wot do i do

ac

need some sound advice.......

i finally made a decision a few weeks ago that the marriage is over..

now i have to face up to one of my biggest problems... the family home...

he wants to sell up and split the profit....

i dont.....

i would be homeless with two kids.....
i have debt problems as it is.... i wont be able to get a mortgage on my own.. plus......

i cant see the point of IF i got a council house of paying them £65 a week rent when it might be possible to keep the house....

i no i have to contact the mortgage broker but not sure wot a should tell them.....

i was thinking of asking them to extend the length of payments...

we have 20 years left and about 56.000 let to pay...... the house has been valued at 130.000 and i begrudge selling it to let the bank charge someone else that amount...
mounthly payments are 435 with 21 insurance on top.......

do i tell them my circumstances or do i ask for longer with them thinking
my OH is still with me...... im thinking i will have more of a chance them extending the terms if they think there is two bread winners (which there is in away cause im keeping him on the mortgage cause i cant afford to pay him off..plus he will be paying maintanance)


heads a mess please help xxxxx

tru

Oh ac, sorry to hear that :sad:

:grouphug:

ac

but wot do i do... do i tell them the truth

or are they use to my problem and help me more to deal with it ?????

inkie

I think that you can only be upfront with the mortgage company. Is the mortgage in joint names, then if it is, you need to seek legal advice as to how this asset can be split (or ideally, you can remain in the family home). If you were to remian in the family home - is there any possibility that you could take in a lodger to help with the payments?

Mizz_Pink

Someone i know who had recently got divorced was awarded 60% of the assets, i.e the house,because she kept the children. Could you afford the payments if you used your divorce payout to pay some off the mortgage ?

Lady_S

your OH can't make you leave, but he willnot have to cover the cost of the morgage. Also, you will have to have an agreement in place that once the children reach a certain age, you will either buy him out of the house at this point, or sell up and split the proceeds.

going2die_rich

So the other half suffers financially because she just stays put? Don't mean to sound harsh but if you can't afford to buy him out, then you should sell up.

If you couldn't get a mortgage on your own after your share of the property, should you even be considering taking on the mortgage risking it down the line? Interests rates are only heading one way, and it isn't down, so if you can't afford it now you certainly wont be any better off a year down the line.

No point in risking your entire house for the sake of wanting to "own" a house. Living in a council house compared to living in a mortgaged one will probably also help you in benefits since you will be a single parent.

Also don't forget the maintenance is a proportion of his wage, so if he ever decides to disappear for a year long holiday you are left with nothing for that period. Hardly something you want to be banking a mortgage on.

I wouldn't just go chasing after keeping the house at any cost, look at your affordability very carefully before deciding to take on such a commitment, as unlike before it's one person it's depending upon now, not two.

Philippa36

Tell them the truth ~ tell them exactly your circumstances and what you would like to happen. Then they can advise you. If you don't give all the information then you don't get correct advice and it will all have to come out at some point!

I would also recommend you stay put. Its a horrible situation to be in and I would guess that life is not very easy at the moment

Hugs

lynzpower

Can you afford to buy him out of the mortgage then? Surely this is the most important thing. Wed all like to live somewhere, but the bottom line is can you afford it.

ac

going2die_rich wrote:

So the other half suffers financially because she just stays put? Don't mean to sound harsh but if you can't afford to buy him out, then you should sell up.
quote]


there isent enough money to put on how much ive sufferd emotional...

hes made his choices now im taking mine....

why should me or the kids suffer anymore through him...

why should i have my home taken away from me .....

he is responcible for his own actions why should i pay !!!!!!!.....

we have talked about stuff.....

ive told him he can cash in an old endownment policy thats 10 yrs old
(from our first home)
he can walk away with his 06 triumph daytona & the audi........all
these would come to the value of the profit split by two after the debts had been paid off....

ive also said when i sell the house then the profit again gets split.....
i just cant see the point of loosing my family home when im going to end up renting somewere else forever and not having anything at the end of it...

theres nowere in my area this close to my mum or kids schools or my works

i just feel dispair and im in a hellish limbo xxx

Bogof_Babe

Have you spoken to a solicitor about formalising your separation/divorce? If you are going for a proper divorce through the courts then the jointly owned property will be settled at that point. If you win custody of the children, it is more than likely the house will be awarded to you, although obviously you will be expected to maintain the mortgage payments.

Please don't panic too much at this stage, but you do need to start the ball rolling and get proper legal advice.