repossesion help needed please

angchris

hiya everyone, i wonder if you could point me in the right direction please... a good friend of mine is now in a relationship with a guy who left his wife last year sometime, his ex wife still lives in the marital home but due to him now having to rent a place he couldnt afford to keep up repayments on the mortgage as well and she hasnt paid a penny either. the mortgage is in both their names and it hasnt been paid since the month he left. now obviousely he is getting letters regarding repossesion and has been given till the end of may to pay up the amount of 89k owed. the house at a guess is worth roughly 135k.
a few questions he has...is it too late to sell the house now himself? would he be better off selling at auction himself? if the house is repossesed will any profit after it has been sold be his to split with ex or wont he see a penny?
the difficulty he has had has been making the ex wife see sense and move out so they could of sold it and split the profit but instead she has refused to budge and accept that the relationship was over and refused to sort anything out regarding the house. i know it has been difficult for her but it has just made the situation 10 times worse.
has anybody got any suggestions that i can relay back to him?
thanks in advance...angchris

MustStopSpending

Sometimes if a sale is agreed on the property the repossession company give it a chance to go through and postpone the repossession. Sound like he has no chance with an ex wife not willing to move out. Difficult situation and his credit is gonna get damage because of it.

She needs to see sense and they need a estate agent to understand the situation.

angchris

shameless bump for the evening crew any ideas anyone?

shameless-about-money

Once a Repossession Order has been given by the Court, the house can be sold and the arrears paid off in full "before the due date of possession". The mortgage and arrears would be paid off and the equity split between both parties to the mortgage.

If the Repossession Order date is the end of May, it is possible to sell the house before then but it would have to be the permission of both mortgagors. This sounds as if it might be a problem?

An auction sale should be a lot quicker but he needs to get an estate agent involved asap. And get his ex to agree.

Hope this helps.

angchris

so basically what you are saying is because he can`t get her permission to sell and cant forcibly evict her he just has to sit back and await his fate of being dragged through a reprossession messing up his chances of owning somewhere else :mad: its such a shame as he had someone lined up to rent it as well when they split up:rolleyes: but at least he should end up with a few quid in his pocket i guess...ho hum you live and learn who you can trust and who you cant, unfortunatly its all backfired on him as she just doesnt care :mad:

shameless-about-money

If he and his wife are jointly named on the mortgage they need the permission of both of them to sell the house. She would have to sign the papers.

A repossession won't stop him from owning a house again, it just makes it a little more difficult and more expensive since the lender will want a higher percentage on any mortgage - he will be treated as an adverse risk.

It certainly is a difficult situation and there is no easy way out, unfortunately.