Joint Mortgage / Negative Equity / Marriage Breakdown

FuzzyDog

Hi again,

I'm not sure if I'm posting on the right board, but as it is a mortgage query I'll give you guys a try...

My relationship with my husband has broken down.

Our house is in negative equity and we have a joint mortgage.

We also have a joint unsecured loan.

I was initially thinking of moving out of the house, renting somewhere else and filing for bankruptcy.

Having done some re-jigging of the household expenses, I can afford both the mortgage and the unsecured loan payments from my salary and have sufficient surplus to live on.

My problems (I'll just stick to the financial ones ) are:

The house is in negative equity, so I will be unable to re-mortgage to get my husband clear of any responsibility.

Even if the house weren't in negative equity, going by the general multipiers, I do not earn any where near enough to actually but him out and take over the mortgage (even though I can afford to pay it )

What are our options? I'm sure that things will be amicable when we finally split (once the dust has settled) and that he won't be in any hurry to buy another property.

I'm not looking for him to 'pay me off' in relation to the negative equity - I'll happily pay the mortgage for the next 20+ years until the property is owned out-right, but I also understand that as we have a joint mortgage then he will not only be liable to pay if I don't but that he will also be entitled to half of the value of any equity if/when we/I come to sell it.

Any thoughts / advice will be very gratefully received!

Many thanks,
FuzzyDog

ESKIMO

FuzzyDog wrote: »

Hi again,

I'm not sure if I'm posting on the right board, but as it is a mortgage query I'll give you guys a try...

I'm sure i speak for everyone on the MSE Forum to hear that you are experiencing difficulties with your partner which is obviously traumatic for anyone to go through.

Don't worry, it's the right board.

Priority Numero Uno: Pay-off your unsecured loan first and foremost.

Moving out, renting somewhere and filling for bankruptcy is a drastic measure is there no way of salvaging your relationship amicably for financial purposes?

My problems (I'll just stick to the financial ones ) are:

Keep trying with estate agents - doesn't mean you have to accept their valuations - 'in for a penny, in for a pound.'


What are our options? I'm sure that things will be amicable when we finally split (once the dust has settled) and that he won't be in any hurry to buy another property.

Ok, without sounding like an agony aunt you were/are still married - therefore it would be safe to assume that you obviously cared about each other. The marriage might be over but your relationship can still be mutual - understanding of each others personal circumstances. Without sounding 'cliche' "you are BOTH in this together".

It would be advisable to consider seeking the advice and guidance of a professional such as a marriage councellor and/or solicitor to discuss your options openly over a cupa tea and biscuits (despite how cringe-worthy that might sound - it is in both your interests to come out of this relationship on 'good terms' ie end on a high-not, if at all possible.)

Hold fire for the moment. It doesn't sound as though you are running out of a burning home.

Take your time and thin things through clearly, concisely, logically and methodically.

Regards.