Help sinking in debt

andyg1983

Myself and my ex bought a house in 2005 on a 100% mortgage. We never married or had children. We split in 2009 and for the 1st year she payed her half but always insisted it came from her account and i give her cash. After the 1st year i met someone new and we lived together in the property. I then have solely paid both the mortgage and 2nd mortgage. My ex made things difficult (letting herself in etc even though she had a new partner who she lived with??) so eventually we moved out. At For about 6 mths my friend moved in and paid the mortgage but he moved out over 18mths ago. I cant afford to pay the mortgage loan and rent somewhere else and cannot live there as its inhabitable ! Due to a leaking roof and i now have 3 children. The house needs so much work which i cant do without a loan which i cant get as the house already has a 2nd mortgage and now no equity. My ex refuses to pay her half and im left to deal with the constant phone calls and letters threatning reposesion (something she wants ) but i dont want to be left still paying for something after repossesion specially when ive paid by myself for 3 years now! but im now up to my eyes and dont know what to do for the best!? She is now pregnant swanning round buying things constantly off on holiday whilst I'm struggling ! Any help appeciated

fatbelly

Hi Andy

I see you have posted this on two other boards and advice has been a bit thin and variable.

It's hard to advise without the fine detail and the numbers. There may be options, none of which are perfect. I can certainly see problems with two of the options that have been suggested and 'let it be repossessed' usually has the worst outcome financially.

You really need to sit down with someone who can go through things with you. In the first instance a chat with National Debtline might clarify things. I'm assuming negative equity now so their factsheet might be useful

Factsheet | Negative Equity - what can I do if I want to move?

Have you talked to your lender about the options they could offer?

andyg1983

The mortgage has around £69000 left and the loan £14000 the house us currently a shell no kitchen and no internal walls or ceiling upstairs due to the roof leaking the ex insisted she dealt with it claimed on insurance got some extorcianate quote off her boyfriends mate I told her it needed a re roof and she got a quote for almost a £1000 without running anything by me and when the work was done it leaked twice as bad ! After I threatened him with legal action he announced his quote was for putting a couple of tiles back!!! So I then couldn't claim again as was same problem! The internal ceilings all fell down and I ended up paying £1000 out of my own pocket to re roof it ! The house is a decent size with big garden out house and garage done up it's probably with between 100,120 k but as it is it's probably worth around 40k. Needs double glazing to front, kitchen and upstairs fixing so probably around 10k of work so at min I think I'd be left owing 45k so between us 22.5 each ! I personally would rather try get bk on track keep it and fix up for me and my family but I don't wan to do all the work for her to then swan in and try force me to sell! Especially when she hasn't paid anything for 3 years and won't pay yo do any work. Would I be able to get any sort of legal agreement drawn up stating she doesn't contribute and therefore will remove her name ? I know the mortgage company have said once the 2nd loan is paid this is possible

fatbelly

Its present value is what is important, relative to what is secured on it (83k)

You say it's worth 40k but with 10k of work it would be worth 100-120k. Perhaps I've missed something but that doesn't add up.

What about having a chat with a local estate agent to find out what the market value is as it stands??

If you chat with National Debtline that's an important figure that you will need.

What do you think your ex would agree to? It might be in her interest to work with you to offload this - would she agree to this?