help needed, can anybody help please

debtfreebyxmas

Please can anybody who knows anyhing about joint mortgages / debt help PLEASE

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Hi, My husband had taken out a joint mortgage with his brother 4yrs ago before we met. His brother started a relationship, his girlfriend became pregnant- husband asked to move out- girlfriend moved in stating that they would buy him out ( gave him £1000) stated rest to follow (£9000) which would cover the deposit my husband had paid in to the property.

3yrs later still no money and they hadnt taken out a new mortgage or transferred deeds. After so many failed promises husband contacted Santander to see where the mortgage was currently at. Found out his brother ran up £1600 arrears. Husband asked brother to put house up for sale, brother did, that had taken it off the market without informing husband as "hated so many people looking round his house". Husband contacted agent, put house up for sale again- brother has now moved out not informing anyone, non contactable and stated he wont pay mortgage-

WHAT TO DO? WHAT WILL HAPPEN? We cant afford the mortgage as have one wage and houshold to run, husband looks after little babies while i work. On paper he has no income. Contacted CAB, they asked about my income also- will i be forced to pay for a debt that is in my husbands/ brothers name- ive had no benefit from it. the house has no equity. On paper husband has no income as tax credits go in to my account. We dont have any joint debts, we share a first reserve account but no actual current account. Please help, I am really worried.

What will happen when the house builds up arrears, im confused, has anyone been in this situation?

superwoman247

Do you know what the house is worth? How much is outstanding on the mortgage? If you had to rent the property out how much would you get from it?

I do not think there is a lot you can do about your brother in law, perhaps you could sit down with Santander and try to work out a plan of some sort with them.

debtfreebyxmas

mortgage 105k worth now 98k cant rent, wont get permission, cant pay mortgage we are living on bread line already, what happens now?

Tixy

I would suggest your husband contacts one of the debt charities for advice. He probably needs to look into voluntary repossession and then will need to consider what next step to take - it may be that bankrupty is appropriate in these circumstances.

superwoman247

debtfreebyxmas wrote: »

mortgage 105k worth now 98k cant rent, wont get permission, cant pay mortgage we are living on bread line already, what happens now?

What sort of permission? Is it permission to rent it out? A voluntary repo might be an option and hope they forgive the balance. Would it help if your husband got a job so he works when you are back from work to try and clean this mess up? Even pizza delivery 4 hours a day would go a long way, cleaning jobs etc

Hope it all works out for you