need help!

jmwlrs

my partner has a joint mortgage with her previous partner who is still living in that house.they both have i.vas.my girlfriend hasnt been able to keep up the repayments and has been advised bankruptcy is the best option.the house is in negative equity and in arrears.she has a court date set.her previous partner is asking her to put that date off as his sister wants to adopt the mortgage is it as straight foward as that?help please!

TrickyDicky101

Does your girlfriend have any resources available or would you be prepared to help her out to the tune of whatever arrears she owes and her half of the negative equity? I can't imagine anyone would voluntarily take on debt for her (ie her ex-partner's sister would need to be compensated). If she has no funds available then I can't see this would be a viable proposition.

jmwlrs

She ideally wants rid of any tie to house so we can move forward.His sister wants to adopt the mortgage by taking his and my girlfriends names off but allowing him to stay and pay rent.she is a first time buyer and to me it doesnt sound as easy as that!My girlfriend wants to get the bankruptcy sorted so she can move on.

TrickyDicky

If the house is in negative equity then the sister will probably need a substantial deposit to wipe out the negative equity AND take the LTV down to 90%. Lenders will not give out new mortgage for less that 90% LTV, and you simply cannot just take your partner's name off and put the sister's name on.

jmwlrs

My gilfriends previous partner and family think that they can have the mortgage changed into the sisters name because she will simply adopt the mortgage she would be a 1st time buyer and then allow my partners ex to stay there.The house is in negative equity and in arrears.It surely cant be that easy to take a mortgage on?