Losing my home

kellyjo70

After getting divorced last year my ex agreed to pay my mortgage until our son was 18 or left full-time education. (He was 15 at the time).

During the last year, I have discovered my ex has asked for several mortgage holidays as his business wasn't doing very well. (He moved to China, remarried and set up a business over there) Not only that but there are 3 months of arrears too. He finally came clean a month ago and told me he doesn't know when he can pay again. I was devastated as I've lived here for 8 years and I love my little house.

I decided to research into whether I could take it on myself but even though I work full-time in a school I don't earn enough money to cover the monthly payments and pay all the bills (I also get tax credits). I saw solicitors, financial advisers and even Step Change debt charity but it all pointed to the fact that my only option is to sell my home and go back to renting.

My house has been on the market since 1/11/13 and my mortgage company have given me 90 days to sell without having to pay anything. (Not an easy task this close to Christmas). My ex says he wants nothing from the sale so the equity is mine but there won't be a lot as we still had 16 years left on the mortgage. It would be enough to pay private rent for about 2 years.

My worries are...1) what happens if I can't sell it quick enough? My mortgage is almost as much as I earn in a month so I can't afford to pay it ....2) If the letting agent does a credit check on me, it will not only show I don't earn a lot but will show arrears so they may refuse me. I don't know anyone that would be a guarantor for me and 3) If my mortgage company take a lot after the house is sold I may eventually run out of money and have to rely on HB so I am worried that if I am lucky enough to fins a nice rental property they won't let me pay rent though HB later down the line.

I am so scared. I've even been signed off work as the stress has been making me ill.

kellyjo70

I also wonder whether it's a good idea to sell to the Housing Association and rent it back from them?

kellyjo70

It looks like I may receive an offer on the house soon as 1 person has viewed 3 times. I wish I could have taken on the mortgage myself as I really don't want to move.

lindens

When i got divorced and we sold the family home my credit rating was shot so I had no option but to rent from a private landlord who didnt do a credit check. Luckily I found a good one and was very happy in my rented home. Can anyone you know recommend one for you?

kellyjo70

I have looked into it but at the moment I can't find a good one. My friend rents privately without an agent and her landlord is terrible. He even hung up on her after she got an electric shock from a light switch as she'd called the electric company for an emergency call-out!
I wanted to go through an agency for peace of mind really.

cynicalgit_2

As far as I know credit checks primarily consist of CCJ and bankruptcy checks.
Is your prospective rent any cheaper than your mortgage?
Have you any relations who could help temporarily?
Could your mortgage go interest free for awhile?
There must be a way to stay in your home. Talk it through with friends and family.
Surely your ex wouldnt want this situation.
Is your ex still co-mortgagee?

tattycath

Could you not go onto interest only to buy you some time?

cynicalgit_2

As you Ex has left you both in the sh*t I would think he should grow a pair and come to your aid.
It's his Sons' home too.

kellyjo70

the mortgage is £700 a month and it will be about the same for rent in this area. I will only be able to afford this as I will have the equity. I tried looking into interest only and even a term extension on my mortgage but as I earn a low wage, my mortgage provider said that the books wouldn't balance. My parents are divorced and both retired so they don't have a lot of money either. My ex is still on the mortgage but has no money either, hence why I have to sell up.

kellyjo70

cynicalgit wrote: »

As you Ex has left you both in the sh*t I would think he should grow a pair and come to your aid.
It's his Sons' home too.

If only!:rotfl:

kellyjo70

My ex potentially hasn't paid a penny for his son in the last year. no maintenance and no mortgage payments