Sticky situation with an ex

Miss_K_C

I left the house I had with an ex nearly five years ago; we had a 125% mortgage with northern rock. He added his loan to it (17K left). My ex was renting the house out but I had no idea what the situation was because I had no contact with him (he never answers' or replies) the mortgage came from his account......until I found out last year that it hadn't been paid for four months and was on the cusp of being repossessed. Nram didn't let me know or wrote to me to say it wasn't being paid \/3//3/43//34:::@@"45??even though they knew I don't love there.

My ex had been talking about wanting to go bankrupt and had just stopped paying it but I am also involved as I'm on the mortgage. Luckily I had travelling money saved and had to pay out 5 months mortgage. Moved back to the house now, but my ex has stopped paying his loan unsecured on the mortgage. Obviously my credit is affected now. It's gone from excellent to good on a check. We have no equity in the house and owing his loan on top. He doesn't answer and only says that he doesn't want the responsibility anymore; so because the loan is unsecured with the mortgage I am now liable (I was. 23 and didn't realise I was signing for the loan too). Nram are extremely unhelpful. I work in finance as a contractor so I have to have good credit to get a job. I don't know what to do. It's so stressful I feel like taking on the mortgage and loan if I was accepted, just to get him out of my life, but it's a bit loan. I've considered making them an offer to reduce the loan but I think this affects my credit?

I have HBF looking into selling my house and trying to negotiate to get the loan reduced. I don't know what to do.

Any advice?

Hopeless but hoping.

Foxy-Stoat_3

Whats the realistic value of the property?
What are the house prices doing, up, down or not moving?
Whats the current mortgage value?
Whats the balance of the loan secured?
Is going bankrupt/IVA an option for you?

I very VERY doubt you will be able to take your Ex off the mortgage without dropping many thousands cash into the mortgage.

If you do live there for a number of years and through hard work, overpaying and house prices increasing you somehow manage to clear the loan and get back into positive equity then your Ex will ALWAYS have a share or say what happens to the house and cash equity no matter if he doesn't live there or contribute to the mortgage.

Can you get a copy of the secured loan paperwork and see if there is any way that the charge could be lifted on the house as you would of had to of signed the credit agreement as your name is on the Deeds to the property.