Help! im getting screwed by my mortgage company and my ex!

cookieshaw

i I am looking for as much advice as possible regarding my slightly tricky situation... this is the situation:

Just over 3 years ago (aug 2007) my ex partner and I bought a flat, we used a mortgage advisor who was a friend of his and without sounding like like a 'silly woman' i left most of the details down to him. the mortgage advisor said to us about taking out an endowment policy and an interest only mortgage, I recall her saying that we could cancel it after we had signed details as we would surely be selling before the mortgage was up. So we moved in and several months later my ex was struggling to pay his debt (credit cards and loans he has taken out before we were together) I was forced into believing that taking additional lending of the new flat was the best way forward. so he completed the forms.. i was 'inbetween' jobs at this point and my ex put me down as still working at my old job. Im sure he even changed the dates after it was first submitted. so the loan was approved and as soon as the 18k loan was in the bank we paid off all his debts (i used 2k to pay a loan of mine) HOWEVER 6 months down the line my ex left. and since that date he has not paid a penny towards the mortgage or this loan..I have tried speaking to my mortgage company who "dont care who pays it as long as it is paid" I have tried taking my ex to court (through legal aid) he threatened to declare himself bankrupt (as he has now run up MORE debt) I reluctantly applied for a transfer of equity as I thought if im paying it I may as well own it all, however this was declined because I dont fit the companies 'lending criteria' however they are happy to take my money every month. The loan has left me with a similar amount of negative equity so I am unable to sell.

I feel like anyone who does 'whats right' get a kick in the balls! and someone else can just walk away from his debts!

Any pointers, advice or "how could you be so stupid" 's are all welcome!!

thanks in advance

amersall

How could you be so stupid?:rotfl::rotfl: Sorry couldnt resist x
I have no advice to offer i am afraid, i hope someone posts who can help you with this. And yes it is always the same, your ex needs a good kick in the balls :D:D:D by the sound of it

Falze

Sorry no help from me, but someone will be around soon.

I'll bump back to the top

Best of Luck.


Falze.

real1314

The mortgage company are not screwing you. They are sticking to the agreement you willingly signed with them. In fact it could be said that you screwed them as you signed an application that you knew to be false, in order to obtain an advance.

Your Ex might be screwing you, but that just sounds odd; although it wouldn't be the first time.

It's all really a mess of your own (and your ex's) making. You can't really blame the mortgage company I'm afraid.

confused76

hi there
i think it might be wise to speak to one of the free debt charities

www.nationaldebtline.co.uk
www.cccs.co.uk
www.citizensadvice.org.uk

they will go through what realistically are you options. i'm sorry i don't know what else to suggest..take care x

dancingfairy

Hi - if your ex goes bankrupt you may not loose the house - you may be able to buy the BI for a small fee if the hosue is in negative equity. I guess the main consideration is whether you can afford to pay the mortgage on your salary?
I would agree it is worth going through your options with the debt charities - you might also want to investigate divorce to see what you would end up with?
I'm just wondering what the realistic prospect of your ex going bankrupt is? depending on his job it might be more of a threat/attack to get you not to pursue him rather than a realistic prospect? If he's a company director or a lawyer/accountant or works in financial services it is less likely he will consider bankruptcy - although not a guarantee.
You could also investigate the mortgage rescue scheme?
df

savingwannabe

Hey can you PM So Sad Angel she will be able to offer advice on this as she has been through similar. She is usually on in the evenings after 9pm. Good luck.

Sunnylooloo

Hi

Please do as Confused has said and have a chat with one of the charities - there are MANY people here on this board that will be able to give you advice

Take care

philnicandamy

savingwannabe wrote: »

Hey can you PM So Sad Angel she will be able to offer advice on this as she has been through similar. She is usually on in the evenings after 9pm. Good luck.

Sunnylooloo wrote: »

Hi

Please do as Confused has said and have a chat with one of the charities - there are MANY people here on this board that will be able to give you advice

Take care

And most are here giving support and advice 7 days a week...and a fair few CAB specialists as well now (myself included)

BUT as sunny suggested speak to one of the advice agencies suggested you need to get some professional advice for your individual circumstances..they can then sort out a way of tackling the problem rather than 2nd hand via PM's etc here

So_Sad_Angel

Phil - are you saying my advice is not helpful?

So_Sad_Angel

cookieshaw wrote: »

I reluctantly applied for a transfer of equity as I thought if im paying it I may as well own it all, however this was declined because I dont fit the companies 'lending criteria' however they are happy to take my money every month. The loan has left me with a similar amount of negative equity so I am unable to sell.

I feel like anyone who does 'whats right' get a kick in the balls! and someone else can just walk away from his debts!

Any pointers, advice or "how could you be so stupid" 's are all welcome!!

thanks in advance

Hi....the mortgage co will be going along the lines of affordability & will need probably both incomes to justify this. ..ie their lending criteria...plus the potential of chasing 2 parties for the debt is more beneficial to them in cases of a potental default situation.

Can you afford the mortgage & loan with your own income? then go back & appeal their decision...thats if you want to .

Personally I would strongly suggest you seek independant legal advice before you agree to take over the tfr of equity ( ie the the full outstanding secured debt) as you would effectively be taking on his debt as you own.