Undervalued, overmortgaged

betmunch

leighpea80 wrote: »

Thanks Betmunch,

Unfortunately I thought this would be the outcome and I appreciate your reply.

I think on my part I would just like a clean slate and to be able to move on, but I think this will be something that we have to live with for a little bit longer. Im not sure how this will affect the divorce but I think that could be for another thread!

We'll take it to the lender and see what they say, but like I said I think this is something that has to be dealt with for a little bit longer!

If it makes you feel any better I am in exactly the same situation, but with a bigger mortgage and a kiddie involved!

I've made a decision not to get close to anyone until the house can be resolved.

Good Luck

ado

Did Accord ever do similar mortgages to the Northern Rock Together scheme? I seem to remember that quite a few companies jumped on that band wagon albeit for a brief time. If so then that might explain what looks like a 100% plus mortgage. Does the o/p have a mortgage and unsecured loan?

The_J

leighpea80 wrote: »

Its with Accord. The fact that no valuation happened is the part we are looking into and also if this particular mortgage broker was legit!

If it comes back theres nothing we can do about it, then so be it we will take it all on the chin and figure out the finances from there. But we both feel this is something that definitely needs looking into before its put on the market or his ex looks at taking on the mortgage herself.

There's no way Accord wouldn't have done a valuation. It was probably a crap one but all responsibility will be shirked for it.

getmore4less

Don't get into any joint finances with this person untill all this debt is sorted.

He should be really carefull taking on any debt that are not in his sole name while the house situation is not sorted.

What happened to the money that got released by this remortgage?
There also seems to be some serious overspending not just negative equity

What sort of income does he have, taking on the debt might not be smartest move if this will drag on for more than 5 years.

poppy10_2

leighpea80 wrote: »

The financial advisor took everything in hand and they signed the agreement, the advisor had managed to get the house valued at £70,000. At the time they questioned this as other houses were valued at £59990, but the advisor told them to accept the offer. Which they did and signed for.

So your boyfriend was complicit in fraud? I don't think he should be trying to make a fuss about this in case it comes back to bit him on the !!!.