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

scoobyfamily

Letter to be sent to family will include questions relating to the following:

What percentage of share Husband has.

What the initial repayment mortgage was (£)

What the repayment re-mortgage amount was (£) over what period

Where did the funds go from the re-mortgage

If they funded other property purchases then a brief paragraph stating that the house is only in negative equity due to the sister spending funds and should sell the properties to put the money back.

What date the recent mortgage changed to interest-only was and how they did it without obtaining a signature from my Husband or consulting him.

Were the loans for their house and if not for what reason do they tie into the house sum needed to break even.

A brief paragraph again stating the reason why he needs to get out of it to be able to less liable for a huge amount of money in order to allow him to sort his own personal finance and for future aspects.

Rick62

scoobyfamily wrote: »

I feel I have every right to interfere as this problem is preventing my Husband and I from having our own family home . My Husband has not been overly-assertive in this situation due to not wanting to upset anyone.

How do I do protect this?

I know we need the figures of shares etc but am unaware of how to obtain this - is it best my Husband contacts the mortgage company and asks what his share is?

Treat me like an idiot here:rotfl:. What should we ask to know?

I think this is possibly best sent in a letter.

Taking your edited points in turn;

Not criticising, I think you have done very well with both your business and starting to get to grips with this matter, just making the point that you OH needs to be more assertive, not aggressive but firm - he has every right to enquire what his sister is doing with his money. Why should you be the one being unpopular for HIS naivity with HIS family?

Protection - I don't know, thats why I suggest speaking to a lawyer, it may be you cant (short term). What you can do is make sure your OH doesn't sign up to anything else, also make sure there are not any unused but agreed facilities on the current mortgage or loan (unlikely on what you have said).

Not sure what shares you are refering to. As far as the mortgage company is concerned your OH share is 100% on a joint and several basis.

Need to know - ideal would be a full statemenmt of assets and liabilities and a full income and expenditure statement. Realistically, start with exact figures for the mortgage and secured loan (you might have this already?) and then you have every right for a full detailed breakdown of what any money raised on the property has been spent on.

I agree, write a letter. Addressed from your husband, make sure it is very measured. Stress that you need to verify the facts so that you can make future plans about what to do, and that you want to ensure that your plans do not have any adverse consequence for the sister or parents, that with the full facts you can ensure that your plans are alligned with their plans. Take out any negative emotional hint.

Good luck!

Rick62

Our mails crossed, addressing some points;

scoobyfamily wrote: »

Letter to be sent to family will include questions relating to the following:

• 
  What percentage of share Husband has. Share of what?

• What the initial repayment mortgage was (£)

• What the repayment re-mortgage amount was (£) over what period

• Where did the funds go from the re-mortgage

• If they funded other property purchases then a brief paragraph stating that the house is only in negative equity due to the sister spending funds and should sell the properties to put the money back. No- don't start suggesting solutions yet, get the facts first

• What date the recent mortgage changed to interest-only was and how they did it without obtaining a signature from my Husband or consulting him. I thought you said he signed up to a re-mortgage?

• Were the loans for their house and if not for what reason do they tie into the house sum needed to break even.

• A brief paragraph again stating the reason why he needs to get out of it to be able to less liable for a huge amount of money in order to allow him to sort his own personal finance and for future aspects. The reality is they would need an income of about £100k to take your husband off the mortgage - do they have this? BTW, the earlier suggestion that they couldn't because most their income is in dividends is nonsense, lenders will take dividends into account, and retained profits for a private controlled company. What they really meant is that they are not earning as much as they like to pretend!

Gorgeous_George

I'd find a smarter boyfriend before it's too late (;)). I wouldn't want to marry into a family like that.

GG

Rick62

Gorgeous_George wrote: »

I'd find a smarter boyfriend before it's too late (;)). I wouldn't want to marry into a family like that.

GG

Too late - they already married!

scoobyfamily

The only figures we have are from his credit file - no paperwork whatsoever.

I assumed that when four people had a mortgage together, that meant they had 25% shares each? His sister kept going on about him walking out and leaving them with his "share" to deal with. So if they sold under what they owe then he would be liable for 25% of that outstanding balance? OR is it he is liable for the full amount of each. There is one loan in his sisters name and one loan in his mothers name. His name is not on any of these loans.

Yes, he signed for a re-mortgage to change it to 25 years so his sister could take equity cash out and spend it on property which would in turn pay off the mortgage in the long run once they had gone up in value - so to speak. - but he never agreed to the recent change to interest only.

The mortgage has been changed twice since january 2005. Initial mortgage: repayment/15years, remortgage: repayment/25 years/equity release, re-mortgage: interest-only/25 years.

The last one we only became aware of when we checked his credit file a couple of months ago and the amount due on the mortgage had changed from: £680,000 over 25 years to £409,000 approx over 25 years.

This is ridiculous !!!!! *hair falling out!!!*

scoobyfamily

I thought a transfer of equity meant transfer of your share in the equity?

Rick62

Is the mortgage £409k or £680k? I'm confused now?

getmore4less

Move back in and play the family game to get back inside,

Will take a while, probably over a year, now the damage has been done,


In situations like this the initial move out would have put the walls up, should have got the info first.

scoobyfamily

The mortgage is now £409k - interest only - over 25 years

Move back in to an interest-only property? Nah, no thanks. If we moved back in all we would have would be a bedroom - and have to use a shared bathroom, lounge kitchen etc. Plus I wouldn't want to live with them.

We received a text last night stating they are going to lawyers to ensure he will not be liable for any of their debts and in turn this means he won't get anything when they die (I assume they will still have debt at that point though to be honest). They also said they will "endeavor to remove his name" from the mortgage as he hasn't been paying towards for a long time anyway.:T

The only down side is that at the end of the message it was "when your baby is born tell him we love him as you've no space for your real family left now" typical to make my Husband feel bad.