Please need advice about break up marrage and mortgage

bitty71

I really need some advice,
my partner has separated from his wife 6 months ago, they both have joint mortgage, and both cannot afford to pay the monthly payments.
Can Anybody help?

Annisele

Sorry, but there isn't enough information there to help much.

Do you mean that neither of them can cover the whole mortgage payment on their own, or do you mean that the two of them between them can't cover the payment?

Is there any reason they can't just sell the property? Is it on the market? Is one of them still living in the property? Is there any equity in the property?

bitty71

Sorry, this is new to me, i dont know nothing about mortgage, just we are stuck in a rut,

as you asked, both of them cannot pay the monthly payment alone, the property is on the market, but no joy yet, his wife still lives at the property,
our worry is that as he has moved into my house which is rented, he now pays the rent, which takes a big chunk out of his wages, and we dont know where to go from here.

getmore4less

Why is he paying your rent?

Reduce the price of the house so it does sell

Move into the house and the wife moves somewhere else and pay the mortgage between you rather than the rent.

silvercar

Even though he has moved out, he is still liable for the mortgage. If you were paying your rent before, is there any reason why you can't pay your rent and he pay his share of the mortgage.

jockosjungle

Is there much equity in the house to sell? Can you afford to take a price cut? Better that than a repossession

R

gizmo111

Can they reduce the mortgage to interest only while it sells?

bitty71

Thanks for the advice, but i did not pay rent as i was on benefits, but because he is working have to pay full rent.
His ex wife will not lower the house price either, and she will not move out of the house,

papermoney

A friend of mine went through something similar. The wife refused to drop the price and wouldnt/couldnt move out. In the end my friend took drastic action and told his wife he'd have to move back into the house, she didnt think he would go through with it but he did and within the month the wife agreed to lower the asking price and it sold 2 months after that.

jamesd

If his wife has alternative assets to provide as part of the divorce settlement she may be able to keep the house. If she doesn't have assets of sufficient value then the house will be sold if she can't get a high enough mortgage. What she wants doesn't matter. What she can afford does. She can't afford the house so she's going to end up leaving the house.

He should be getting on with getting the divorce over with so this can be resolved. Solicitors discussing reality can be useful.

bitty71

his wife told him to start divorce proceedings as she cant afford it, but neither can he, and at the present cannot afford solicitors fee's either, so we are really stuck, its a no win situation