Mortgage not being paid, Ex refusing to Sell

DVardysShadow

fannyadams wrote: »

There's probably something like joint and several(sp?) liability on the mortgage. I got caught on that. It basically means that if the mortgage has a default and the mortgage company reposess, they can come after both of you (joint liability) or either of you (several) to get the rest of the money back that the sale of the house doesn't cover. YES that does mean that they could (theoretically) get DOUBLE the amount of money back e.g if the remaining amount on the mortgage is £28 000. the mortgage company will approach you for the whole amount AND also approach your ex for the whole amount (this is the several liability bit). I'm lead to believe if you BOTH pay up (as neither of you know what the other has done) then the mortgage company could end up with £56 000!!!

I'm sure there'll be someone else along in a bit to give you better advice

GOOD LUCK

While a mortgage will carry Joint and Several liability - and you are correct that this allows the lender to pursue either party for the full amount - you are mistaken to believe that they are entitled to a penny more than the amount owed. Either that, or you have a devastating link to the contrary.

claretmatt

From a professional point of view my first port of call would be to ascertain where the mortgage currently stands in terms of missed payments and changes that have been made to the contract.

As pointed out by others she can not make changes without your authority, therefore the mortgage company are either lax with their controls or the ex is forging your signature or confirming authority for you both. One possibility to maybe save your credit rating would be to put it on interest only, bite the bullet and pay personally which should be feasible with the amount of equity you said she had.

I think this is something that you can obtain personally and I would also inform them that you have moved out and where future correspondence should go to.

From a personally point of view I don't see that moving back in will do anything other than damage the relationship further and impact on your wedding plans and your future wife.

I would ask (if on speaking terms) or write asking what your ex wants and point out as rationale as possible that agreements have been broken in the past and you just want to move things further.

I would personally prefer to be poor(er), but but able to look forward to a happy life with a new wife than potentially richer but with a big weight on my shoulders.

Good luck

euronorris

You do realise that she backs away from every agreement because you agree to all her demands. She probably thinks she's pushing her luck each time, and you won't agree, but you do and so she thinks 'Oh well then, if he agreed to that, I can probably get him to agree to a lot more.'.

I understand that you have been compromising a lot, in order to get things done with quickly, but that is clearly not going to work with her, so time to be firm, as others have said.

January20

Agree with Euronorris. And what is the incentive for her to pay the mortgage, when everytime she hasn't you have stepped in and rescued her? She is obviously expecting you to step up again. Yes, time to be firm.

kelloggs36

She either sells the house and gets some equity, or lets it be repossessed if the mortgage isn't paid, thereby losing some of the equity in arrears and fees etc plus gets a bad credit record. The mortgage company will repossess if it isn't paid, it is quite simple! Any excess after the sale will be handed to you (or solicitors) so you should get some money. Repossession is a long drawn out process and costs lots of money which would be better going to both you and her to move on with your lives.