N Rock Interest Only Mortgage Nightmare! Can anyone advise?

Snowball_2011

Hi, I am on a mortgage with an ex patner from 2007 on Interest only with an unsecured loan too added to the mortgage and need any advice please.My ex is financially unable to take on the mortage (He tells me!) I do not have any contact with him except by e-mails and have never been to the property since I left in Aug 2007 so only have his word for what is going on.He has been paying the £145K mortgage as he is living in the house with his new partner and wants to keep it.He will not seperate the unsecured loan away from the house so I could pay my part so I have not been paying this he has as it is attached to the N Rock mortgage.

Now he e-mailed me yesterday to say he is either going bankrupt or getting the house re-posessed!:(

Can anyone advise me about any of this? I have seen 3 solicitors and citizens advice since 2007 and nobody has really been of any help......

Senior_Paper_Monitor

Check your credit reports immediately - this will tell you whether the mortgage (and loan) is in arrears or not.

What is the mortgage, loan and house value ?

Report these initial items back and I and/or one of the other contributors can make some more worthwhile input.



For the credit report I recommend www.checkmyfile.com - they have a genuine (easy to cancel - freephone) 30 day free trail.

KTM_Gordo

First of all, have you spoken to the lender to tell them of the situation between you and your former partner? If it is a joint mortgage in both your names then there shouldn't be a probem with you speaking to the lender to find out the current state of play. You could also ask if the mortgage require both of you to sign to make changes, or whether it can be done on the instructions of just one of you.

There might be a way to change the mortgage in to a single name, but you would need to check that would have any sort of knock-on effect on you. Is the house in joint names too?

TrickyDicky101

KTM_Gordo wrote: »

There might be a way to change the mortgage in to a single name, but you would need to check that would have any sort of knock-on effect on you. Is the house in joint names too?

Only by the partner re-mortgaging in his sole name surely? And he wouldn't be about to go bankrupt/allow repossession if this was a real possibility.

Thrugelmir

Snowball_2011 wrote: »

I have seen 3 solicitors and citizens advice since 2007 and nobody has really been of any help......

That's because the only option was for the property to be sold, and an agreement made to resolve the shortfall.

A choice and decision which was yours. Being an interest only mortgage has meant that the debt hasn't decreased in the past 4 years.

Be prepared to negotiate for settlement of the shortfall with the NR. If you are able to offer a lump sum rather than installments. This will reduce they will accept.