Can you walk out on an existing mortgage???

sheng719

Hiya all!!! I don't know where to turn to...So, I hope you could help me...This is plea for help...I have taken out a mortgage with my mom about two years ago and have lived with them in that house...Now, things are getting out of hand and nasty that we don't want to stay in the house any longer...I have spoken to them(my parents-mum and stepdad...) In the light and hope to keep the harmony in the family...I suggested that we sell the house and they can have all the money considering they have provided the deposit. They have expressed that they are not willing to sell the property as the money would not be enough to buy them a new house...I am actually paying for the full amount of mortgage...What leg have I got to stand on if I say to the bank I am only paying half of the mortgage as I am not living in the place? I know that they would ask me to say to my mom to sign a bit of paper...but I know that they would not sign the necessary paper...At this point should I get a solicitor involved? I really had enough now...and I'm really desperate to have a new peaceful life...I desperately need help!!! Maybe a financial advisor or a solicitor out there can help us...I found that my step dad is actually shrewd enough to deal with...He will do anything and everything he can do to get his own back...and make the most of the system..what consequences do I have to face If I say to the bank that I don't want anything to do with the house and that I am refusing to pay the mortgage...Please!Please!help us...I know someone out there would be able to give us advice...

MortgageMamma

you could just ask your mom to agree to a transfer of equiy, which means your name will be taken off the mortgage and she and your step dad would have to take it on by themselves, what was the reason for you buying with you mum and is that reason still valid?

Ian_W

Hi sheng,
Sorry to hear about your sad situation. If all 3 of you are named on the mortgage then you are all liable for the debt collectively and individually. If you simply stop paying and the mortgage goes into arrears the lender can seek to repossess the property through the County Court and if they do your mum and step dad will be made homeless. However if sellin the property doesn't realise all the money owed, interest arrears and lenders costs you and they will still owe the balance. Either way your credit record will be shot to peices as well as theirs.

Are they in a position earnings wise to pay the mortgage if you don't? Are they relying on you cos they don't have the means to pay or simply using your good nature? If it's the former then you're in a really difficult position - they can't pay. If it's the latter, it's still difficult but if they want to keep their home they're gonna have to pay.

It may be worth trying advice from the CAB but I think ultimately you may have to pay to see a solicitor to get legal advice as to how best to resolve this issue. It's complex as well as very personal and I don't think well meaning, but perhaps not fully informed, advice on an internet forum is going to get your problems resolved.

BoL.