Removing second person named in mortgage

TJJB

Hi I'm wondering if any of you can offer me some advice on this problem I have
My son is 28 years old and when he s 23 I co signed a mortgage for him as he couldn't get it alone on his income well the last 18 months has been nightmare he is an alcoholic and has been now for around 3 years he lost his job a year ago and is now self employed the problem I have is that he wont work he hasn't paid his mortgage for 11 months me and my wife have had to pay it as if we don't I will be come liable and blacklisted. I would like to remove my son from the mortgage and then switch it to a buy to let and rent it out I can't remove myself as he has no proof of income and has a CCJ for non payment of council tax which I've only just found out about plus lots of other bills he hasn't paid, I have spoken to Santander who say if we go in to the branch there is a way to do it by my son signing a form the problem is I know he won't do it he says he will
and then when it comes to it he says no and laughs and says I have to pay it or I'll end up blacklisted he has me right over a barrel.
Is there any other way I could remove him from the mortgage any advice would be very gratefully received.

Thrugelmir

Is there equity in the property?

mrs_motivated

I am sorry I can't be of help, but my thoughts are with you and your wife to be in such an awful situation. Have you taken any legal advice?

bigadaj

I would speak to a. Solicitor if I were you.

You could try and call his bluff, say something like you have found a way of coming off the mortgage and if he doesn't cha ge the house will be repossessed, though if he is an alcoholic this probably won't bother him.

On.y other thing I could think of was trying to get medical help, but alcoholism isn't a pure mental illness and so unless he wats to change I don't think he can be forced.

Sorry if this isn't helpful and you have my sympathy but Little else seems workable. There are nuclear solutions, such as transferring assets to your wife, declaring yourself bankrupt and then not
Paying the mortgage for the house to be repossessed or sold, but that would screw your life up for at least six years.

TJJB

Thrugelmir wrote: »

Is there equity in the property?

There is negative equity in the property he owes 80,000 and its worth about 50,000 in the current market so no help there.
I dont want to go down the bankrupt route as we have worked hard to keep our credit rating as it is and im 54 years old and never missed a payment in my life.
We have tried numerous times to get him help but he doesn't want it he just throws in back in our face, over the last 12 months we have spent thousands of pounds on him whether it be mortgage payments or other bills and we cant keep it up anymore as its nearly took all our savings that we had for our retirement.
The next step is to consult a solicitor to see if they may be able to help us.

Caz3121

Do you have a lump sum you can pay into the house. If you are lucky and manage to get a 80% LTV for BTL then, based on your figures, you will need another £40k to clear the existing joint mortgage

Trollfever

There are nuclear solutions, such as transferring assets to your wife, declaring yourself bankrupt

Be aware that the Official Receiver has powers to deal with behaviour of this nature - check out voidable preference in bankruptcy.

bigadaj

Trollfever wrote: »

Be aware that the Official Receiver has powers to deal with behaviour of this nature - check out voidable preference in bankruptcy.

Possibly But it's still frequently done.

Thrugelmir

TJJB wrote: »

The next step is to consult a solicitor to see if they may be able to help us.

Little a solicitor can do. As the mortgage debt is yours as well.

I suspect that you are going to have to make some very difficult personal decisions to resolve the matter.

Trollfever

bigadaj wrote: »

Possibly But it's still frequently done.

At the risk of a Bankruptcy Restriction Order/Undertaking which can last for up to 15 years.

dimbo61

You own half the house and you are named on the mortgage YES!
You could move into the property and rent out your own home !!!!
Stop paying off his debts and let him go bankrupt and when the lenders try to take out a charging order on the property offer to pay off the debt provided you have full ownership of the property.
He will never change now and will bleed you dry so stop paying his debts