Struggling to pay mortgage and can't sell due to Negative Equity

Souljacker_2

Hello

I was wondering if anyone could help me. In 2008 myself and my estranged wife purchased a flat in 2008 for £116,000 with a mortgage rate of 7.04% fixed for 5 years on an amount of £112,000 with the Halifax.

Myself and my wife separated in 2010 and I as I knew we were in negative equity I decided to get a second job and pay the mortgage myself from Jan 2011 in the hope in the long run I could take it on myself. I tried to see if I could have the mortgage transferred into my name however my multiple of salary falls short by approximately 50k.

18 months into working seven days a week and it has finally taken it's toll and I think it's time to put my health first cause trying to keep the flat on myself is becoming very stressful. I would like to get a divorce as my separation will be for two years next month however my wife's solicitor has advised that I can't get divorced as a result of the joint mortgage.

I was wondering what my options were regarding this? Is there anyway I can look at getting rid of the flat and moving into a more affordable home for myself and start again or at least find a way to break even. I think I already know the answers to this as I have gone over this many times but I am open to any suggestions.

Thanks in advance

poppysarah

Souljacker wrote: »

Hello

I would like to get a divorce as my separation will be for two years next month however my wife's solicitor has advised that I can't get divorced as a result of the joint mortgage.

pfffff.
And you believe that?

You can get divorced. As part of that divorce you reach a financial settlement between your assets.

If you stay married by the time the mortgage is paid off, if she's still on it then she could possibly claim half even if she hasn't paid a bean.

Get the forms from court. Start the divorce. You don't need a solicitor.

Stop working all these hours. You might need to look at all the options - including debt advice, bankrupcty etc.

Strapped

Speak to the mortgage company. Arrange to make interest only payments for a time if you really can't afford the repayment amount. Stop working 7 days a week.

How much is the flat worth currently?

How many bedrooms does it have (ie is there scope to take in a lodger)?

cattie

What kind of a solicitor has she got if she has really been told this? Obviously one who has never qualified! Plenty of people with joint mortgages get divorced. So there is no barrier there to you selling the flat, although I believe you can't sell it without your ex's agreement as it's a joint mortgage.

If you are not able to sell for any reason, then the idea of taking in a lodger to help with the mortgage payments is a very good one & will enable you to cut the amount of hours you are having to work down.

BitterAndTwisted

If it's joint-mortgage then your wife should still be contributing her half of the mortgage-payments even though she is choosing to no longer live there. Every single penny that she's not contributed will be added to her bill, along with her half of the negative equity when the calcs are done when sorting out the legal separation. Warn her that should you need to go bankrupt you could very well be taking her down along with you.

Meanwhile go onto the Debt-Free Wannabe part of the forum and fill out your SOA (Statement of Affairs), post it up on a new thread and ask the folks over there to advise you. Every single creditor you have is a lower priority than the mortgage-lender right now.

myhouse_2

Respect to you for being willing to work so hard to meet your responsibilites.
Perhaps you could sell your house with the agreement of your bank, turn the excess amount into a personal loan split between yourself and your ex? Might work out cheaper to rent and pay back the loan than maintain the house.