Mortgage Legal Advice Forums?

BenC_2

Ok well if that is the case at least I now know the steps, I found out if the house needs to be sold then it will result in negative equity which again will fall in my favour of him doing the right thing and removing her as he won't want the negative equity. Let's say he can't afford it, can someone else be added in place of my girlfriend?

harvey115

If the house is already in negative equity, you can forget about removing her name from the mortgage. 100% mortgages are no longer available and in this instance a negative equity would mean more than 100%.

Only thing you may be able to do is force the sale but you need to keep one thing in mind. Your wife and her ex are liable to pay for the shortfalls, if the court decides in your favour they may also mention the percentage of shortfall that needs to be paid by both of the applicants and it may well be 50/50.

Sorry for the bad news.

BenC_2

No that's ok I realise she will get half of the negative equity which I'm prepared for but he won't be so if he is being a pain he will only shoot himself in the foot. He doesn't even live in the house he is registered there but stays with his new girlfriend and her kids at her place, with him not being on the books she claims benefits and scams her money so for him this situation can only go from bad to worse.

harvey115

If that is the case then only a forced sale can solve the issue and I would say you do it as soon as possible due to the impact on her credit history.

I think you should talk to him first and explain the situation again to try to convince him without the need of a solicitor, if this does not work go with a full force (I mean with legal action, not to beat him up ).

Best of luck.

BenC_2

Yeah that's what I'm think once he realises we are messing about hopefully he will see the light and do the right thing, if not then he has a lot more to loose than us and I'm happy to assist in that if needs be. If he gets violent which I'm sure he will then the process will move a lot quicker and ill make sure the police are involved.

Thanks for your advice I really appreciate it

ILW

Sounds like this is getting personal.

bigadaj

And you should be reporting him for benefit fraud.

harvey115

By the way I am no financial advisor, or any type of advisor at all. The comments are not to be taken seriously

BenC_2

No proble mate I understand

MrWombat

It is usually the case that co-signers of a loan are both responsible for the entire value of the loan. This means that in case of a default, the lender will come after whoever is most likely to be able to pay.

If this house is underwater, then even if it is sold there will still be a considerable debt, and your girlfriend and her ex are both liable for it all.

Given the straits that both of these people are in, what this means is that if you marry her the lender can and will come after you.

Further, depending on what the laws are in relation to common-law marriage, her simply living with you for a year, or even six months, might be enough to trigger this.

So, don't accept "oh, my ex is just being a child about this" as being any sort of explanation or reassurance. You stand to lose a considerable, life-changing amount of money.