Husband wants off a 4-way-mortgage!? Very complicated please help.

scoobyfamily

I'm sure it still records it though and it does show that the owner of the file has checked it.

Senior_Paper_Monitor

My last comment on this matter .... as the purpose of this thread and Mr byebyedebt's post, many other professionals in this area and - hopefully - my previous and subsequent ones are is to help the OP with a serious problem.

Does your's fall into the same definition? If not, I suggest you take any subsequent ones back to the playground of https://forums.moneysavingexpert.com/discussion/comment/32896445#Comment_32896445

As to my company's (which I do not advertise on here - and no-one here knows who it is) reputation - I'll leave that judgement to our highly professional proprietor and our clients, but thank you for your input.

noh

scoobyfamily wrote: »

I'm sure it still records it though and it does show that the owner of the file has checked it.

Yes but you are the only one that can see that you have checked your report. It is for your information only.
No other organisation checking your history will see that you have cheked your own file.

From the Experian FAQ

"There are several reasons for checking a credit report and each one leaves a specific type of footprint. Only footprints created by credit applications provide insight into your current credit behaviour and, as a result, can affect credit scoring. Other types of search footprint – including those created when you check your own report or when a financial firm uses your report to help confirm your identity – are registered for your information only."

Quentin

Senior_Paper_Monitor wrote: »

, many other professionals in this area ......


......As to my company's (which I do not advertise on here - and no-one here knows who it is) reputation - I'll leave that judgement to our highly professional proprietor and our clients, but thank you for your input.

You claim to be a professional???

Yet use unnecessary foul and abusive language???

And you know full well that it is the advertising of uw that I was referring to! (And you also know full well it's against the rules to advertise in your sig!)

hillcats

scoobyfamily wrote: »

...... it's important that he is off the mortgage not just so that we can buy a property - as I could always buy one in my own name in 2 years so it's not the point.

WOW, what a bad mistake this was...!
Somehow, he does indeed need to be taken off of the existing mortgage, possibly at the next re-mortgage (if the others can afford it) but you need to find out when the existing deal can be renewed without penalty.

If you tried for any type of mortgage (joint / single) before he is removed completely and before all of his previous financial links have been cut from his previous commitments you may well have problems, have you got anything together so far? as once you're financially linked by the credit reference agencies it could become rather difficult even for you alone..... tough times ahead I think - sorry !

Thrugelmir

scoobyfamily wrote: »

as I could always buy one in my own name in 2 years so it's not the point. I couldn't imagine them defaulting and us having our own (£750 example) mortgage to pay for along with their £2500 :eek:

I think you need to rationalise your thoughts. To what you can do practically. Forget about the "family" and focus on what you can do for yourselves.

Applying to a court for a forced sale of the property will merely crystalise the negative equity.

As I said earlier make sure your joint assets assets as far as possible are in your name.

Buy the house in your name, as you said you could in a couple of years time.

This will restrict any claims against your husbands assets.

Retain the interest in the family property. As at some point the "family" will need to address the mortgage if it is on interest only ( I assume it to be). Other wise they will lose their home. By retaining an interest should the property have equity in it. At any time the family wishes to sell the property, your husband holds the joker. As they will require his signature. Without his agreement they can do nothing.

Vengance may take a long time to arrive but well worth the wait.

byebyedebt

Signature changed. I will go back into the other thread and append my interest in the actual post. Was it actually neccessary to ruin someone elses thread when the signature was only added this evening, for what I thought would have been the relevent posts on the relevent thread. Everyone happy now?

Getting back to this thread, checking your own (well getting your husband to check his report) will not show up as a negative to lenders. They cant see that you have checked it. I was told recently by an underwriter that they also cant see who the loans are with only the amounts which is sensible as knowing who the lender is could prejudice an underwriters decision.

It will be worth checking the report, and IMO you were probably wise to cancel the credit report subscription because IMO they are quite expensive to pay monthly.

When I have checked my reports in the past I have come across duplicate entries, one was for a mortgage so it looked like I owed a fortune!

Also with the credit crunch lenders are being ultra pickey. In exactly the same circumstances two years ago everything might have been ok.

Hope that helps.

byebyedebt

Some other thoughts.

If they are getting lodgers in, there is a positive, in that they are actually making up for the lost income. They are doing something positive and taking steps to possibly reduce debt.

House prices in the longer term are likely to recover, however based on performance so far we are probably in for a long wait.

A Limited Coy can more or less have an address anywhere. It could be a home, it could be the actual location or it could be a solicitors office or the address of a company formation agent.

Finally, there are lots of adverts for mortgages and loans out there, but the lenders are being ultra pickey. When I was younger I used to think that lenders hated debt, however in the recent credit boom, debt has been seen as a good thing. The tables have turned now and debt is actually being seen as a risk. I know of plenty of people that cant get a loan to buy a stamp, but two years ago, half a million was easy for them as they had big debts and managed the payments.

scoobyfamily

Ok thank you, credit report it is. I am collecting him this evening from working away. We can organise the credit report tomorrow. Hopefully this will open up some information that might help us figure out what the best route is to take.

I think the strangest thing about it is that it was supposed to be an investment for the future but to continue to spend all of the equity it will never be worth anything. She also stated that because he has only paid 3 years of payments in cash to it she would file that he had paid nothing because the payments have been coming out of her bank (if he was ever to demand his share), however I'm not daft and am fully aware that even if there is no proof of his payments, his name is on the deeds so is entitled to his quarter even if he hasn't paid a single penny.

I may also add at this point even if it's irrelevant that I am 22, so she does think I'm a "stupid little girl" but she soon turned the other cheek when I started my own business at 19 and by 22 had a well established business. I have a lot more knowledge than I think she would like me to and that's what worries them because I have educated my Husband (27) on a lot of legal issues in relation to their "lifestyle", which he would've been otherwise unaware of.

Thrugelmir

scoobyfamily wrote: »

I think the strangest thing about it is that it was supposed to be an investment for the future but to continue to spend all of the equity it will never be worth anything. She also stated that because he has only paid 3 years of payments in cash to it she would file that he had paid nothing because the payments have been coming out of her bank (if he was ever to demand his share), however I'm not daft and am fully aware that even if there is no proof of his payments, his name is on the deeds so is entitled to his quarter even if he hasn't paid a single penny.

Any arrangement of this kind needs to be supported by a properly drafted legal agreement. To cover all the what if's. Of which there are numerous ones. As a court will not take into opinion or heresay.

As you quite rightly say the court would split the property into 4 equal shares. As thats the equitable thing to do.