4 Way Joint Mortgage - Want out! So upset...

beefcasserole

Some excerpts from the letter being sent on Monday to Mortgage company:

I would be grateful if you could give me a statement of changes made in relation to the above account number. I have not lived at this property since June 2007 and the other parties (….) are refusing to sell the property or remortgage with you to remove myself from the title and mortgage due to affordability issues on their part.

I have only recently discovered that this mortgage is an interest only and can see on my credit file that at some point the borrowing increased to around £680,000 on the property before being reduced dramatically back to the 400’s.

Can you clarify how this was done without my consent or knowledge?

Can you also clarify how the mortgage was changed from repayment to interest only without my consent or knowledge?

I have been made aware from Experian that a payment was missed last month due to ill financial management on their part and they are now refusing to make any further payments to the mortgage.

When I left the property in 2007 an agreement was made that they would continue to pay the mortgage and in due course apply for a remortgage to remove my name and liability of the house.

I am aware the terms of the mortgage mean that we are all joint and severally liable for the amount, however due to the fact that they are now refusing to sell and refusing to pay, I have found myself in a difficult situation as I do not want to be paying their “rent” for them and allow them to live there for nothing, when the property itself is requiring work to replace a damaged kitchen, faulty electrical wiring due to a rat infestation and replacement of broken bathroom suites, window repairs, cracked roof tiles replacement and ground works completion, which had been started by the other named parties living there but has been left unfinished due to insufficient funds on their part.

My only option to maintain my credit history is to start paying the mortgage, sell my own home and move back into the property with my own family until an agreement can be reached.

Unfortunately communication with my family is now through lawyers as there has been a major breakdown in our relationship due to this property and the above-mentioned problem.

I would like to find out from you if there is any way of obtaining the mortgage assessment of my own financials and agree to take on the mortgage – changing it back to a repayment, which I thought it always has been, and removing them from the property.

Talks were in place to repay your money and own the property title myself, with them removing themselves from the property, as I had a mortgage agreed in principle until they missed the payments for their rent.

.., my Sister, has a Scottish Decree (in similarity to a CCJ) and has mortgages to the amount of around £1.2 million in her own name, along with loans to facilitate with repayments and has no trepidation of going bankrupt in the near future as her salary is not over £40,000. I am also apprehensive that there is some money laundering going on her part.

It is very concerning when you take into account that this is an interest only mortgage, there has been a defaulted payments on the account and that the state of the house will cost a generous sum to repair over time.

My other concern is that ., my Father, will be aged 85 at the end of the term, bearing in mind that this is interest only and he is currently in ill health at the age of 65.

How was this interest-only mortgage granted when my Father will be 85 years old at the end of the term? Are there no rules on this in your terms and conditions of interest only mortgages?

If they continue to refuse to pay and you are unable to grant me a re-mortgage in my own name then the house will need to be repossessed. I am anxious to get this resolved as soon as possible due to the amount involved and the fact that I have a young family, with another child due in .

I await your reply in anticipation and ask that any information or correspondence relating to the mortgage be sent to my address, named at the header of the letter.

beefcasserole

I'm wondering how it was possible for the interest only mortgage to begin on a 25 year term where the Father was 60 years old at the time it began?

Twiggy_34

To me your letter seems clear and comprehensive, but possibly too comprehensive.

At this point I think less might be more and that you should avoid "accusations" of money laundering and reference to knowledge of his sister falsifying her income etc. Keep it brief and to the point for now, keep the bit about the mortgage changes that you DH was previously unaware of as this is particularly important as it may involve some element of fraud on the part of those remaining at the property.

Obviously, as it's the main purpose of the letter, retain the fact that there are family disputes at the moment, that you understand a payment has been missed by them and that they have made threats to not meet the next payment, and that he naturally does not want to risk defaulting on the mortgage terms.

Once the explanation is out of the way ask them for their urgent advice regarding his predicament and ultimately for their understanding while he attempts to resolve the whole situation. It's certainly worth keeping the bit stating that he wants to consider taking sole possession of the property and the mortgage as it's in their best interests to continue making money out of someone!

I do wish you luck with this, it does sound very messy and the last thing anyone expects is for their own family to stitch them up!

Twiggy_34

beefcasserole wrote: »

I'm wondering how it was possible for the interest only mortgage to begin on a 25 year term where the Father was 60 years old at the time it began?

Probably only because of the other parties involved who would take on responsibility past retirement, if necessary.

ihatemyhouse

if they wont pay and wont let you get out, then stop paying, u got some where to live, if they lose the house that is there problem

Thrugelmir

The lender won't be in a position to answer much of your letter. As its a matter between you and the other named mortgagees.

Twiggy_34

ihatemyhouse wrote: »

if they wont pay and wont let you get out, then stop paying, u got some where to live, if they lose the house that is there problem

The problem is the risk of it impacting on her husbands job, if it weren't for this I think they'd be entirely happy with leaving them to deal with the repercussions!

beefcasserole

It's gone to a Writ.

They have paid the last payment because we discovered the sister was in charge of the payments and the parents didn't know the mortgage hadn't been paid the prior month.

They should either proceed to sale before the end of January or the court will take over and they will need to pay our fees, totalling £1,000 so far which isn't bad even if we need to pay it. Will have them paid by the money we get out of the sale.

:T

Win, Win, either way

:beer: :j

Twiggy_34

beefcasserole wrote: »

It's gone to a Writ.

They have paid the last payment because we discovered the sister was in charge of the payments and the parents didn't know the mortgage hadn't been paid the prior month.

They should either proceed to sale before the end of January or the court will take over and they will need to pay our fees, totalling £1,000 so far which isn't bad even if we need to pay it. Will have them paid by the money we get out of the sale.

:T

Win, Win, either way

:beer: :j

That's got to be a relief. Glad it looks like it's all going to work out in the end