Whats the easiest way to not have a mortgage anymore?

Mumolulu

A friend of mine is having real trouble.
Her marriage has broken down, significantly, her now ex husband is taking her for a complete mug and she is struggling to keep up the payments. She has over 1k in arrears.

Husband is still on the mortgage, she cannot afford for his name to come off at all. At the end of the year her payments are going to be sky high due to the rate/mortgage her mgage is on, and she really is not going to be able to afford it on her own and can barely afford it now.

She has no debt with loans etc and doesn't have a credit card, but wants to 'get rid' of this home and just rent until she can get back on her feet, put some money in her pocket and begin to rebuild her life.

She is in her mid twenties, has two small children and needs to be out of the house to restart her life.

What on earth can she do?

ILW

Sell the house, split any equity and take it from there. Her solicitor should advise the best way.

Mumolulu

But what if it takes a while to sell it?
She will then owe more!

opinions4u

Mumolulu wrote: »

But what if it takes a while to sell it?
She will then owe more!

Walk away, get the house repossessed, trashing the credit record and being liable for any losses incurred by the lender for longer than a decade.

If it takes a while to sell, it takes a while. Getting the house on the market would be a good first step.

Mumolulu

opinions4u wrote: »

Walk away, get the house repossessed, trashing the credit record and being liable for any losses incurred by the lender for longer than a decade.

If it takes a while to sell, it takes a while. Getting the house on the market would be a good first step.

:beer: thanks 4 that

Henry_P_Chester

I agree with the others put the house on the market asap. Ask the agent to price to sell to get out now with no messing about.

property.advert

I would say that she should at least investigate staying in the house as an option.

Does she work ? benefits ? tax credits ? support for the kids from her ex ? etc.

And why is the mortgage going to rise significantly at the end of the year ?

Thrugelmir

Consult a solicitor. The priority will be the well being of the 2 children. So financial issues need to be formally resolved.

Mumolulu

property.advert wrote: »

I would say that she should at least investigate staying in the house as an option.

Does she work ? benefits ? tax credits ? support for the kids from her ex ? etc.

And why is the mortgage going to rise significantly at the end of the year ?

She does work yes, very hard, mostly 6 days a week. No benefits other than TC, which she does claim. Her ex is a complete waster who says he has no money now he has moved out and is kipping with friends (or should I say his new tart) and hasn't given her a penny. :mad: PIG PIG PIG PIG PIG

The mortgage I think was interest free when they took it out and I think is going to rise to about £800 once this period is up?? I don't really understand that bit, but I know its going to rise to a high figure that she is just not going to be able to afford to pay. She can barely afford it now, she did tell me how much she pays now but I forget.

She is still hurting very much and is in lots of heartache and really wants to start again, I'm just trying to help her as at the mo her web access is down as she hasn't been able to pay her bill so they cut her off.