Advice on bad mortgage / lifestyle situation

cranda11

climbgirl wrote: »

Why is the mortgage in both names when you paid all the deposit and all the mortgage payments?

At the time things were good between us.

silvercar

If you stop paying the mortgage, will your ex and her new man starting paying it or will they find somewhere else to live?

Jowo_2

I can't see why your ex would facilitate the sale of the property and can see every reason why it would be sabotaged - she is getting a roof over her head free of charge and can't get housing benefit for a property she owns. I think even if you find a buyer in this dreadfully flat market, chances are she might do what a lot of joint owners do and simply ruin the sale.

We see a lot of posts on this forum from keen buyers who find that the relationship breakdown between joint owners means that the one reluctant to leave the property will simply frustrate the conveyancing process.

Sorry to hear how you are being exploited. Has your solicitor suggested that you get a court order forcing the sale?

Shelter have a homeowners helpline and a section on relationship breakdown.

http://england.shelter.org.uk/get_advice/repossession

http://england.shelter.org.uk/get_advice/families_and_relationships/relationship_breakdown

pararct

Worth pointing out that if you stop paying the mortgage (but continue the CSA payments) then your ex may be entitled to housing benefit as she is a potential single parent. Course it would mean her declaring she was living alone or asking matey to leave. Its possible the powers to be would allow here to stay in the property and pay the interest element of the mortgage payment from HB.
Bit of a long shot but some councils have some quite radical schemes..

Why not try and smoke her out? Cancel the direct debit for the mortgage and tell her you have done so. Explain that you can no longer afford to put a roof over her head and that you will be happy to consider an additional request from the CSA for the housing element towards your daughter. Put the funds for the mortgage to one side (don't spend them) until the situation becomes clearer.

Once the letters from the lender start dropping on the mat it may motivate her (and by implication the new bloke) to get off their backsides and do something.

Jowo_2

cranda11 wrote: »

I think option 3 is the only real option. However, I will need to take out a loan to cover the negative equity!

I guess you need to figure out how much this will be versus being forced to pay large sums of money out each month for an indefinate period, plus the impact of future interest rate rises on you.

You could pop to the Debt Free Wanabee forum to find out your options for if option 1 happens - repossession due to abandonment - and if there are any debt management strategies that could help you deal with this rather than being persude for huge debts for decades.

Jowo_2

pararct wrote: »

Worth pointing out that if you stop paying the mortgage (but continue the CSA payments) then your ex may be entitled to housing benefit as she is a potential single parent. .

Not in the property where she is a co-owner - owners can't get housing benefit for the place they own. She might be able to elsewhere.

However, I understand that those with no or low equity in a property that is up for sale can get housing benefit in a rental property elsewhere - check out the criteria by asking on the Benefits forum.

pararct

Jowo wrote: »

Not in the property where she is a co-owner - owners can't get housing benefit for the place they own. She might be able to elsewhere.

However, I understand that those with no or low equity in a property that is up for sale can get housing benefit in a rental property elsewhere - check out the criteria by asking on the Benefits forum.

Perhaps armed with this information she may be 'ameniable' to signing sole ownership over to the OP?

Not sure how this could help the OP but at worst he would within his rights to levy rent upon her.

quantic

I can't really offer you any advice cranda11, other than to say that you clearly are a good guy, much more of a man then I could claim to be in the same situation. If it was me I would have cancelled any payments the moment her new partner moved in.

cranda11

silvercar wrote: »

If you stop paying the mortgage, will your ex and her new man starting paying it or will they find somewhere else to live?

Neither of them work so I doubt it!

cranda11

Jowo wrote: »

I guess you need to figure out how much this will be versus being forced to pay large sums of money out each month for an indefinate period, plus the impact of future interest rate rises on you.

You could pop to the Debt Free Wanabee forum to find out your options for if option 1 happens - repossession due to abandonment - and if there are any debt management strategies that could help you deal with this rather than being persude for huge debts for decades.

Thanks for the information, I have looked into this a bit and I would have to borrow approx 20,000. But that is better than the indefinite monthly mortgage payments! Mortgage is up for renewal in a year, so gotta bite the bullet and hope the reduction in price will attract a buyer!