mortage advice please

abracadebra

my son and his partner bought a house together 7 years ago. they have now decided to split up and they have been trying to sell the house for the last 6 months with no success. they both jointly paid the mortage but as one of them has now lost their job it is a struggle for them.

if they sold it for what they have been offered they would get about 7k less for it than what is owed on the mortage. Now though my son has said he would like to keep the house and keep paying the mortgae with help from his father with his partners name removed from it. His partner has agreed to this and wants nothing more to do with the house, she is just happy to walk a away from the debt and have her name removed from the mortage as the house is worth less than is owed on the mortage .

The bank have said that my son can add his fathers name to the mortage However now they are saying that as they missed 2 months payments on it a couple of months ago ( they did infact miss two payments but quickly brought it up to date when we lent them the money to pay for it) they have to wait for a further 6 months to be able to make any changes to it, ie remove his partners name form it. surely this cant be right, they have never been behind in the mortage before and it was quickly brought back up to date.

my sons partner want her name off it immediatly and my son is eager to take over the mortage with his father as he cannot afford it alone and his father wont pay anything towards it until he is on the mortage with him and his partner is removed. Is the bank able to insist they wait 6 months before making changes to it,it seems a bit silly on insisting they wait 6 months as if this is the case the mortage is going to get very behind and they could end up losing it all together.

kingstreet

Lenders can set whatever criteria they choose to decide whether or not to do something. Remortgaging to another lender might have been an option, but with missed payments and negative equity that will be impossible too.

All I can suggest is see out the six months required by the current lender.

handytips

Unfortunate situation however Kingstreet is spot on with his advice

skyeser

even one missed payment would have put you in this situation.. its all to do with your credit score..

BYALPHAINDIA

...And they (Lenders + Their Greedy Solicitors ) Won't think twice about 'Marching' you into court if more than 4 or so months payments are missed !!

Coming from Experience !!

All The Best Of Luck Anyway.

(Banks Do What They Want When They want Regardless of what the Advisors/ Proffesionals say !!)

GMS

BYALPHAINDIA wrote: »

...And they (Lenders + Their Greedy Solicitors ) Won't think twice about 'Marching' you into court if more than 4 or so months payments are missed !!

Coming from Experience !!

All The Best Of Luck Anyway.

(Banks Do What They Want When They want Regardless of what the Advisors/ Proffesionals say !!)

With all due respect to you why do you think it is ok to not pay the mortgage you signed up for and expect the lender to do nothing?

As for what advisers say, we make it abundantly clear all the way throughout the process that 'Your home may be repossessed if you do not keep up the payments'

abracadebra

thanks for the advice and for the record, i DONT think it is ok to miss payments but sometimes it is completely unavoidable ( job loss ) and as missed payment was immediatly brought back in to line and it was the first missed one in 7 years i DO think that that is a good reason for some leeway !

GMS

Sorry my response was at the poster quoted, not at the OP. Apologies for any confusion