poor old Dad out.Unless he saw the opportunity of making a nice few quid by the right to buy, and it's all gone a bit pearshaped. I suspect the FIL is not the only rip off merchant here.

pollyanna24

iamana1ias wrote: »

But if your OH stops paying the mortgage his credit rating will be screwed for 6 years and there go your chances of getting a house together.

If he keeps the mortgage but moves out you still wouldn't get a mortgage together because his wages are already being used.

I don't think anyone has thought this through.

Why will the fiance's credit rating be screwed? If he stops paying the mortgage and moves out, the fil2b will either have to find the money for his own mortgage or have the house taken away.

Stephb1986_2

JBD wrote: »

There again, he didn't need to actually buy the house did he? He could have just helped with the rent arrears if he was being so kind as to help his poor old Dad out.Unless he saw the opportunity of making a nice few quid by the right to let, and it's all gone a bit pearshaped. I suspect the FIL is not the only rip off merchant here.

How could he be ripping off his own dad when he pays all the bills and by the look of it doesn't have a leg to stand on if his dad doesn't sign the house over?

iamana1ias

pollyanna24 wrote: »

Unless, I'm mistaken and it's what I thought most of this thread was about...

The fiance has no financial tie to the house. He pays the mortgage for the house which is in his dad's name.

If he walks away, no one is going to come after him looking for money (besides his dad I guess) as he DOES NOT own the house.

I read it totally differently.

Stephb1986 wrote: »

We have been together 3 years we got engaged on christmas day, I still live with my parents but my OH has his own house but his dad lives with him as he can't be trusted to pay the bills and look after himself.


My OH pays the mortgage so it is his house. There is a problem I am aware of that as it is an ex council house my OH got a discount as his parents had the house for so many years before but his dad's name is on the deeds or they wouldn't of got the discount. But when June 2011 comes his dad has said he will sign the deeds over to my OH this I've taken with a pinch of salt. My OH is far too soft so don't think he would kick him out.

OP, is your OH on the mortgage or not?

iamana1ias

pollyanna24 wrote: »

Why will the fiance's credit rating be screwed? If he stops paying the mortgage and moves out, the fil2b will either have to find the money for his own mortgage or have the house taken away.

Depends whether OH needed to be on the mortgage or not. Can't see how the FIL would get a mortgage otherwise!

Stephb1986_2

Yes the mortgage is in his and his dads name he pays a fortune every month because his dad has so much debt.

iamana1ias

Stephb1986 wrote: »

Yes the mortgage is in his and his dads name he pays a fortune every month because his dad has so much debt.

Thank you.

Looks like he's screwed.

I'd rethink the wedding if I were you. a) you can't make people choose between you and their parents (you won't win) and b) I wouldn't want my finances linked to anyone that thought this plan was a good idea.

Person_one

So the big question is...who's name is the mortgage in? Who will they come looking for if it isn't paid?

Oops, didn't read the previous posts properly!

If your fiance has responsibility for that mortgage you really really really need to get working on this! You may have to bully the dad into sorting out his debts or at least making some inroads. At 49 why on earth isn't he working properly? He's not a pensioner, I know jobs are hard to find at the moment but it sounds like he isn't even trying. Is he claiming any benefits?

I can't think of a worse idea than getting into a joint financial arrangement with this man. Your fiance will need to wise up a bit about money matters if you want to stay afloat during your marriage.