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mORTGAGE
GOLDIE
Posts: 10 Forumite
OK hya all, i am separated from my husband for the past 2 years and have been paying the mortgage by myself. he now wants his name off the mortagage. well i am in negative equity so if i let him take his name off and then try to sell the house that will mean i will be stuck with the deficit. SO my question is when i sell my house will i get stuck with the deficit myself or will he have to pay the other half. problem is he does not work. i am really struggling with it all now. HELP
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Comments
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If you remove him (if your lender permits) you will need to agree this now, are you happy for him to walk away? or do you want him to pay his share of the negative equity now?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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You are both currently jointly liable for the debt, should you sell the property. If the mortgage company agrees that you can sell for less than the mortgage then you will have to make an arrangement to pay them back that suits both you and the lender, and possibly the ex.
With regards to taking him off the mortgage, its not up to you, its up to the mortgage lender, and I suspect they will not be keen. I would tell him to ring them and ask to be taken off and see what they say.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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