secured loans and a mortgage

pixie31

Please can anyone help~? i had a mortgage with my ex husband, he left three years ago, and i have been paying the mortgage on my own, but split our first plus loan £125.00 a month each. I want to hand my keys back to my mortgage company (northern rock) as i cannot afford to pay the mortgage pay half the loan and pay a pay plan payment to pay off old debts which is £100.84 a month? I want to know if i give back my keys to my house what would happen to my first plus loan? my mortgage is £100000, my first plus loan is £24000 and my pay plan £8000 my house is probably worth £130000??

Any advice would be really helpful.

Thank you.

foxybird

one of my friends in similar situation, she found lodgers ...

pixie31

thanks for the advice, i can't have a lodger as have an 11 year old dayghter a baby on the way and the house is only two bedrooms.

foxybird

http://www.adviceguide.org.uk/index/your_family/home_and_neighbourhood_index_ew/mortgage_problems_index_ew/how_to_sort_out_your_mortgage_problems_index_ew.htm

CAB can give you good advice. good luck

SinkingFast

Have you actually tried to sell your property in the first instance? Have you had it valued by an agent?

chalkie99

i had a mortgage with my ex husband, he left three years ago, and i have been paying the mortgage on my own, but split our first plus loan £125.00 a month each

Did you actually get the mortgage and loan transferred solely to your name or was this an unofficial agreement with your ex?

amersall

Did you claim for the mis sold ppi on the FP loan?.
Frontloaded ppi is frowned upon by the FOS and you would have a win with this, it may go some way to reduce the amount you owe them and it will be less to pay back when you sell.
I would market the house myself rather than hand the keys in at this time.