Mortgage after divorce - Am I being unreasonable?

lucy13_2

Hi,

My husband and I split up over 3 years ago and been divorced over a year.

We own a property together which when we originally split up he wanted so I rented with our son (now 7)

He found a new partner who also owns her house so they decided to sell one and have a mortgage on the other together. Unfortunately neither of them could be sold for the right price so to avoid getting into futher debt I moved back into our house. At the time it was agreed my ex would stay on the mortgage for a year at which point I would take his name off so he could go on his partners mortgage.

We are now at the end of the year and I have been declined a transfer of equity by my mortgage company due to a default so only option is to sell. However due to my debts, default, having no deposit and rental prices being twice my monthly mortgage its going to be a struggle to say the least!

My question really is would it be unreasonable for me to ask my ex to stay ofn the mortgage for a year or two to clear my debts and be in a better position. ....maybe even convince my mortgage company to change their mind!

If he did refuse would I be forced to sell anyway?

I would really like to hear for people who've be on both sides of this situation.


Thanks in advance

Thrugelmir

Have you formalised your separation? If not consult a solicitor as soon as possible.

Do not feel pressurised to do anything until you've sought advice. The primary concern from a legal prospective is the welfare of your son. Until he has left full time education. Other matters are secondary.

ACG

How much is the property worth?
How much is the mortgage?
How much and when were the default(s)?
Any other debt we need to know of?
How much is your income?

Im asking these questions as there are other lenders who may accept you.

lucy13_2

Unfortunately I have no choice on the mortgage lender as it through the own home scheme.

Default was only the beginning of this year but I should be able too clear every everything in about two years.

willLeeds

Defaults stay on your file for 6 years, even if you satisfy the outstanding balance.