when do banks reposses?

travelmonster

hey guys

Got a friend who's in a pickle.

Shes living apart from her husband with he 4 kids. husband has been cheating on her with his girlfriend who are both on drugs etc.

Anyways they have a house together. The mortgage payments have been coming out of their joint account for ten years (which shes been paying). but now the account is shut down.

She has been paying it for the last 6 months out of her own account, despite the house being on the hubbies name. She has stopped paying it, because someone adviced her that shes paying the hubbies house off. and it wont be hers. ive told her that this sounds incorrect.

She has missed 2 payments now. after how many missed payments do banks usually repossess the house?

The house is worth £150,000 . They have paid £100,000 towards it.

In terms of changing name of the house. ie he transfers it onto her name. What would be the process and how much does it cost?

ReformedShopper

Did your friend contribute to the £100K deposit, and is she prepared to have it written off, if so? I think a bit more information is needed. If the mortgage is in Hubby's name, but there's a deed of trust to protect your friend, then I would advise her to continue paying and force some kind of sale of the house ASAP, as that is quite an asset to lose.

However, if she has no legal recognition rights to that property, I would see a Solicitor before continuing to pay any more money.

travelmonster

seems like the house and mortgage is on her husbands name from my conversation with her. But I will definitely check with her.

densol_2

If they are legally married it doesn't matter whose name the house is in and the contributions made are somewhat irrelevant. This falls under divorce law not land law and the welfare and homing of the FOUR kids is paramount. Who ever told her to stop paying the mortgage is an idiot ! The court could decide that on divorce the property could be transferred into her name and she should endeavour to take over the mortgage. Mortgage companies often don't release the other party. Alternatively the court could decide the house is sold but she gets all the proceeds in order to house the children. The parent with residence of the children really does get the lions share. She must see a solicitor who specialises in divorce very quickly. They will register a matrimonial caution on the house to stop it being sold in the meantime

Thrugelmir

As others have said. Consult a solicitor asap.

The mortgage is a separate issue. With arrears mounting then the lender will not hold back from due process.