Mortgage change of parties difficulty

Amycakes

Please can anyone help me. I am in such a horrible situation and it seems there is no where to turn so I would be so grateful of any help big or small.
My husband is named on a mortgage with his ex wife and has been for 5 years, he has no legal interest in the property and has transferred the deeds to his ex wife(I know he was foolish but tried to help his ex by her not having to move and uproot his kids) so she owns th ehiuse outright but he is just on the mortgage. She has since got a new boyfriend and had 2 other children together and are currently living int his house. She is over £2000 in arrears and me and my husband are trying to set up our own business and each time she defaults on payment it affects his credit which after 5 years is awful. We have tried a change of parties but seeings as her boyfriend is on benefits and she's on maternity leave again they don't qualify to meet payments without my husbands name on it. Please can anyone help with anything they can think. It is causing so much stress to my family and me and my hspusband are on the brink of divorce as we can't take the stress.

Conrad

Amycakes wrote: »

My husband is named on a mortgage


he has no legal interest in the property


and has transferred the deeds to his ex wife

Sorry to hear about your awfull situation.

The above 3 points you mention are not right. A person named on a mortgage HAS to remain on the property deeds, no exceptions in English law.

So he does indeed remain a legal property owner.


The only possible way forward is for the Court to order a sale given the stress he is under, but this is not going to be easy because in law it's always a trade off and balancing between one parties needs and anothers. She will no doubt claim she cannot afford the payments (perhaps even claim she didn't get sufficient maintenance in the past) and that for various reasons she has to stay in the home.


I can only see one plan really. For him to go bankcrupt.

Now people will tell you this is a no no, but I promise they are speaking from ignorance.

Bankcruptcy is not going TO MAKE HIS CREDIT RATING WORSE THAN IT ALREADY IS - HE'S ALREADY BARRED FROM NEW FINANCE, but what it does is it draws a line in the sand and from then on he can slowly rebuild his credit.

The alternative is carry on as he is, but it could mean years, even decades of bad credit if the ex carries on as she is.

Forget any kind of debt managment programme, these simply extend the term of bad creditworthyness way way longer than bankcruptcy does, which again, draws a line in the sand NOW.


As for borrowing to start a buisness, it's hard for even the most credit worthy people, so honestly thats just not going to happen now.

DON'T GO TO A THIRD PARTY FOR BANKCRUPTCY ADVICE - they will tell you not to do it because they do not get paid for arranging them. Instead go straight to the local court for advice.

Forget an IVA, it is just bas 'bad' as bankcruptcy but again it extends the paid for many many more years and third parties get paid for arraning IVA'S.

Amycakes

Conrad thank you so much for your reply. I am so confused with all of it to be honest. A solicitor he had in the past told him as he signed the transfer deed over to the ex he has no legal interest in the property and that he cannot force a sale due to this?? Her solicitor also backed this up and the mortgage company (nram) also stated that he has no right to force a sale being in his current position, which is just a person named on the mortgage? But from what you are saying this is incorrect?
In regards to the bankruptcy Conrad I did suggest this to my husband but he panicked at the thought of it as he is self employed and worried about how he could carry on working as he gets mainly paid by cheque and assume you are not allowed a bank account when bankrupt? And nram also said if he was to be declared bankrupt they would just add the costs onto his debt of bankruptcy??
It is really a minefield when actually trying to get to the bottom of any FACTS if you know what I mean, getting passed from pillar to post be be ultimately told the same outcome that we have no rights and have to just deal with this mess!
What do you think?

Conrad

Amycakes wrote: »

Conrad thank you so much for your reply. I am so confused with all of it to be honest. A solicitor he had in the past told him as he signed the transfer deed over to the ex he has no legal interest in the property and that he cannot force a sale due to this?? Her solicitor also backed this up and the mortgage company (nram) also stated that he has no right to force a sale being in his current position, which is just a person named on the mortgage? But from what you are saying this is incorrect?
In regards to the bankruptcy Conrad I did suggest this to my husband but he panicked at the thought of it as he is self employed and worried about how he could carry on working as he gets mainly paid by cheque and assume you are not allowed a bank account when bankrupt? And nram also said if he was to be declared bankrupt they would just add the costs onto his debt of bankruptcy??
It is really a minefield when actually trying to get to the bottom of any FACTS if you know what I mean, getting passed from pillar to post be be ultimately told the same outcome that we have no rights and have to just deal with this mess!
What do you think?

Honestly just go to the Court regarding Bankcruptcy and all will become clear.

My own youngest Brother and also his girlfreind separately went bankcrupt and from that day forward thier lives transformed as they had drawn a line in the sand andk new from then on day by day they could rebuild thier credit and indeed with no debts they even discovered the savings habit (it was good that they couldn't borrow - they lost the habit).

So they found a renewed hope rather than the life sucking drudgery of never knowing when thier debt nightmare would end. Frustrated ambition is a horrendus thing to deal with.

At least with bancruptcy you get this sense of landing ashore in Ameirca (back in the day) to start over and build your life again.

My Brother was able to continue a Woolwich (Barclays) account.
He was self employed but to be frank the Woolwich never knew this - it was just a current and savings account combined. The Bank never became aware of his Bankcruptcy and he wasn;t about to volunteer it!

He could always use the Bank account of another, such as you.

My Brother kept his car and so on - the Court are not wanting to make anyone destitute.

You will find people on this forum try to recommend these 5 year debt managment progs but in my experience bankcruptcy is often a far more appropriate solution and often one where in a few years time you can obtain credit again (often not the case with a long term DMP or IVA hanging around still)

Be careful - some mortgage brokers and such like get commision from sending you to an IVA or DMP specialist. They get £0 for telling you to consider bankruptcy.

Amycakes

Certainly will do that, do I need to go through a solicitor to apply for bankruptcy and if not who do I contact?
In regards to house Conrad what about forcing sale? Thank you so much

Amycakes

Or does anyone else have any ideas about mortgage?

Conrad

Amycakes wrote: »

Certainly will do that, do I need to go through a solicitor to apply for bankruptcy and if not who do I contact?
In regards to house Conrad what about forcing sale? Thank you so much

No no, never use a Solicitor when the state provides services such as Bankcruptcy for free with all the regulatory backup you nwould ever want.

Now as to forcing a sale, I cannot see how he is not on the property deed but is apparantly on the mortgage deed - this is not something I think is impossible, but I'm happy to stand corrected.

Forcing a sale there would require a court process - I'm not sure if you need to fund your own lawyer for that? If I were you I'd call your local court and ask. I doubt you will be able to force a sale anyway especially if one of the inhabitants is on benefits and if there are children there (child has a right to a home which is of course a priority over the needs of an adult to be mortgage free - childrens rights always trump in these situations - quite rightly afterall no child choses the situation they find themselves in whereas adults are better able to influence thier life and situational outcomes).

I hope your partner pays for any kids he bought into the world as that is way more important that any 'new' lovers needs. No offence to you but I cannot abide grown men who flee thier children responsibilities - makes them worthless people - if they can abonded kids, thier other 'frindships' are paper thin.

Amycakes

Not entirely sure why the tone of that message just completely changed. The maintenance my husband pays for is children is quite frankly not the issue I am asking for help in regards to and to clarify he has paid every month since she kicked him out, i am not asking for your judgement in 'grown men fleeing their issues' and new lovers or whatever else you said. If you consider my husband staying on a mortgage to get his own credit ruined in order for his children to stay put as him fleeing his responsibilities then up to you. Its the likes of that response what puts me off using these forum sites but I feel I had nowhere else to turn. That'll do thanks! Maybe you should start a blog with your feelings and opinions in instead of chastising people who are asking for help, so thanks for your advice in previous posts but don't need anymore stress off strangers and their opinions so it is offensive to me

Thrugelmir

Amycakes wrote: »

Or does anyone else have any ideas about mortgage?

Ultimately the house may well be repossessed. In which case the arrears will be settled from the equity in the property.

The fact that he is on the mortgage and not the title deeds would have been part of the divorce settlement. Normally this takes the form of a consent order. A legally binding document between the parties. Your husband has responsibility for the children until such time as they leave full time education. Until the youngest child is 18 your husband is going to have the liability of the mortgage.

So suggest you go back a step and see what your husband agreed to at the time of divorce.