Advice re step-daughter taking name off mortgage

jorainbow1

I hope someone can advise re this situation that my step-daughter has found herself in please. Her mum advised her to put her name to the mortgage for a house she bought my partner out of a number of years ago. She did this at the time and my partner thinks she is on the deeds (though is not 100% sure). Reading between the lines it seems she was told it would be a good investment and something for her future. Unfortunately the house is now in negative equity due in part to her mums poor financial decision making (taking out further loans etc) and she now wants to be taken off the mortgage. I really am not sure how all this works but I do know there are arrears on the mortgage payments. If she is on the deeds is there anyway she can come off the mortgage other than paying her mum out. Sorry if its a little vague but any advice would be welcome

HappyMJ

Are the further loans secured on the property?

jorainbow1

She has not mentioned any so I can only assume no

antrobus

HappyMJ wrote: »

Are the further loans secured on the property?

And is the step-daughter a party to these loans?

jorainbow1 wrote: »

.. If she is on the deeds is there anyway she can come off the mortgage other than paying her mum out. ...

If the property is in 'negative equity' then it is the mum that should be paying the step-daughter. Besides, whether or not she can 'come off the mortgage' has nothing to do with what mum wants, and everything to do with what the lender wants.

jorainbow1

Thanks - mum certainly does not want her to come off the mortgage the daughter does - I think she feels that mum has 'mis-led' her and now doesnt want to be party to it. I did think it would be the lenders decision and certainly not until the arrears are paid off.

holly_hobby

For the lender to permit, Mums sole income would need to be sufficient to service the mum, and even so, Daughter won't be released until arrears are cleared.

Daughters credit rating is now also adversly affected due to the arrears situation, which the mge lender will be reporting ot the CRAs on a monthly basis.

What a mess

H