£40k negative equity...husband leaving..HELP!

sickofitall_3

HI, new to here. i will try and cut it short. my husband and i are splitting up and i would like to stay in the house. he will move out no problem but... he lost his business and hasnt worked for nearly 7 months. i have bipolar disorder (manic depression) and am on ESA, tax credit and child benefit only. Will they allow his name to be taken off the mortgage, i know probably not but, he cant pay anything towards it if he is paying rent elsewhere. We have agreed with the mortgage provider reduced payments since oct last year but we are still in 'agreed' arrears. Could someone by his share out or...what can i do!!!!!?
also, we bought the house in 2004, with a £180 mortgage and £20k drawdown loan, but within 3 years they allowed us to put another £75k on it in secured and unsecured loans for both home improvement and debt consolidation, surely, in such a short time this is irresponsible lending. I know...i shouldnt have borrowed, but the truth is, my husband, as a financial advisor, dealt with ALL the finances, I was unaware of all this debtuntil last year. On top of this there is over £100k outstanding on credit card debt. I have thoroughly looked into banckruptcy but am unsure.

I have challenged the credit cards as being unenforceable and to date am doing not bad, we havent paid and they cant find the agreements etc, but thats for another forum, sorry!

So the mortgage and getting his name off..what can we do, i just want a clean break.

please help. thankyou

can anyone help

Money_maker

sickofitall wrote: »

but the truth is, my husband, as a financial advisor, dealt with ALL the finances, I was unaware of all this debtuntil last year

Did you sign any paperwork for the secured loans?

PasturesNew

How will you be paying the mortgage if his name comes off?

getmore4less

you need to seperate the debts

his
yours
joint

laurel7172

Where does the figure of £40K negative equity come from? How much is the house worth, realistically?

laurel7172

http://mobile.shelter.org.uk/get_advice/repossession/mortgage_arrears/support_for_mortgage_interest

So, help may be available for interest on the original mortgage (£180K) and, if you can demonstrate that it was for ESSENTIAL repairs/improvements, possibly another £20K. Nobody gets their interest paid over £200K. You have to cover the interest on £275K, and you're already in arrears.

Sorry to be blunt, but you are really, seriously going to struggle. As you've already considered bankruptcy, why don't you post this on the bankruptcy and the benefits boards and see what the experts over there have to say? Good luck. It's a horrible time, even without money worries on top. I hope it all works out for you.

byebyedebt

When I split in 2001, I stayed in the house. To settle it, it was agreed that i would buy her share. The value of her share was calculated by looking at the difference between the price paid and the value at the time. Net result was that I took on the 80K mortgage + another 45K.

That worked for us during a price rise period however I suspect the issue you are going to have is that now that prices have dropped both your shares are worth considerably less.

If the debts are credit card debts, only the main card holder is liable. The other person is not liable and can walk away. Im hoping at this point that the cards are in your partners name...are they?

Are you named on the loans?

No one can just be taken off the mortgage. Thats a legal issue, and you will both have to give consent.

zzzLazyDaisy

byebyedebt wrote: »

No one can just be taken off the mortgage. Thats a legal issue, and you will both have to give consent.

The lender will also have to give consent and in the circumstances described that is almost certainly going to be refused.

Thrugelmir

surely, in such a short time this is irresponsible lending. I know...i shouldnt have borrowed, but the truth is, my husband, as a financial advisor, dealt with ALL the finances, I was unaware of all this debtuntil last year.

Quite possibly your husband committed fraud.

sickofitall_3

HI Thankyou everybody for your replies.

I knew about the original £20k when we bought the house, we used it for renovation. After that i knew about one for £6k. I have requested copies from the lender and know that one signature is def not mine, so yeah, he has done it behind my back. I trusted him with all the finances, i was under a lot of stress with the bipolar and had been awarded a settlement out of court by a doctor who made me really ill by giving me the wrong medication. i was agoraphobic for over a year. He self certified and obviously showed we could afford the borrowing, which we did, but not really as i since found out he was subsidising wages with the business credit card and bank overdraft... £26k bank overdraft which HE put the house up for callateral without my knowledge. Can he do this? He has been served with court papers by natwest for this and it is in litigation now. I do have some debts in my name but i am taking control of them. I have had 2 credit cards with smal amounts and a few clothes catalogues i used when i was housebound to get the kids stuff. if i stay in the house on my own i will receive £1200 benefirts and they will pay around £800 towards the interest on the mortgage for me so i would manage fine for a while, but i would never be able to pay the mortgage off at the end of the term, no endowment etc.

thankyou all again x

itsakidsworld

It sounds as if your head is all over the place and so it will be difficult for you to think clearly as all you can see is a pile of debt. My advice would be to draw up a list of every debt you are aware of in your name, your husbands name and joint names and write the name of the lender for each. Then contact each lender in writing through recorded delivery that you require full copies of all signed agreements as you are questioning the loan. Then keep a simple file of each loan and as you receive confirmation of what is owed where and by who, you can then get a full and clear picture of your situation. From here you must look at what you have signed and what- if anything- has been signed without your knowledge & consent. Once you have gathered this information you then need to seek legal advice for how you can re-dress this. A good starting point is the citizens advice bureau as they are free.

The situation looks serious regardless of any suspected fraud committed but at least by taking this route you will give yourself a chance to try to come up with a solution and in doing so, if companies take you to court for non-payment you can have an argument that you tried to resolve this issue in the best possible manner available which may help.

Tough times ahead for you so sorry on that one but be strong, determined and hopefully you will get there. If the bipolar strikes at any time then stop what you are doing and wait for it to go before continuing with your efforts. The best of luck.