Newly separated, can't manage mortgage on my own

Fang_3

Corvus wrote: »

At this rate, another 3 or 4 months unless OH gets a reasonable-paying job. Equity around £110k depending on sale price (this is a conservative estimate).

I'd suggest that you should price to sell and go all out and sell asap. You can always pull out if your ex-OH gets another job in the meantime, but you don't want to get into a situation where you start missing payments and getting defaults. But in the meantime I would speak to the mortgage company about a payment break, and maybe head over to the Debt Free Board, post your SOA and the wonderful people over there will be able to suggest ways that you can really minimize your outgoings to give yourself more time to sell.

Corvus

WASHER wrote: »

I agree, your OH should be looking after the children whilst he is looking for work, he can upload his CV onto job sites and look after children at the same time.

Then when he got a job, I'd have to suddenly find them a place with a childminder again for before and after school, and those are in very short supply round here. I can't give up the childminder I've got.

Corvus

Fang wrote: »

I'd suggest that you should price to sell and go all out and sell asap. You can always pull out if your ex-OH gets another job in the meantime, but you don't want to get into a situation where you start missing payments and getting defaults. But in the meantime I would speak to the mortgage company about a payment break, and maybe head over to the Debt Free Board, post your SOA and the wonderful people over there will be able to suggest ways that you can really minimize your outgoings to give yourself more time to sell.

Thank you for your advice. I have been thinking that I need to sell now. I will try to get an SOA together for the Debt Free Board as soon as I can.

WASHER

Corvus wrote: »

Then when he got a job, I'd have to suddenly find them a place with a childminder again for before and after school, and those are in very short supply round here. I can't give up the childminder I've got.

I understand that, but I also understand you haven't got enough money to pay the mortgage for much longer. After school clubs, most schools have them now, are they full? Your husband could have them a few days a week, then they could go to after school club. If your OH doesn't get a job for 6 months, what is going to happen?

My sister went through the same thing recently, her divorce will be finalised shortly, its not easy, especially with children and childcare involved, but you are going to have to either price the house to sell quickly or risk the mortgage going into arrears.

How much is childcare each month?

I suspect even with stopping of childcare, you still couldn't manage the mortgage, is this right?

clearingout

this is very difficult and there is no easy answer. My ex allowed our mortgage to go into arrears because I couldn't afford it alone and he refused to pay anything towards it. the knock on effect of this is terrifying and to be avoided if you can manage it.

I would suggest that you talk NOW with the mortgage company, not at the point where you have to stop paying or reducing payments. Tell them what's happened. Work out realistically what you can afford each month (so if that's £200 rather than £900, tell them - they may accept it for the next 12 months whilst you work things out). It may be worth talking to the CAB or one of the debt counselling charities to see if they can help you negoiate before this becomes a problem for you.

You also need to be very clear with your husband just what he intends to pay once he does have a job. It may be that the takes a huge pay cut so he can't pay the mortgage in full, for example, but you need to be clear in your own mind that he IS going to contribute as soon as he can.

Finally, from a divorce point of view, the only way that you can ensure he makes payments is to file for divorce and then file for what's called Maintenance Pending Suit - pointless whilst he isn't working, however. More often than not MPS seems to be awarded which helps secure things for you whilst the divorce and house sale etc. etc. go through. It can take months to get an appointment for an MPS hearing so just be aware of that.

Counting_Pennies_2

If you know you will have to sell eventually, I urge you to sell NOW.

The prediction is house prices will fall up to 30% over the next few years, and as soon as the market starts to feel the pinch houses take a long time to sell.

Put it on the market at a realistic amount of money, not the dream value, and sell quickly. Advertise as without chain, and look to move into rented.

hth

kelloggs36

Has he moved out? Just wondered if you had mortgage protection insurance in case either of you became unemployed?