Mortgage on relationship break-up

getmore4less

As has been said you need to look a debtfreewanabe(DFW).

Based on what you have said you are now in debt because you tried to keep this mortgage going.

If you are strugling then you will need a plan and reprioritise where you allocate your money.

this swill put the unsecured debts at the bottom of pile.

Secured debt you normaly try to keep going but since this is a bit of a liabiliy you can't afford you may be better f giving up on this as well.
(seek further opinion)

What is the best option will depend on the detail but once the Mortgage company realise you are not able to afford this mortgage and won't be paying it they may start looking at the EX for some money.

This has gone beyond just a mortgage issue

DO NOT PAY for debt help there are free services to help.
DFW is where you need to go next.

Gorgeous_George

I'd stop paying the mortgage/bills and move out into rented or back with family.

At the moment it must feel like you are swimming through glue. She is every bit as responsible for all of the mortgage and negative equity as you are - whether she lives there or not. You are skint and on the verge of bankruptcy because of this b1tch. Let her suffer a bad credit record as well.

It's time to get angry.

GG

Debt_Free_Chick

Whilst you are both jointly and severally liable for the mortgage repayments, it's doubtful she owes you anything when she's not occupying the property.

If she got legal advice, she would almost certainly be told that under the Trusts of Land and Appointment of Trustees Act 1996, she is entitled to charge you occupation rent. In other words, she can charge you for renting her share of the property. That would probably cancel out her share of the mortgage payments. In the current climate, you may well owe her money!!

Like a landlord, however, she ought to share in maintenance costs - but, again, her share of the rent probably covers that too.

The mortgage company don't care who pays what - they simply want the repayments, whether they're paid by one party, the other or both, in whatever shares they (the mortagees) decide.

Gorgeous_George

DFC

That is the advice of a woman. If the OP had left, would you be saying that he should demand rent.

Move out OP and stop paying. Then be as awkward as you like and sign nothing.

GG

Debt_Free_Chick

Gorgeous_George wrote: »

DFC

That is the advice of a woman. If the OP had left, would you be saying that he should demand rent.

Just that the rent cancels out the share of the mortgage repayments. When I moved out, I continued to pay my ex half of the mortgage. He moved out, I moved back (as I had to live somewhere and my tenancy was up anyway) ... but he pays nothing! I'm just highlighting the legal position. What people do, morally, depends on their own conscience

Move out OP and stop paying. Then be as awkward as you like and sign nothing.

GG

This won't get around the liability for the mortgage, though.

And the OP will have to live somewhere. If he can live elsewhere with lower outgoings, fair enough. But this might be the cheapest option.

OP - get a lodger.

Gorgeous_George

I commend you for that and apologise if my response was a little unhelpful.

If the flat was worth more than the mortgage you can bet your bottom dollar that the ex would be rather more helpful and would be asking for the property to be sold - even if it was below market value and against the OP's wishes. Quite likely that the relationship would have kept going.

In a falling market, she cannot be allowed to abandon her responsibilities.

A deal needs to be struck. However, there are three parties including the lender. If an agreement that satisfies all three parties cannot be found then I would still move out, stop paying (just as the ex has done) and await the time when an agreement can be found. I do not like bankruptcy however, in this case, it may be the OP's best option. And I'd drag her down with me.

GG

GazLC81

I am going through a similar situation now, 2 years in. There is nothing you can do to force them to pay unfortunately, however the fact your mortgage company will not help at all is unfair. I eventually got my mortgage company to write to her reminding her of her responsibility, even if it was fruitless at least they did something!

Keep track of everything you have paid for in the house, repairs, upgrades and mortgages payments etc in the hope that if it came to it and the flat is reposeessed you may be liable minus that amount. (I doubt the law would be that fair however)

My situation is slightly different from yours in that I can afford to stay, but don't want to and can't sell at the moment, so i'm still trapped, for now.

In your case I would drop the price and get what you can then deal with the remaining debt. If she won't agree to a reduced price then tell her you will move out and drop the keys off to her and let her take over the stress. Alternatively as GG said above, move out and give the keys back to the bank and let them sell it. This isn't ideal but maybe your only option.

If i knew then how things would turn out i'd have moved out when she did and she would have suffered as much as i did.

Good luck Matt, don't let it beat you!

SouthCoast

barrybarryr wrote: »

If you can't afford it let them repossess it. Be amicable about it and say you will sign all paperwork and will cooperate with them.

They may come after you for the difference in value but if you have no money (and can prove this) then they won't be able to get any and it won't be worth their while taking any further action against you.

Most will simply cut their losses.

I know of folks who are still paying for the negative equity on properties that were repossessed in the 1990's